Graphene manufacturer Versarien has seen its losses increase after an “extremely challenging” period.
The Gloucestershire engineering firm, which makes products using the nanomaterial for the automotive, clothing, biomedical and aerospace sectors, reported a pre-tax loss of £3.4m for the six months to March - up from a £2.1m loss for the same period last year. The AIM-listed firm, which has previously secured partnerships with fashion label Superdry and kit suppliers of the England rugby team Umbro, saw group revenue dip from £3.9m to £2.6m, with graphene revenue in particular sliding from around £1m to around £90,000.
It comes after bosses warned investors in February the business would need “continuing support”, after tough economic conditions “delayed the commercialisation we were anticipating” for its products. Soon after the company posted a marginally widened loss of £8.4m for the 18 months to the end of September 2022, co-founder Neill Ricketts resigned as chief executive.
