TIDMVRS
RNS Number : 5021Q
Versarien PLC
21 February 2023
21 February 2023
Versarien Plc
("Versarien", the "Company" or the "Group")
Final Results for the 18 months ended 30 September 2022
Versarien Plc (AIM: VRS), the advanced engineering materials
group, announces its audited results for the 18 months ended 30
September 2022. The comparative figures are for the 12 month period
ended 31 March 2021.
Financial Highlights
-- Group revenues from continuing operations of GBP11.1 million
(2021: GBP5.7 million)*
-- Graphene revenues of GBP2.1 million (2021: GBP0.7 million)
-- Adjusted LBITDA** for continuing operations of GBP2.4 million
(2021: GBP1.9 million)
-- Reported loss before tax from continuing operations of GBP8.3
million (2021: GBP8.1 million)
-- Reported loss for the period of GBP8.4 million (2021: GBP8.1
million)
-- Cash of GBP1.4 million at 30 September 2022 (31 March 2021:
GBP2.4 million)
* Excludes discontinued revenues of GBP0.5 million (2021: GBP0.9
million)
** Adjusted LBITDA (Loss Before Interest, Tax, Depreciation and
Amortisation and excludes Exceptional items, Share-based payment
charges and losses relating to the fair value assessment of the
Lanstead sharing agreements)
Operational/Manufacturing Highlights
-- Relocation to new dedicated graphene production facility
in Longhope, Gloucestershire, to significantly expand capacity
-- 10,000 square foot floor slab laid for new Versarien innovation
centre using the Company's Cementene(TM) and Polygrene(TM)
enhanced concrete
-- Acquisition of Spanish graphene manufacturing assets transferred
to Longhope during the year and in process of commissioning
to provide up to an additional 100 tonne powder capacity
per annum
-- Equipment to scale up graphene ink production capacity by
an additional 12,000 litres per annum delivered and commissioned
-- Non-core aluminium business discontinued to concentrate
on graphene production
Partnerships/Commercialisation Highlights
-- Umbro to integrate Graphene-Wear(TM) into its Elite-Pro-Training
Kit range for 2023 Spring/Summer collection
-- GoToGym in South America launching active-wear incorporating
Versarien's Graphene-Wear(TM) technology
-- BiaBrazil to integrate Graphene-Wear(TM) into its sports
and active wear ranges
-- Commercial agreement signed with Superdry to produce graphene
enhanced garments and discussions ongoing with multiple
other garment suppliers
-- Global construction companies beginning to trial Cementene(TM)
in-house
-- Grant agreement signed and project completed to support
the development of Pseudo-Capacitor technology aimed at
zero emissions for port-side infrastructure
-- Successful on-time delivery of Defence Science and Technology
Laboratory ("DSTL") contract within specification
-- Collaboration signed with US-based Flux Footwear, an adaptive
footwear company, to supply graphene enhanced elastomers
-- 10 new product demonstrators launched in the period
Funding Highlights
-- GBP1.93 million strategic investment in Versarien by GrapheneLab
Co. Ltd., South Korea, together with royalty and trademark
agreements
-- GBP1.85 million (gross) raised via equity placing post period-end
Neill Ricketts, CEO of Versarien, commented:
"The extended 18-month period has seen both successes and
challenges, with the first 12-months seeing the financial benefits
from the DSTL contract which focussed on understanding the
advantages that graphene-loaded materials may bring to defence
applications. In the period we also successfully completed the
GSCALE development stage of the project despite the macro --
economic challenges faced and the Company is now focussing on the
most advanced Technology Readiness Level stage projects of
construction and textiles.
"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.
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.
"We look forward to updating the market on progress in due
course."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN
For further information please contact:
Versarien Plc
Neill Ricketts - Chief Executive Officer +44 (0) 1594 887204
Chris Leigh - Chief Financial Officer
Dr Stephen Hodge - Chief Technology Officer
SP Angel Corporate Finance (Nominated Adviser
and Joint Broker)
Matthew Johnson +44 (0) 20 3470
Adam Cowl 0470
Berenberg (Joint Broker)
Mark Whitmore +44 (0) 20 3207
Ciaran Walsh 7800
IFC Advisory Limited (Financial PR & Investor
Relations)
Tim Metcalfe +44 (0) 20 3934
Zach Cohen 6630
Notes to Editors:
The strategy of Versarien Plc (AIM:VRS) is to be a globally
recognised graphene company with a wide portfolio of high-quality
verified materials allied to the largest relevant IP portfolio
supported by its own UK based research and development centre
driving recurring revenue growth through its innovative graphene
product applications.
For further information please see: http://www.versarien.com
NON-EXECUTIVE CHAIR'S STATEMENT
Following my first statement as Non-executive Chair of
Versarien, relating to the first twelve months of the extended
18-month accounting period, I am pleased to provide an update for
the full period. In doing so I wish to reassure shareholders that
we are doing all we can to progress the Company, but traction in
the graphene market place has proved challenging for all
participants, so it is worth reminding ourselves of what has been
achieved and why we are pursuing a graphene strategy.
-- We are a pioneer in the supply of graphene in the UK.
-- We have secured IP with over 130 patents and trademarks.
-- We have completed 16 Innovate UK projects.
-- We received the largest ever UK Innovate loan of GBP5m to
scale up (GSCALE).
-- We are the first company to be certified and then re-certified
by the Graphene Council as a "Verified Graphene Producer".
-- We have embedded connections with University of Manchester
and University of Cambridge.
-- We are EU REACH registered with our CTO leading the Technical
Working Group.
-- We are a member of the EC's EUR1bn Graphene Flagship project.
The global graphene market is estimated to be worth
US$7.55billion by 2028 with a CAGR of 37.3%. Of this potential
market our focus is on construction where the market is estimated
to be US$900 million per annum and leisure/footwear where it is
estimated to be US$360 million per annum. Longer term we are still
involved in the automotive sector where the market is expected to
reach US$340 million and aerospace US$70 million per annum.
We continue to focus our efforts on construction and textiles
which we believe are at the highest technology readiness level and
therefore closest to commercial revenues.
Our production capability at Longhope, Gloucestershire, has
increased in readiness for commercial traction, but challenging
macro-economic conditions have delayed the progress we were
anticipating. Nonetheless it is highly encouraging to see our
Cementene(TM) product being tested by major global construction
companies.
Cementene(TM) , which is our graphene admixture for the
construction industry, has been used in a number of concrete pours,
providing validation for the technology and we are pursuing the
necessary accreditations to allow full-scale commercialisation.
Whilst we focus on our objective of monetisation it is also
vital that we maintain a pipeline of development opportunities that
will provide future revenues. However, with the prevailing economic
climate, we have felt it prudent to cut costs and streamline our
operations so that the focus is more UK centric.
I would like to thank all our staff for their continued
endeavours and very much look forward to reporting further
progress.
Diane Savory OBE
Non-executive Chair
CHIEF EXECUTIVE OFFICER'S REVIEW
The extended 18-month period has seen both successes and
challenges with the first 12-months seeing the financial benefits
from the DSTL contract which focussed on understanding the
advantages that graphene-loaded materials may bring to defence
applications. In the period we also successfully completed the
development stage of the GSCALE project despite the macro --
economic challenges faced and the Company is now focussing on the
most advanced Technology Readiness Level stage projects of
construction and textiles, further details of which are below.
TECHNOLOGY BUSINESSES
UK operations
During the period the Company relocated its graphene
manufacturing operations to Longhope in Gloucestershire whilst at
the same time closing the aluminium operations in Cheltenham, which
are shown as discontinued operations. The Company has now
commissioned the first of four "Graphene- Tech" reactors acquired
which in total could provide up to an additional 100 tonnes of
powder capacity for use in multiple sectors including energy
storage. The Graphink processing machines also purchased during the
period are fully operational and can provide up to 12,000 kg of
Cementene(TM) (Versarien's graphene enhanced concrete admixture) or
120,000 kg of Graphene-Wear(TM) formulation per annum.
Construction
The global construction industry is one of the biggest
contributors to CO(2) production, accounting for c.39% of energy-
and process-related carbon dioxide emissions. Concrete contributes
circa 8% of the world's CO(2) emissions and graphene has the
potential to significantly improve the performance of concrete with
regards to its carbon footprint. Almost 1,000 tonnes of concrete
have been poured containing Cementene(TM) . and the Company is in
discussions with major UK and European construction companies to
assess product viability following the successful completion of
testing by a United Kingdom Accredited Service ("UKAS") laboratory.
Consequently, Versarien plans to continue investment in Graphink
processing equipment to support its focus on the construction
sector and the potential environmental benefits that can be
obtained.
The Company has also commissioned its 3D concrete printer and
successfully completed several projects. Versarien intends to
co-fund research fellowships as part of the Digital Roads of the
Future project led by National Highways, housed at the University
of Cambridge and the Company is a founding member of the Roads
Research Alliance. We are working with Amey, S2, National Highways,
Costain, Roadfill, Environment Agency, Hedileberg, SSanyong
C&E, Cybe, Tarmac, Sika and Skanska with in-house testing of
Cementene(TM) now commencing in large construction companies.
Textiles and footwear
In partnership with thread and clothing manufacturers, we have
conducted a significant amount of research into the textile
industry. Graphene's thermal conductivity, as well as its
antimicrobial, fire resistance and mechanical strength properties,
are highly applicable to the sportswear and protective clothing
industries.
It is also a more sustainable solution to the manufacturing
process, which could help to reduce the number of hydrocarbons and
the amount of water used in textile production, improve the
recyclability of products and extend the lifetime of the
garments.
Versarien continues to progress its relationships with clothing
brands Umbro, BiaBrazil and Go To Gym. Some customer photoshoots
have been completed for the Graphene-Wear(TM) product launches
anticipated in Spring/Summer 2023, and designs have been completed
for Autumn/Winter 2023 and Spring/Summer 2024. The Company is also
in dialogue with other global sportswear brands with the aim to
launch a number of new products.
Following the product launch with Flux Footwear LLC, the Company
continues to take enquiries from global brands for
Graphene-Wear(TM) rubber compounds and masterbatches. Whilst these
two sectors are our primary focus the opportunities in automotive
and aerospace remain and will be further addressed when funding
allows.
DSTL Development Contract
The DSTL contract has been successfully delivered and we are in
dialogue with the UK defence sector regarding the supply of certain
products that formed part of it.
Overseas Operations
As a result of traction taking longer than anticipated we have
taken the strategic decision to focus our resources on higher
technology readiness level applications and markets closer to
home.
We will continue to operate from Spain and South Korea, but with
a reduced cost base. The US sales office is closing with the
pipeline of enquiries to be handled from the UK.
United States of America
We have received our first order for sample material from NASA
where our graphene will be investigated for space-craft coating
applications. We are also working with a major fabric and yarn
manufacturer to include Versarien's graphene in ballistic
protection, stab resistant, flame retardant and abrasion resistant
garments as well as a high-end bicycle chain lubrication
manufacturer where Versarien's graphene materials have performed
exceptionally well in preliminary tests.
Spain
Gnanomat has continued to test its products in a wide range of
markets, particularly in energy storage with supercapacitors
(pseudocapacitors), fuel cells and zinc/air batteries as well as
allied applications such as sensing and low observability in
military applications.
The Company is continuing to work on the INNPRESSME grant
project aiming to create an Open Innovation Test Bed in the area of
nanotechnology and advanced materials. The funds have been used to
optimise the pilot plant and gain access to business opportunities.
Gnanomat continues to apply for grants to support its progress to
commercial revenues.
In addition, the company has extended its product portfolio of
advanced materials with very different technologic profiles, such
as the superparamagnetic graphene-based materials with multiple
potential applications.
Gnanomat continues protecting IP by the extension of rights to
territories where larger markets are concentrated in Europe, US,
Japan and South Korea.
South Korea
Since acquiring the CVD operations from Hanwha and moving and
commissioning them at the new premises, the core focus has been on
growth optimisation of a portfolio of CVD graphene products on
different substrates working with local partners where
appropriate.
Future strategy is to produce demonstrators for use in sensors,
imagers and RF applications including 5G and 6G. These are long
term projects which will take some time to bear fruit, so we have
decided to reduce our small scale operations by two members of
staff and rely more on our partnership with Graphene Labs.
Versarien Korea Limited is also looking at opportunities to sell
Cementene(TM) and Graphene-Wear(TM) products in Korea.
MATURE BUSINESSES
The mature businesses have struggled through Covid and are now
facing macro-economic challenges, including rising energy prices.
Whilst they provide some infrastructure support, they are no longer
core activities.
Current Trading and Outlook
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.
We will continue to seek grant funding to support our
operations, but will also need the continuing support of investors,
either strategic or through the capital markets, to fund the
business until such time as the graphene market gains traction and
material commercial revenues flow.
We look forward to updating the market on progress in due
course.
Neill Ricketts
Chief Executive Officer
CHIEF TECHNOLOGY OFFICER'S REVIEW
Our R&D team have delivered several key projects in the last
18 months namely the GSCALE and DSTL projects, and I am
particularly proud of being able to re-certify our Nanene(TM)
graphene powder through the rigorous Graphene Council Verified
Graphene Producer programme.
With six white papers published to date, we have launched our
"Nanomaterials Portfolio", a mammoth task ensuring our datasheets
are compliant with ISO standards and the Graphene Council's
proposed Graphene Classification Framework. This portfolio
highlights our large array of raw material options that can enable
solutions to a number of market sectors.
Our R&D teams have handed over the majority of the
Graphene-Wear(TM) and Cementene(TM) developments to Versarien
Graphene Ltd.'s Production and Operations teams, and we now move
towards obtaining product certifications such as Oekotex
Eco-Passport for our Graphene-Wear(TM) textile coating formulation
(complete), and BS-934 Admixture for Cementene(TM) water-based
graphene admixture (in progress). To support further product
developments, we are seeking commercial and grant funding to expand
Graphene-Wear(TM) and Cementene(TM) to global markets and increase
the number of products in the respective family product
portfolios.
Within the construction sector, we are well positioned in
Cambridge to support the Digital Roads of the Future programme and
have signed up as a founder member of the Roads Research Alliance
along with around 20 other industry partners. The programme is
spearheaded by National Highways and Costain; we are striving to
recruit and co-fund two Future Roads Fellows but will have access
to the research and results of all funded projects as part of the
alliance. The Future Roads Fellowships part is a GBP5.9 million
programme that offers 27 experienced researcher fellowships linked
to the thematic areas - digital twins, data science, smart
materials, automation and robotics, and sustainability, all in the
context of the roads network. With our Cementene(TM) developments,
and continued progression with 3D concrete printing, Versarien
overlap almost all of these themes and we are sure to be a pivotal
partner.
Whilst construction and textiles are Versarien's major
commercial focus, our long-term vision is to further pursue other
GSCALE avenues and CVD graphene applications. One area that has
proved hugely complex is rubber processing; to add more depth to
our scientific knowledge of graphene and related materials in
"Elastomers" projects, we have recruited a PhD student to begin in
February at WMG (University of Warwick) with Prof. Tony McNally to
utilise new state-of-the art rubber processing and testing
facilities that are now up and running. This follows from the
recent recruitment of our first PhD student from Prof. McNally's
research group who is now part of our R&D team in Cambridge; he
will be in charge of driving forward many more Polygrene(TM)
thermoplastic compounds, masterbatches and associated products.
Regarding CVD activities, new products will be added to our
"Nanomaterials Portfolio" in due course, but we are now supplying
CVD graphene for testing outside of Korea to UK and US customers.
To support application development, we have a microbiology PhD
student at University of Plymouth supervised by Dr Tina Joshi, who
has been developing key markers that will be incorporated onto our
CVD graphene for biosensing during the next two years.
Health & Safety of Graphene
In my previous annual report statement, I touched upon the
importance of the health & safety of graphene as being
paramount to allowing graphene and related nanomaterials to become
mainstream in our everyday lives. We continue to lead the way in
the UK and Europe in supporting the compliance of graphene for
REACH, as chair of the graphene REACH (registration, evaluation,
restriction and authorisation of chemical substances) registration
consortiums Technical Working Group, I have been able to update the
industry and stakeholders at several points in the last year. In
particular, I had the opportunity to present to the Graphene
Flagship's Standardisation Committee in January, at the Graphene
Flagship's Graphene Week conference in Munich in September.
Combined with presenting at the two Graphene Council
Commercialisation Conferences in Birmingham, UK and Pittsburgh,
USA, we have had important audience members from UK's Health &
Safety Executive (HSE), the European Chemicals Agency (ECHA) and
the US the US Environmental Protection Agency. Most recently, I
presented regulatory updates and challenges at an ISO/TC-229
meeting hosted at the UK's National Physical Laboratory (NPL) in
November with several delegates from other important territories
such as Korea, Japan and China.
I look forward to presenting further to key UK centres and
agencies such as National Physical Laboratory, Department for
Environment, Food and Rural Affairs, Department for Business,
Energy and Industrial Strategy, British Standards Institution,
Health and Safety Executive and the UK Health Security Agency at
the second UK Advanced Materials Workshop in February 2023. Our
R&D team also continues to play an active role in European
projects that allow us to further understand and develop techniques
for nanotoxicology, with a new Horizon Europe project kicking-off
this month known as i-CARE (Integrated assessment and Advanced
Characterisation of Neuro-Nanotoxicity). The consortium aims to
develop a resilient and adaptive set of advanced imaging
technologies to quantify the physical/chemical properties of
graphene in complex matrices. Versarien will be providing example
materials such as graphene in concretes, tyres or other composite
materials and adopting the developed techniques.
Dr Stephen Hodge
Chief Technology Officer
CHIEF FINANCIAL OFFICER'S REVIEW
Following the extension of the accounting reference date, these
results are for a period of 18 months with the comparatives
reflecting a 12-month period.
The aluminium business based at Cheltenham closed during the
period and consequently these results are split between continuing
and discontinued operations and the segmental analysis between the
technology and mature businesses.
Group Results
Revenues from continuing operations were GBP11.11 million (2021:
GBP5.69 million), a pro-rata increase of 30%. Revenue from
graphene, including that recognised under the DSTL contract, was
GBP2.15 million (2021: GBP0.70 million) a pro rata increase of 105%
of which DSTL accounted for GBP1.63 million (2021: GBP0.25
million). The loss from continuing operations was GBP7.69 million
(2021: GBP7.93 million). This was after charging GBP1.19 million in
respect of the valuation of the Lanstead Sharing Agreements (2021:
GBP3.28 million).
The adjusted LBITDA for continuing operations was GBP2.40
million for 18 months compared to GBP1.88 million for the prior 12
months calculated as below. Adjusted LBITDA (which is not a GAAP
measure and is not intended as a substitute for GAAP measures and
may not be the same as that used by other companies) is a measure
used by management to reflect the core operating performance of the
underlying businesses rather than the effects of non-core financial
and non-cash expenses.
18 months ended 12 months ended
30 September 2022 31 March 2021
Continuing Discontinued TOTAL Continuing Discontinued TOTAL
operations operations operations operations
---------------------- ------------ ------------- -------- ------------ ------------- --------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ------------ ------------- -------- ------------ ------------- --------
(Loss)/profit
from operations (7,693) (130) (7,823) (7,930) 22 (7,908)
Depreciation and
amortisation 2,126 41 2,167 1,135 98 1,233
Share based payments 1,510 - 1,510 1,193 - 1,193
Exceptional items 463 64 527 441 - 441
Other losses 1,191 - 1,191 3,280 - 3,280
---------------------- ------------ ------------- -------- ------------ ------------- --------
Adjusted LBITDA (2,403) (25) (2,428) (1,881) 120 (1,761)
---------------------- ------------ ------------- -------- ------------ ------------- --------
The adjustments to the loss from operations as disclosed in the
Group Statement of Comprehensive Income relate to depreciation and
amortisation, share based payment charges, exceptional items and
losses related to the fair value of the Lanstead sharing
agreements.
During the period we received delivery of equipment from Hanwha
Aerospace in South Korea which had been developed under government
contracts and which were included as potential assets under the
asset purchase agreement signed in the previous period. These were
independently valued at GBP241,000 and have been treated as
additions to non-current assets with the associated credit treated
as an exceptional item. Warranty claims of GBP65,000 from the asset
purchase agreement were also successfully concluded and treated as
an exceptional credit.
As part of our previous strategy for global coverage we bid for
certain assets of a US based graphene company that had entered the
UK equivalent of administration. The process reached an advanced
stage but eventually another bidder was preferred. We incurred
GBP82,000 of costs which have been treated as exceptional
items.
The reported loss before tax for continuing operations was
GBP8.32 million (2021: GBP8.08 million). Group net assets at 30
September 2022 were GBP11.6 million (31 March 2021: GBP16.5
million) with cash at the period end of GBP1.4 million (31 March
2021: GBP2.4 million). Net cash used in operating activities was
GBP3.68 million (2021:GBP0.89 million) with trade and other
payables reducing by GBP1.98 million (2021: GBP1.24 million
increase). Investment in development costs and equipment was
GBP4.66 million (2021: GBP1.68 million) and net principal lease
payments were GBP0.93 million (2021: GBP0.99 million) giving total
cash outflows of GBP9.27 million (2021: GBP3.56 million). These
activities were financed by net funds received from the Lanstead
sharing agreements of GBP3.53 million (2021: GBP2.34 million), net
loans received of GBP2.78 million (2021: GBP2.45 million) and net
funds received from the share issue to GrapheneLab Co Ltd of
GBP1.92 million (2021: GBPNil) totalling GBP8.23 million (2021:
GBP4.79 million). The deficit of GBP1.04 million (2021: GBP1.23
million surplus) resulted in a modest increase on drawings on the
invoice finance facilities of GBP0.03 million (2021: GBP0.53
million decrease) thus reducing cash at the period-end by GBP1.01
million (2021: GBP0.70 million increase).
Our GSCALE development project has completed with the full GBP5
million drawn by the period end, repayment of which is now due to
commence in 2025.
Technology Businesses
The technology businesses have seen an increase in revenue from
GBP0.70 million to GBP2.15 million driven mainly by the recognised
revenues from the DSTL contract. Consequently, the gross margin
rose from 13% to 47%. Operating costs for the 18 months were
GBP4.74 million compared to GBP1.64 million for the prior 12 month
period. The pro-rata increase relates primarily to costs at the new
Longhope production facility, upscaling research and development to
deliver the DSTL and GSCALE projects and a full period of Versarien
Korea.
With our strategic focus now concentrated on construction and
textiles we have reviewed the development costs previously
capitalised on a number of different projects and decided that we
should only carry forward those related primarily to the GSCALE
project. We have therefore impaired assets by GBP0.91 million which
has been treated as an exceptional charge. These projects have also
previously attracted grants of GBP0.66 million which were held as
deferred income in the balance sheet and these have been released
as an exceptional credit.
In addition, we have undertaken a cost cutting programme to
reduce annual costs by GBP1.4 million. As part of this we are
currently in the process of winding-up Versarien Graphene Inc.,
including settling certain liabilities at an agreed cost of
GBP157,000.
Mature Businesses
The mature business segment has seen increased revenues of 20%
on a pro rata basis, and returned a small profit from operations of
GBP0.03 million for 18 months compared to the previous 12 months
loss of GBP0.6 million. As referred to in the Chief Executive
Officer's report the businesses are no longer core as we seek to
transition to focusing solely on the graphene technology.
Going Concern
These financial statements have been prepared on a going concern
basis making the following assumptions:
-- The Group meets its day-to-day working capital requirements
through careful cash management and the use of its invoice
discounting facilities which are expected to continue;
-- As at 30 September 2022, the Group had cash balances totalling
GBP1.4 million plus GBP0.4 million of headroom on its invoice
discounting facilities;
-- The Group raised GBP1.85 million gross by way of a placing
in December 2022 and has unused authority to issue 10.6
million shares without pre-emption rights until the next
AGM due by 31 March 2023 and expects the placing authority
to be renewed at that AGM; and
-- The Group has cut costs as part of its strategy to focus
on construction and textile opportunities.
The Directors have prepared detailed projections of expected
future cash flows for a period of twelve months from the date of
issue of this preliminary statement. As previously stated, the
funding strategy is to apply for grants, debt and finally
equity.
A number of significant grants have been applied for but with no
guarantee of successful outcome, although the final stages have
been reached. If successful, then the Group will have sufficient
working capital for the next 12 months, but if not, then the Group
will need to raise additional funding. As a consequence, this
represents a material uncertainty that may cast significant doubt
on the Group and Company's ability to continue as a going concern
and therefore it may be unable to realise its assets and discharge
its liabilities in the normal course of business. The financial
statements do not include the adjustments that would result if the
Group was unable to continue as a going concern.
The Board is of the opinion that the Group will be able to
secure the required funding through strategic investment, equity
issue or other financial instruments. However, the timing and
availability of funding sources is currently outside of the control
of the Board and none of this funding is currently committed.
Whilst noting this, the Directors continue to adopt the going
concern basis in preparing the consolidated financial
statements.
Chris Leigh
Chief Financial Officer
Group statement of comprehensive income
For the 18 months ended 30 September 2022
Note 18 months 12 months to
to 31 March
30 September 2021
2022 Restated**
GBP'000 GBP'000
------------------------------------------- ---- --- ------------- ------------
Continuing operations
Revenue 3 11,106 5,685
Cost of sales (7,739) (4,498)
------------------------------------------- --- --- ------------- ------------
Gross profit 3,367 1,187
Other operating income 257 103
Other losses * (1,191) (3,280)
Operating expenses (including exceptional
items) (10,126) (5,940)
------------------------------------------- ---- --- ------------- ------------
Loss from operations before exceptional
items (7,230) (7,489)
Exceptional items 4 (463) (441)
------------------------------------------- --- --- ------------- ------------
Loss from operations (7,693) (7,930)
Finance costs (644) (153)
Finance income 14 5
------------------------------------------- ---- --- ------------- ------------
Loss before income tax (8,323) (8,078)
Income tax 5 59 -
------------------------------------------- ---- --- ------------- ------------
Loss from continuing operations (8,264) (8,078)
------------------------------------------- ---- --- ------------- ------------
(Loss)/Profit from discontinued operations 2 (141) 10
------------------------------------------- --- --- ------------- ------------
Loss for the period (8,405) (8,068)
------------------------------------------- ---- --- ------------- ------------
Loss attributable to:
Owners of the parent company (8,069) (7,779)
Non-controlling interest (336) (289)
------------------------------------------- ---- --- ------------- ------------
(8,405) (8,068)
------------------------------------------- ---- --- ------------- ------------
Loss per share attributable to the
equity holders of the Company:
Basic and diluted loss per share 6 (4.16)p (4.45)p
------------------------------------------- ---- --- ------------- ------------
There is no other comprehensive income
for the period
* The other losses in the period relate to the fair value
assessment of the Lanstead sharing agreements.
** The audited results have been restated in accordance with the
required disclosure of discontinued operations.
Group statement of financial position
As at 30 September 2022
Restated*
30 September 31 March
2022 2021
Note GBP'000 GBP'000
---------------------------------------- ---- -------------- ---------
Assets
Non-current assets
Intangible assets 7 10,636 9,706
Property, plant and equipment 8 5,861 4,119
Deferred taxation 25 25
Trade and other receivables 38 772
---------------------------------------- ---- -------------- ---------
16,560 14,622
---------------------------------------- ---- -------------- ---------
Current assets
Inventory 2,131 1,814
Trade and other receivables 2,155 6,449
Cash and cash equivalents 1,351 2,359
---------------------------------------- ---- -------------- ---------
5,637 10,622
---------------------------------------- ---- -------------- ---------
Total assets 22,197 25,244
---------------------------------------- ---- -------------- ---------
Equity
Called up share capital 9 1,941 1,899
Share premium account 9 34,961 33,003
Merger reserve 1,256 1,256
Share-based payment reserve 4,759 3,249
Accumulated losses (29,694) (21,625)
---------------------------------------- ---- -------------- ---------
Equity attributable to owners of the
parent company 13,223 17,782
Non-controlling interest (1,624) (1,288)
---------------------------------------- ---- -------------- ---------
Total equity 11,599 16,494
---------------------------------------- ---- -------------- ---------
Liabilities
Non-current liabilities
Trade and other payables 600 994
Deferred tax liabilities 67 67
Innovate Loan 5,000 2,260
Long-term borrowings 1,595 584
---------------------------------------- ---- -------------- ---------
7,262 3,905
---------------------------------------- ---- -------------- ---------
Current liabilities
Trade and other payables 1,957 3,279
Provisions - 119
Invoice discounting advances 660 631
Current portion of long-term borrowings 719 816
---------------------------------------- ---- -------------- ---------
3,336 4,845
---------------------------------------- ---- -------------- ---------
Total liabilities 10,598 8,750
---------------------------------------- ---- -------------- ---------
Total equity and liabilities 22,197 25,244
---------------------------------------- ---- -------------- ---------
-- The Company has reclassified certain items none of which have
any effect on the income statement or net assets of the Group
Group statement of changes in equity
For 18 months ended 30 September 2022
Share capital Share Merger Share-based Accumulated Non-controlling Total
premium reserve payment losses interest equity
account reserve
---------------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ------------- -------- -------- ----------- ----------- --------------- -------
At 1 April 2020 1,697 25,497 1,256 2,056 (13,846) (999) 15,661
Issue of shares 202 7,506 - - - - 7,708
Loss for the year - - - - (7,779) (289) (8,068)
Share-based payments - - - 1,193 - - 1,193
--------------------- ------------- -------- -------- ----------- ----------- --------------- -------
At 31 March 2021 1,899 33,003 1,256 3,249 (21,625) (1,288) 16,494
Issue of shares 42 1,958 - - - - 2,000
Loss for the period - - - - (8,069) (336) (8,405)
Share-based payments - - - 1,510 - - 1,510
--------------------- ------------- -------- -------- ----------- ----------- --------------- -------
At 30 September
2022 1,941 34,961 1,256 4,759 (29,694) (1,624) 11,599
--------------------- ------------- -------- -------- ----------- ----------- --------------- -------
Statement of Group cash flows
For the 18 months ended 30 September 2022
30 September 31 March 2021
2022 GBP'000
GBP'000
----------------------------------------------- ------------ -------------
Cash flows from operating activities
Cash used in operations (3,280) (734)
Interest paid (402) (160)
------------------------------------------------ ------------ -------------
Net cash used in operating activities (3,682) (894)
------------------------------------------------ ------------ -------------
Cash flows from investing activities
Purchase of intangible assets (2,751) (1,638)
Purchase of property, plant and equipment (1,910) (42)
------------------------------------------------ ------------ -------------
Net cash used in investing activities (4,661) (1,680)
------------------------------------------------ ------------ -------------
Cash flows from financing activities
Share issue (net of funds deferred
per sharing agreement) 1,926 -
Share issue costs (10) (134)
Funds received from Innovate UK 2,740 2,260
Funds received from sharing agreements 3,537 2,479
Net funds received from CBILS 41 186
Principal payment of leases under
IFRS 16 (928) (990)
Invoice discounting loan (repayments)/proceeds 29 (525)
------------------------------------------------ ------------ -------------
Net cash generated from financing
activities 7,335 3,276
------------------------------------------------ ------------ -------------
(Decrease)/increase in cash and
cash equivalents (1,008) 702
Cash and cash equivalents at beginning
of period 2,359 1,657
------------------------------------------------ ------------ -------------
Cash and cash equivalents at end
of period 1,351 2,359
------------------------------------------------ ------------ -------------
Note to the statement of Group cash flows
For the 18 months ended 30 September 2022
30 September 31 March
2022 2021
GBP'000 GBP'000
--------------------------------------------------- ------------ --------
Loss before tax (including discontinued
operations) (8,464) (8,068)
Adjustments for:
Share-based payments 1,510 1,193
Depreciation 1,677 1,081
Amortisation 490 152
Disposal of tangible assets 292 -
Impairment of intangible assets 1,331 -
Finance cost/(income) 630 160
Loss/(gain) on FV movement of sharing agreement 1,191 3,280
R&D tax credit repayment 59 -
Decrease/(increase) in trade and other receivables
and investments 301 (211)
(Increase)/decrease in inventories (317) 438
(Decrease)/increase in trade and other payables (1,980) 1,241
--------------------------------------------------- ------------ --------
Cash flows from operating activities (3,280) (734)
--------------------------------------------------- ------------ --------
Notes to the final results
For the 18 months ended 30 September 2022
1. Basis of preparation
The Group consolidated financial statements have been prepared
in accordance with UK-adopted, International Accounting Standards
in conformity with the requirements of the Companies Act 2006.
The Group's financial statements have been prepared on a going
concern basis under the historical cost convention. The
consolidated financial statements are presented in sterling
amounts. Amounts are rounded to the nearest thousands, unless
otherwise stated.
The financial information contained in this announcement does
not constitute the Group's statutory accounts for the period ended
30 September 2022 but is derived from those accounts which have
been audited and which will be filed with the Registrar of
Companies in due course.
The auditors' report on the Annual Report and Financial
Statements for the period ended 30 September 2022 was unqualified,
did not contain a statement under s498(2) or s498(3) of the
Companies Act 2006 but drew attention to material uncertainty with
regard to going concern as follows:
"We draw your attention to the going concern section of
accounting policies of the financial statements which indicate that
the group needs to raise additional funding within a period of less
than 12 months from the date of approval of these financial
statements in order to meet liabilities as they fall due, and that
the required funding is yet to be secured.
As stated in the going concern section of the accounting
policies, these events or conditions, along with other matters set
out in the going concern section of the accounting policies,
indicate that a material uncertainty exists that may cast
significant doubt on the Group and Parent Company's ability to
continue as a going concern. Our opinion is not modified in respect
of this matter.
Given the material uncertainty noted above and our risk
assessment we considered going concern to be a key audit matter.
Our evaluation of the Directors' assessment of the Group and the
Parent Company's ability to continue to adopt the going concern
basis of accounting and in response to the key audit matter
included:
-- Obtaining an understanding of how the Directors undertook
the going concern assessment process to determine if we
considered it to be appropriate for the circumstances;
-- Challenge of the Directors' going concern assessment, including
the reasonableness of assumptions and downside stress case
sensitivities applied, using our underlying knowledge of
the business;
-- Testing of the mathematical accuracy and consideration
of the reasonableness of the assumptions made and available
headroom throughout the forecast period extending from
the date of approval of the financial statements;
-- Consideration of the key sensitivities applied in the cash
flow model pertaining to revenue and cost base, the continued
use of the finance facilities and management of the Group's
and Company's cost base;
-- Analysing post year end trading results compared to forecast
and current year to evaluate the accuracy and achievability
of forecasts; and
-- Assessing the completeness and accuracy of disclosures
in relation to going concern and whether significant judgements
have been appropriately disclosed.
In auditing the financial statements, we have concluded that the
Directors' use of the going concern basis of accounting in the
preparation of the financial statements is appropriate."
2. Discontinued operations
The Group has exited the non-core aluminium business of
Versarien Technologies Limited based in Cheltenham and the company
has been re-named Versarien Graphene Limited. It will be used as
the entity for graphene production and sales whilst 2-DTech Limited
and Cambridge Graphene Limited will continue as the UK research and
development arms of the graphene business. Financial information
relating to the discontinued operation is set out below.
30 September 31 March
2022 2021
Note GBP'000 GBP'000
-------------------------------- ----- ------------ --------
Revenue 534 882
Cost of sales (427) (614)
--------------------------------------- ------------ --------
Gross profit 107 268
Other operating income 1 4
Operating expenses (including
exceptional items) (238) (250)
--------------------------------------- ------------ --------
(Loss)/Profit from operations
before exceptional items (66) 22
Exceptional items (64) -
--------------------------------------- ------------ --------
(Loss)/Profit from operations (130) 22
Finance charge (11) (12)
--------------------------------------- ------------ --------
Loss before income tax (141) 10
Income tax - -
--------------------------------------- ------------ --------
(Loss)/profit from discontinued
operations (141) 10
--------------------------------------- ------------ --------
Net assets, excluding intra-group indebtedness at 31 March 2021
was GBP278,000.
3. Segmental information
At 30 September 2022, the Group is organised into two business
segments. Central costs are reported separately.
Information reported to the Group's Chief Executive Officer for
the purposes of resource allocation and assessment of segment
performance is focussed on the two principal business segments of
Technology and Mature Businesses, and, accordingly, the Group's
reportable segments under IFRS 8 are based on these activities.
Segment profit/(loss) represents the profit/(loss) earned by
each segment, including a share of central administration costs,
which are allocated on the basis of time spent by central staff on
subsidiary affairs. This is the measure reported to the Chief
Executive Officer for the purposes of resource allocation and
assessment of segment performance.
The non-core aluminium operations of Versarien Technologies
Limited were closed during the period and are presented below as
discontinued operations.
Technology Mature Intra-group Total Discontinued Total
Central Businesses Businesses adjustments continuing Operations
Operations
--------------------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Revenue - 2,146 8,960 - 11,106 534 11,640
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Gross profit (29) 1,008 2,388 - 3,367 107 3,474
Other operating income - 251 6 - 257 1 258
Other losses (1,191) - - - (1,191) - (1,191)
Operating expenses (14,916) (4,740) (2,365) 11,895 (10,126) (238) (10,364)
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
(Loss)/Profit from
operations (16,136) (3,481) 29 11,895 (7,693) (130) (7,823)
Finance charge 159 (76) (104) (609) (630) (11) (641)
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Loss before tax (15,977) (3,557) (75) 11,286 (8,323) (141) (8,464)
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Total assets 15,824 9,232 7,319 (10,178) 22,197 - 22,197
Total liabilities (5,853) (22,292) (2,997) 20,544 (10,598) - (10,598)
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Net assets/(liabilities) 9,971 (13,060) 4,322 10,366 11,599 - 11,599
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Capital expenditure 403 5,005 1,054 - 6,462 - 6,462
Depreciation/amortisation
and impairment 566 1,480 993 459 3,498 - 3,498
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ ========
The segment analysis for the year ended 31 March 2021 is as follows:
Technology Mature Intra-group Total
Central Businesses Businesses adjustments Continuing Discontinued Total
operations Operations
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Revenue - 703 4,982 - 5,685 882 6,567
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Gross profit - 91 1,096 - 1,187 268 1,455
Other operating income - 103 - - 103 4 107
Other losses (3,280) - - - (3,280) - (3,280)
Operating expenses (2,686) (1,638) (1,584) (32) (5,940) (250) (6,190)
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
(Loss)/Profit from
operations (5,966) (1,444) (488) (32) (7,930) 22 (7,908)
Finance charge (44) (33) (71) - (148) (12) (160)
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Loss before tax (6,010) (1,477) (559) (32) (8,078) 10 (8,068)
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Total assets 26,247 5,257 6,449 (13,391) 24,562 682 25,244
Total liabilities (3,808) (15,116) (2,330) 12,908 (8,346) (404) (8,750)
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Net assets/(liabilities) 22,439 (9,859) 4,119 (483) 16,216 278 16,494
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Capital expenditure 4,388 1,634 - - 6,022 - 6,022
Depreciation/amortisation
and impairment 164 444 500 27 1,135 98 1,233
-------------------------- --------- ----------- ----------- ------------ ----------- ------------ --------
Geographical information
The Group's revenue from external customers and information
about its segment assets by geographical location for continuing
operations are detailed below:
Revenue Non-current Assets
--------------- ---------------------- ----------------------
30 September 31 March 30 September 31 March
2022 2021 2022 2021
GBP'000 GBP'000 GBP'000 GBP'000
--------------- ------------ -------- ------------ --------
United Kingdom 9,466 4,823 16,342 8,296
Rest of Europe 909 495 49 2,300
North America 16 5 - -
Other 715 362 169 4,026
--------------- ------------ -------- ------------ --------
11,106 5,685 16,560 14,622
--------------- ------------ -------- ------------ --------
4. Exceptional items
30 September 31 March
2022 2021
GBP'000 GBP'000
Continuing Operations
Goodwill impairment 423 -
Development cost impairment 908 -
Deferred income related to development
cost impairment (660) -
Relocation and restructuring costs - 53
(Credit)/charge relating to expansion
in Asia (306) 137
Acquisition costs 82 186
Other 16 65
--------------------------------------- ------------ --------
463 441
--------------------------------------- ------------ --------
Discontinued Operations
--------------------------------------- ------------ --------
Relocation and restructuring costs 64 -
--------------------------------------- ------------ --------
The exceptional credit of GBP306,000 arises principally from the
delivery of additional plant and equipment not available for fair
valuing at the time of acquisition and relate to the completion of
South Korean government contracts by Hanwha Aerospace the benefit
of which was due to Versarien in accordance with asset purchase
agreement signed in the prior financial year.
Acquisition costs of GBP82,000 relate to the purchase of certain
assets of a USA graphene company in administration that did not
proceed to contract.
5. Taxation
The tax credit for the period of GBP59,000 relates to an R&D
tax credit. The charge on the results for the period is GBPnil
(2021: GBPnil). At the year end the Group had GBP25.5 million
(2021: GBP19.4 million) of trading losses carried forward to
set-off against future trading profits. Taxation received in the
year relates to R&D tax credit.
6. Loss per share
The calculation of the basic loss per share for the period ended
30 September 2022 and 31 March 2021 is based on the losses
attributable to the shareholders of the Versarien plc Group divided
by the weighted average number of shares in issue during the
period. The calculation of diluted loss per share is based on the
basic loss per share adjusted to allow for the issue of shares on
the assumed conversion of all dilutive options. However, in
accordance with IAS 33 "Earnings per Share", potential Ordinary
shares are only considered dilutive when their conversion would
decrease the profit per share or increase the loss per share.
As at 30 September 2022, there were 15,205,850 (2021:
14,677,130) potential Ordinary shares, which have been disregarded
in the calculation of diluted loss per share as they were
considered non-dilutive at that date.
Attributable to Weighted average Basic
owners of parent number of shares loss per
company share
pence
GBP'000 '000
Period ended 30 September
2022 (8,069) 194,027 (4.16)
Year ended 31 March 2021 (7,779) 174,660 (4.45)
-------------------------- ----------------- ----------------- ---------
7. Intangible assets
Patents, trademarks
and other
Development
Goodwill Costs Intangibles Total
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- -------- ------------- ------------------- --------
Cost
At 1 April 2020 4,431 1,412 915 6,758
Additions - 1,553 3,585 5,138
----------------------------- -------- ------------- ------------------- --------
At 31 March 2021 4,431 2,965 4,500 11,896
Additions - 2,584 167 2,751
----------------------------- -------- ------------- ------------------- --------
At 30 September 2022 4,431 5,549 4,667 14,647
----------------------------- -------- ------------- ------------------- --------
Accumulated amortisation and
impairment
At 1 April 2020 876 489 673 2,038
Amortisation charge - 2 150 152
----------------------------- -------- ------------- ------------------- --------
At 31 March 2021 876 491 823 2,190
Amortisation charge - 1 489 490
Impairment 423 908 - 1,331
----------------------------- -------- ------------- ------------------- --------
At 30 September 2022 1,299 1,400 1,312 4,011
----------------------------- -------- ------------- ------------------- --------
Carrying value
At 30 September 2022 3,132 4,149 3,355 10,636
----------------------------- -------- ------------- ------------------- --------
At 31 March 2021 3,555 2,474 3,677 9,706
----------------------------- -------- ------------- ------------------- --------
8. Property, plant and equipment
Plant and Leasehold
ROU asset equipment improvements Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------------- ----------- ---------- ------------- -------
Cost
At 1 April 2020 6,537 5,404 518 12,459
Additions - 884 - 884
-------------------------- ----------- ---------- ------------- -------
At 31 March 2021 6,537 6,288 518 13,343
Additions 1,801 1,776 134 3,711
Disposals (1,742) (30) (84) (1,856)
-------------------------- ----------- ---------- ------------- -------
At 30 September 2022 6,596 8,034 568 15,198
-------------------------- ----------- ---------- ------------- -------
Accumulated depreciation
At 1 April 2020 3,387 4,645 111 8,143
Charge for the year 812 172 24 1,008
Impairment - 73 - 73
-------------------------- ----------- ---------- ------------- -------
At 31 March 2021 4,199 4,890 135 9,224
Charge for the period 1,113 455 109 1,677
Disposals (1,505) (27) (32) (1,564)
-------------------------- ----------- ---------- ------------- -------
At 30 September 2022 3,807 5,318 212 9,337
-------------------------- ----------- ---------- ------------- -------
Net book value
At 30 September 2022 2,789 2,716 356 5,861
At 31 March 2021 2,338 1,398 383 4,119
-------------------------- ----------- ---------- ------------- -------
9. Called up share capital and share premium
Number of shares Called up share Share premium Total
capital
---------------------
'000 GBP'000 GBP'000 GBP'000
--------------------- ---------------- --------------- ------------- -------
At 1 April 2020 169,682 1,697 25,497 27,194
Issue of shares 20,188 202 7,506 7,708
--------------------- ---------------- --------------- ------------- -------
At 31 March 2021 189,870 1,899 33,003 34,902
Issue of shares 4,280 42 1,958 2,000
--------------------- ---------------- --------------- ------------- -------
At 30 September 2022 194,150 1,941 34,961 36,902
--------------------- ---------------- --------------- ------------- -------
The called up share capital in the table above represents the
total number of authorised, issued and fully paid Ordinary shares
with a nominal value of GBP0.01 per share.
During the period the Company issued to Graphene Labs 4,280,000
new ordinary shares (the "Subscription Shares") at an issue of
price of 45 pence per Ordinary Share (the "Issue Price").
10. Dividends
As stated in the 2013 AIM Admission document, the Board's
objective is to continue to grow the Group's business and it is
expected that any surplus cash resources will, in the short to
medium term, be re-invested into the research and development of
the Group's products. Consequently, the Directors will not be
recommending a dividend for the foreseeable future. However, the
Board intends that the Company will recommend or declare dividends
at some future date once they consider it commercially prudent for
the Company to do so, bearing in mind its financial position and
the capital resources required for its development.
11. Report and accounts
Copies of the 2022 Annual Report and Accounts will be posted to
shareholders in due course. Further copies may be obtained by
contacting the Company Secretary at the registered office. In
addition, the 2022 Annual Report and Accounts will be available,
when published, to download from the investor relations section on
the Company's website www.versarien.com .
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