Versarien has revealed it lost \u00a33.4m in six months when founder and chief executive Neill Ricketts departed in March.<\/p>\n
The graphene manufacturing business has struggled with successfully commercialising its innovations and in February reported a pre-tax loss of \u00a38.4m for the 18 months to September 2022.<\/p>\n
But its losses accelerated in the six months to March, as revenues dropped by nearly one-third to \u00a32.6m because of the ending of a key contract.<\/p>\n
Turnaround specialist David Stone was brought in 10 weeks ago to aid the recovery plans<\/p>\n
Diane Savory, non-executive chair of Versarien, believes its new strategy “will ensure a brighter future” for the company.<\/p>\n
She said: “We have, with the assistance of David Stone and his team, been developing a strategy that focuses on maintaining appropriate IP to support our core end-sectors of construction and textiles whilst reducing cash-outflows to a level that can be supported by proposed asset sales, marketing of which is in process.”<\/p>\n
Versarien was launched in 2011 and listed on the London Stock Exchange in 2013 when the business was pre-revenue.<\/p>\n","protected":false},"excerpt":{"rendered":"
Company lost \u00a33.4m in six months but turnaround plan can ‘ensure a brighter future’<\/p>\n","protected":false},"author":18,"featured_media":1984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,120781],"coauthors":[81],"class_list":["post-4723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","category-markets","tag-featured-story","tag-gloucestershire"],"yoast_head":"\n