Preliminary Results for the year ended 31 March 2020
Versarien Plc (AIM:VRS), the advanced engineering materials group, is pleased to announce its unaudited results for the year ended 31 March 2020.
We spoke with Neill Ricketts, Chief Executive Officer and here is the list of questions asked.
- You have just announced the Company’s prelim results – what are the particular highlights from the period?
- Can you provide an update on some of your key partnerships?
- Talk us through the financials announced in these results
- How has COVID-19 impacted your business?
- You have recently announced the launch of graphene-enhanced face masks – what are the benefits of these masks compared to normal masks and how much demand are seeing, beyond the orders already placed?
- In June, you were awarded a £5 million Innovate UK loan – how do you indeed to use this?
- How are you progressing in China? Have you needed to adapt your strategy given recent events?
Commenting, Neill Ricketts, Chief Executive Officer of Versarien, said:
“Recent times have been dominated by the challenges that the Covid-19 pandemic have presented on a global basis. However, I am pleased to report Versarien has continued to operate throughout and achieved much during lockdown.
“I am particularly grateful for the support of the UK Government both in its provision of a £5 million loan via Innovate UK to allow us the opportunity to scale up and to expand the reach of our graphene operations.
“Our global expansion plans have changed direction slightly as we have decided that progressing into the Chinese market, whilst significant commercially, must be done on the basis that we are confident that our IP is protected. We have exciting opportunities elsewhere, and the change of emphasis in China is not precluding commercial deals being done; the supply of graphene in masks manufactured in China being the first example utilising our graphene technology.
“Monetisation of our technologies is now the focus of the Company’s attention, although we will continue our stated strategy of acquiring additional IP should suitable opportunities arise. With a strengthened balance sheet following the Lanstead placing and the Innovate UK loan, coupled with a particular focus on those collaborative projects that are expected to deliver commercially in the near term we are very well positioned to execute this strategy.
“I would like to take this opportunity to thank our continually supportive investor base and our employees for their hard work as we look forward to the future with continued optimism and confidence.”
Versarien Plc (AIM:VRS), is an advanced engineering materials group. Leveraging proprietary technology, the Group creates innovative engineering solutions for its clients in a diverse range of industries. Versarien has eight subsidiaries operating under two divisions:
Graphene and Plastics
2-DTech Limited, which specialises in the supply, characterisation and early stage development of graphene products. www.2-dtech.com
Cambridge Graphene Ltd, supplies novel inks based on graphene and related materials, using patented processes to develop graphene materials technology.
Gnanomat S.L. (” GNA “), based in the Parque Cientifico Madrid, Spain, is a company capable of utilising Versarien’s graphene products in an environmentally friendly, scalable production process for energy storage devices that offer high power density, fast recharging and long lifetime for use in electrical vehicles and portable electronics products. www.gnanomat.com
AAC Cyroma Limited, which specialises in the supply of vacuum-formed and injection- moulded products to the automotive, construction, utilities and retail industry sectors. Using Versarien’s existing graphene manufacturing capabilities, AAC will have the ability to produce graphene-enhanced plastic products. www.aaccyroma.co.uk
Versarien Graphene Inc (“VGI”) based in Texas, United States of America, is the distribution arm for the UK’s graphene development technologies.
Beijing Versarien Technology Company Limited (“BVT”) is the wholly-owned Chinese foreign entity that will form the base for expansion activities in China.
Hard Wear and Metallic Products
Versarien Technologies Limited has developed an additive process for creating advanced micro-porous metals targeting the thermal management industry and supplies extruded aluminium. www.versarien-technologies.co.uk
Total Carbide Limited, a leading manufacturer in sintered tungsten carbide for applications in arduous environments. www.totalcarbide.com