Troubled firm presses ahead with turnaround plan

Troubled engineering and manufacturing firm Versarien say that their turnaround strategy is continuing to take hold.

The Gloucestershire firm, which parted ways with its chief executive and founder last year, has called a general meeting following what it described as a challenging period.

Th firm, which makes products using Graphene for the automotive, clothing, biomedical and aerospace sectors, has reported a pre tax loss of £3.4m for the year.

The AIM listed company saw revenues fall from £3.9m to £2.6m, with graphene revenue in particular plummeting from £1m to just £90,000.

Ahead of the general meeting which is being held today the firm has issued an update.

Versarien said the disposal of assets, including the mature businesses and the intellectual property and plant acquired from Hanwha Aerospace in Korea in 2020 continue to be marketed for sale.

Versarien said there are a number of interested parties, particularly in the intellectual property, who are reviewing information in the data rooms.

However, the timing of any asset sales and the level of funds that may be received is uncertain.

The company’s cost base has been reduced significantly in recent months  and Versarien continues to focus on its development and commercialisation areas.

The statement concluded: “In summary, the turnaround strategy, which focuses on a light manufacturing  model, is continuing as planned and we look forward to updating shareholders on further progress in due course.”