Bosses at Versarien have said the beleaguered graphene manufacturer has cut costs “significantly” as it continues its turnaround strategy.
The Gloucestershire engineering firm, which makes products using the nanomaterial for the automotive, clothing, biomedical and aerospace sectors, reported a widened £3.4m pre-tax loss in its half-year results last month.
Earlier this year the AIM-listed firm, which has previously secured partnerships with fashion label Superdry and kit suppliers of the England rugby team Umbro, said the tough economic conditions had delayed the commercialisation of 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.
