Group revenues remain steady at graphene manufacturer

Graphene

Group revenues remained steady for Cheltenham-headquartered graphene company Versarien, according to its latest results, ticking up slightly to at £9.14 million.

Losses before tax were higher than in the previous year, at £2.8 million (2018: £1.6 million).

The company had a busy year, announcing thirteen new graphene application collaborations and Memorandas of Understanding agreements secured during the year, with one entered into post period, with partners based in the UK and overseas.

Versarien also joined the Graphene Engineering Innovation Centre (“GEIC”) as a tier one member gaining access to development and scale-up facilities worth c.£60 million and bought Spanish company Gnanomat which is developing energy storage technology. The company also launched PolygreneTM launched, a new graphene enhanced polymer to improve thermal and electricity conductivity

Neill Ricketts, Chief Executive Officer of Versarien, said: “The year to 31 March 2019 has, again, been one of great progress for Versarien particularly in our emerging technologies businesses, globally and in the UK. The graphene businesses have delivered on our strategy of expansion into global markets and progress is being seen in our existing collaborations, as well as new collaborations being entered into. We look forward to showcasing our new technologies at future investor events.

“Having spent some time examining opportunities for expansion into China, the Board concluded that the best one lies with BIGT (Beijing Institute of Graphene Tech) and consequently signed a term sheet with them in April 2019.  A wholly owned foreign enterprise is being established and will be managed by BIGT on behalf of Versarien, with planned investment from a BIGT managed fund. BIGT will focus on both the manufacture and sale of our graphene in China using our patented technology.

“Opportunities in South Korea, Japan and India are emerging as a result of the support given to us by the UK Government seconded staff and we have established operations in North America, albeit they are at an early stage.

“New graphene production equipment has been installed in the UK and is now up and running at our Cheltenham manufacturing site which will enable us to meet the initial expected demands of our graphene based products. Testing of new equipment is underway which, if successful, would expand our production capacity to up to 30 tonnes per annum of high quality graphene. Manufacture and sale of graphene at these levels requires certain permissions under EU regulations and I am pleased to report that we have been successful in our registration and are now accredited to produce significant volumes of graphene under the EU rules for chemical production.

“Our mature businesses have focussed on efficiency gains and overall have returned acceptable results whilst also looking at opportunities for inclusion of graphene in their future products. This includes using graphene in headphones and mobile phone cases, through to producing Hexotene enhanced ceramics for use in satellite engines.”