Versarien has announced its unaudited results for the year ended 31 March 2020. Group revenues were £8.3 million (A downfall from 2019's £9.1 million), loss before tax was £4.7 million (a larger loss compared to 2019: £2.8 million) and cash at 31 March 2020 of £1.7 million (less than 2019's £4.3 million).
Versarien also mentioned in its report various highlights like the Commercial Partnership Agreement with the Company’s textile sector collaboration partner, MAS Innovation (Private) Limited, to develop new garments utilising Versarien’s graphene ink materials, Versarien's participation in the Graphene Flagship project, led by Airbus, to develop graphene based thermo-electric ice protection systems to prevent icing on aircraft surfaces, receiving a £5 million Innovate UK loan for scale up and product development related to the GSCALE collaborations and Versarien's Graphene Enhanced Protective Face Masks launched with first orders received for 120,000 masks.
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 utilizing our graphene technology".
“Monetization 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".