Liverpool-based advanced engineering materials group Versarien increased its revenues and will cut the losses for the six month period towards the 30th September.
The firm, based at Liverpool Science Parks ic1, reported a huge 127% surge in a turnover to £2.5 million,while losses after tax added up to a total of £296,000 compared with a more significant loss of £368,000 this time last year.
It was said that the company’s loss before interest, tax, depreciation, amortisation, and exceptional costs came in at £25,000; a 76% improvement on the £106,000 figure this time last year.
The net assets had increased by 169%, up to £7.8 million after a £5.5 million placing of new shares before costs, and its cash reserves stand at a staggering £4.9 million (compared to the £700,000 at the end of 2013).
During this period the firm had acquired a graphene producer 2-DTech for £740,000 and it has launched a joint venture with DV Composite Tooling to develop a new range of cutters.
Chief executive Neill Ricketts said:
“The outlook for the group remains extremely positive with a number of exciting initiatives now being progressed.
“Total Carbide remains cash generative and will help support application developments at both Versarien Technologies and 2-DTech, while they themselves continue to make strides in the development of their technology products.
“The group continues to look for appropriate acquisition opportunities that fits its business models and will enhance our product offerings.”
He added:
“Overall, the board views the future with much optimism.”
Versarien was spun out of work carried out at the University of Liverpool in 2010 and had floated on the Alternative Investment Market (AIM) in June, last year.
It will start to create innovative to new engineering solutions which are capable of having a “game changing” impact on a broad variety of industry sectors.
Its products are getting primarily used in cooling systems in computing and power conditioning equipment.
The group has a manufacturing facility in Gloucestershire.
Words: Daniel Smith