Versarien plc (LON: VRS), the AIM listed advanced engineering materials group has today announce its interim results for the six months ended 30 September 2015.
DirectorsTalk caught up with CEO Neill Ricketts to discuss today’s news see here : Interim Results Interview
· Group revenues broadly maintained at £2.4 million (2014: £2.5 million)
· *LBITDA of £526,000 (2014: £13,000)
· Accelerated investment in technology development with £374,000 expended in the period (2014: £103,000)
· Cash at 30 September 2015 of £2.6 million (2014: £4.9 million) and at 31 March 2015 £3.5 million
· Graphene production scaling up following confirmation of commercial manufacturing method and grant of US patent for volume manufacture of high quality graphene
· E-commerce website launched post period end for sale of graphene products
· New product launch of graphene oxide and reduced graphene oxide
· Air-cooled heat sinks being sold from North American distributor to 49 new customers with encouraging future pipeline
· Launch of new aluminium heat sink ranges
*LBITDA excludes exceptional items and share-based payment charges
Neill Ricketts, CEO of Versarien plc, commented: “The first six months have seen Versarien progress on a number of fronts across our three businesses, especially with the 2 dimensional business which has seen the patent for the novel high quality mass production process granted in the US to supplement its European status. We have been busy scaling up this production to commercially viable levels of graphene nano-platelets and this has culminated in the launch of a dedicated e-commerce website in addition to our blue chip enquiries. With the supply of high quality graphene in reasonable volume we can start to unlock the potential of this wonder material. We have decided as a board to put some of the proceeds of the oversubscribed placing last year into accelerating the progress of our technologies. This combined with our investment into sales and marketing means that the Board remains confident that the Company is well placed to capitalise on the market opportunities available to us and look to continue this development into the full year.”
WH Ireland Research Initiation of coverage and said: Versarien Plc is an advanced engineering materials group, utilising proprietary technology to create innovative, new engineering solutions that are capable of having a highly disruptive impact across a broad variety of industry sectors. Interims demonstrated the underlying progress that continues to be made. We have set our forecasts conservatively, reflecting both the Oil & Gas backdrop impacting Hard Wear Products, alongside the time taken to secure larger commercial orders for VersarienCu™. However, we believe that the Group remains well placed to capitalise on its highly disruptive 2Dimensional and Thermal products over the coming years.