Versarien has announced a widening loss in the first half of its current financial year.
The materials company's pretax loss widened to GBP 2.1 million (around $2.8 million USD) in the six months to the end of September from GBP 732,000 (about $982,000 USD) loss a year earlier, as revenue dropped by 16% to GBP 4.4 million from GBP 5.2 million.
By division, the Graphene & Plastic Products unit delivered a 34% reduction in revenue to GBP 1.9 million, while revenue in the Hard Wear & Metallic Products advanced by 3.7% to GBP 2.5 million.
"The focus remains on our graphene commercialization strategy and we are now actively working on 40 mainstream projects with our commercial partners, have a further 24 projects underway and active research ongoing on another 17. We continue to focus on the projects most likely to produce near-term significant revenue streams," said Chief Executive Neill Ricketts.