Group revenues drop at Cheltenham manufacturer but key graphene product sales rise

Neill Ricketts Versarien

Versarien Plc, the Cheltenham-headquartered advanced engineering materials group, has seen group revenues drop to £3.12 million from £4.38 million in the first half of 2019, reflecting the impact of COVID-19 on the Group’s more mature businesses.

Sales of its graphene and graphene products went from (0.07 million to £0.35 million)

Neill Ricketts, CEO of Versarien, said: “Despite the challenges posed by the COVID-19 pandemic, I am pleased with the level at which Versarien has continued to operate and particularly with the progress achieved within the graphene businesses where we have commenced the sale of our graphene enhanced face masks, as well as making further progress with a number of our collaborative projects.

“Following the launch of our face masks, we are excited that testing carried out by Ankara University has demonstrated that our hybrid graphene nanomaterials have the potential to provide protection from COVID-19 in real-world applications, including clothing and surface treatments. Prototypes for the second generation face masks have also been tested against SARS-CoV-2 and demonstrated a 99.92% resistance to the virus.

“With the acquisition of the CVD assets and IP from Hanwha Aerospace, South Korea, we now have a broad portfolio of graphene products and technologies that can service the addressable market available to us, particularly in Asia, and we intend to fully capitalise on these and other opportunities, such as our GSCALE collaborations, in the year ahead.

“In addition, we were delighted to announce the formation of the VGAP, which, thanks to the calibre of its members will play a key role in advancing our strategy to commercialise the many opportunities and applications we have. The panel will provide a platform for the debate and advancement of our graphene technology and its application both for the present and the future.

“We continue to be greatly appreciative of the support the UK Government has shown Versarien and its subsidiaries and, as such, we are proud to have provided essential supplies for the NHS and UK infrastructure at this crucial time. The employees in our businesses have been both flexible and supportive during these difficult times and it is their dedication which continues to facilitate our progress.

“Test results from the GSCALE projects have been extremely encouraging with highlights including almost 40% improvement in compressive strength in concrete and a 30% increase in tyre rubber stiffness without degrading wear resistance.

“We remain both determined and confident in meeting our objective of being the leading global graphene technology business and we look forward to making significant further commercial progress in 2021.”