Versarien PLC on Tuesday reported a widened annual loss despite revenue nearly doubling from a shorter comparison period, as expenses rose by even more.

Shares were down 17% at 5.54 pence each on Tuesday morning in London.

The Cheltenham, England-based engineering materials company said revenue amounted to £11.1 million in the 18 months that ended on September 30, up 95% from £5.7 million in the 12 months previous.

The comparative figures are for the 12 month period to March 31, 2021, as Versarien last year moved its year-end to September 30.

Loss before tax widened to £8.3 million from £8.1 million the year before, as operating expenses jumped to £10.1 million from £5.9 million. Cost of sales increased to £7.7 million from £4.5 million the year before.

Chief Executive Officer Neill Ricketts said: ‘We remain confident of the environmental and commercial benefits our graphene technology can bring, but the current macro-economic conditions combined with the disruptive nature of our products has delayed the commercialisation we were anticipating. Consequently, we are streamlining the business and focusing on our primary opportunities in construction and textiles.’

Looking ahead, Versarien said it will continue to seek grant funding to support its operations but may need more funds from investors as well.

‘We will continue to seek grant funding to support our operations, but will also need the continuing support of investors, either strategic or from the capital markets, to fund the business until such time as the graphene market gains traction and material commercial revenues flow,’ Ricketts said.

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