TIDMVRS
RNS Number : 6260H
Versarien PLC
05 August 2021
5 August 2021
Versarien Plc
("Versarien" or the "Company" or the "Group")
Preliminary Results for the year ended 31 March 2021
Versarien Plc (AIM:VRS), the advanced engineering materials
group, is pleased to announce its unaudited results for the year
ended 31 March 2021.
Operational highlights
-- Acquisition of chemical vapour deposition graphene assets and
IP from Hanwha Aerospace Company Limited, South Korea, for a
consideration of 11 million ordinary shares in Versarien valued at
GBP4.34 million
-- Awarded GBP5 million Innovate UK loan with GBP2.26 million
received during the year for the Company's GSCALE project (an
acronym for Graphene, Seat, Concrete, Arch, Leisure, Elastomer)
-- Awarded a GBP1.95 million development agreement by the
Defence, Science and Technology Laboratory ("DSTL"), a part of the
Ministry of Defence
-- Award of EU Grant of EUR357,000 to Gnanomat for scale-up and
development of electrode materials
-- Launch of graphene enhanced protective face masks utilising
Polygrene(TM) , Versarien's graphene enhanced polymer
-- Project completed with Rolls Royce and the Graphene
Engineering Innovation Centre to understand and create
technological advances in the aerospace sector utilising chemical
vapour deposition (CVD) graphene and other 2D materials
-- Formation of the Versarien Graphene Advisory Panel ("VGAP")
-- Board strengthened by the appointment of James Stewart CBE as
the Company's new independent Non-executive Chairman
-- Appointment of Dr. Stephen Hodge to the Company's Board as Chief Technology Officer
Financial highlights
-- Group revenues of GBP6.6 million (2020: GBP8.3 million)
-- Adjusted LBITDA* of GBP1.8 million (2020: GBP1.6 million)
-- Reported loss before tax of GBP8.1 million (2020: GBP4.7
million) after a non-cash share based payments charge in the year
of GBP1.2 million (2020: GBP1.2 million) and a non-cash GBP3.3
million charge arising from a reduction in the IFRS 13 valuation of
the Lanstead Sharing Agreement (2020: GBP1.0 million gain)
-- Cash at 31 March 2021 of GBP2.4 million (31 March 2020: GBP1.7 million)
-- Issue of 8.75 million ordinary shares re-invested into an
18-month sharing agreement with Lanstead Capital Investors LP
("Lanstead"), a US headquartered institutional investor
-- Net assets of GBP16.5 million at 31 March 2021 (31 March 2020: GBP15.7 million)
*Adjusted LBITDA (Loss before, interest, tax, depreciation and
amortisation) excludes exceptional items, other gains/losses and
share based payment charges
Post Period highlights
-- GBP1.93 million strategic investment in Versarien by Graphene
Lab Limited including 5% royalty agreement and 2% trademark
agreement on sales
-- Acquisition of Spanish graphene manufacturing assets to
provide up to an additional 100 tonne powder capacity per annum
-- Orders placed for the purchase of ink scale up equipment to
give up to an additional 12,000 litres of ink capacity per
annum
-- Lease signed on new dedicated graphene production facility in Longhope, Gloucestershire
-- Textile supply agreement signed with Crosslete and
discussions ongoing with multiple garment suppliers
-- Agreement signed with one of the world's largest packaging
companies to evaluate graphene-based coatings
Commenting, Neill Ricketts, Chief Executive Officer of
Versarien, said:
"Despite the challenges arising from the pandemic, which not
unexpectedly impacted our mature businesses, we have continued to
focus on the commercialisation of our graphene technologies and in
particular through the GSCALE project. I am pleased to report that
the manufacturing scale up is advancing in tandem with the progress
on commercialisation of the project's applications.
Highlights include the development and supply agreements for
textiles and the number of infrastructure opportunities following
the successful pourings of graphene enhanced concrete. In addition,
we are working with multiple industrial partners to develop
composite structures for automotive, aerospace, defence and rail.
We have also demonstrated 40% improvement in concrete strength, 30%
increase in tyre rubber stiffness and have applied to trademark
GrapheneWear(TM) as part of the textile commercialisation. With
this we continue to pursue our strategy of global positioning to
ensure that our products can be supplied to multiple sectors in
multiple markets."
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
Neill Ricketts, CEO
Chris Leigh, CFO +44 (0)1242 269 122
SP Angel Corporate Finance (Nominated Adviser
and Joint Broker)
Matthew Johnson, Ewan Leggat, Adam Cowl +44 (0)20 3470 0470
-------------------
Berenberg (Joint Broker)
Mark Whitmore, Ciaran Walsh +44 (0)20 3207 7800
-------------------
Yellow Jersey (Investor Relations)
Charles Goodwin
Henry Wilkinson
Versarien@yellowjerseypr.com +44 (0)20 3004 9512
-------------------
Notes to Editors:
About Versarien
Versarien Plc ( AIM:VRS ), is an advanced engineering materials
group. Leveraging proprietary technology, the Group creates
innovative engineering solutions for its clients in a diverse range
of industries.
For further information please see: http://www.versarien.com
Chairman's Statement
Despite the challenges presented by the Covid-19 pandemic, I am
pleased to report that the Company has continued apace with its
strategy to commercialise its graphene technologies and expand its
portfolio of graphene products. In doing so, it is supported by the
UK Government through the Innovate UK loan of GBP5 million and the
GBP1.9 million development contract from DSTL as well as through
the continued support of Lanstead.
In December 2020, we expanded our product portfolio with the
acquisition of chemical vapour deposition ("CVD") assets and IP
from Hanwha Aerospace Company Limited ("Hanwha"). The CVD plant and
equipment has now been successfully transferred from Hanwha to its
new premises leased by Versarien Korea Limited ("VKL"), with
re-commissioning underway. We have been assisted by our South
Korean partner Graphene Lab Limited ("GLL") which, as previously
announced, took a 15% stake in VKL as well as subscribing GBP1.93
million of new capital to Versarien. The VKL board has also been
strengthened by the appointment of three new local directors.
Significant progress has also been made with the GSCALE project,
for which we have now purchased additional graphene production
equipment at a cost approaching GBP1 million. Particular
application highlights include the impressive results in concrete,
where the mechanical properties have been improved and surface
cracking reduced by using graphene additive, and in textiles, where
development and supply agreements have been signed.
The DSTL contract continues to progress well with revenues of
GBP0.3 million in the year under review and a further GBP1.6
million anticipated for delivery this financial year.
I would like to thank all our staff for their continued
endeavours, particularly during the pandemic, without which we
would not have been able to make the progress that we have. I look
forward to the Company reporting further progress during the
current financial year.
James Stewart CBE
Non-executive Chairman
Chief Executive Officer's Review and Strategic Report
The acquisition of the Hanwha CVD graphene assets and patents,
the setting up of VKL in South Korea and our partnership/investment
from GLL continues our strategy of establishing a global platform
for our technology. We now have operations in the United Kingdom,
Spain and South Korea as well as a sales presence in the USA and in
China. This global footprint will facilitate our commercial
development as the global graphene market begins to gain
traction.
We have continued to progress graphene enhanced mask sales which
can only be achieved if the required standards have been met. We
now have seventeen certificates and have met the following
standards:
-- GB2626-2019 (general standards)
-- ISO 18184:2014(E) (antiviral)
-- GB/T 20944.3-2008 (anti-bacterial)
-- GB/T 20944.2-2007 (anti-bacterial)
-- EN 149-2001+A1-2009 (filtering, clogging, cleaning and disinfecting)
In addition, our masks have been independently tested and proven
not to emit graphene particles which will enable us to register
them as nano-safe masks.
The following sections describe the activities of the business
in accordance with the segmental analysis adopted since 2017. Since
the year end, the Board has approved the leasing of new dedicated
graphene manufacturing facilities in Longhope, Gloucestershire,
which will house the recently acquired Spanish plant and equipment,
the new ink production equipment and the existing graphene
production equipment currently located in Cheltenham. The continued
focus on graphene means that the non-core aluminium operations of
Versarien Technologies Limited are being wound down and in future
the segmental analysis will be split between technology businesses
and mature businesses.
GRAPHENE AND PLASTIC PRODUCTS
Domestic Graphene
The UK operations are centred around the GSCALE project funded
by the GBP5 million Innovate UK loan and I am pleased to summarise
the significant progress during the year and subsequently in each
of the work packages:
Work Package G (Graphene)
The objective is to scale production of high-quality graphene to
greater than 10 tonnes per annum to meet the expected demand from
the projects described below. Our key partners include graphite
producers and miners, chemical suppliers and equipment
manufacturers incorporating recycling and reuse as an
environmentally friendly and economic production process.
Post period end, we have purchased two large scale systems for
ink production and ancillary equipment at a cost of GBP342,000,
which will increase ink production capacity from up to 3,000 litres
per annum to up to 15,000 litres per annum, depending on
formulation.
In addition, we have purchased the graphene manufacturing assets
(including control systems, laboratory test equipment and graphene
process IP) used by a former competitor in Spain at a cost of
EUR600,000 which will be used to manufacture graphene that can be
used, amongst other applications, in energy storage devices and
elastomers. This will give a capacity of up to 100 tonnes of
graphene per annum when fully commissioned and developed.
These assets will be located in a new dedicated 14,000 square
foot facility in Longhope, Gloucestershire, together with the
existing graphene production equipment currently in Cheltenham,
where the lease ends in September 2021.
Work Package S (Seat)
The Seat package grew from previous developments of lighter,
flame-retardant seat backs for the aerospace industry involving the
dispersion of graphene in various thermoset systems used in fibre
reinforced polymer composites.
We have now extended this to also include rail products,
including interior applications and door panels. Automotive
opportunities in this field are expanding too with the growth of
electric vehicles requiring structural light weighting to enable
increased range performance.
Batch size increases have required the design and procurement of
resin dispersal scale up equipment, including the purchase of a
large processing vessel that will take our current graphene/resin
dispersion from five litres per day to up to 100 litres per
day.
A rail seat back mould tool has been procured, manufactured and
delivered to 2-DTech at The University of Manchester's Graphene
Engineering Innovation Centre ("GEIC") for trials to develop our
product and to be made available to the industry for their trials
and testing requirements including mechanical and fire/smoke
tests.
Work Package C (Concrete)
The Concrete workstream principally focuses on the reduction of
construction CO(2) emissions, with government programmes requiring
a plan for net zero carbon by 2050. Graphene can help drive
efficiency (i.e. enabling faster, cheaper solutions) and increase
asset life through reduced micro-cracking, low permeability and
less ferrous rebar corrosion.
We are in advanced discussions with large infrastructure
contractors for new rail, road and water applications with projects
and trials / demonstrators being planned or already being
built.
Trials with a traditional CEM1 concrete mix and the addition of
Versarien's graphene show the following (all tests have been
undertaken by an independent test house):
-- Improved compression strength (+38%)
-- Improved flexural strength (>14% - 45%)
-- Increased split tensile strength (>15%)
-- Improved water permeability (> 200% - 0mm to 2mm)
-- Faster curing without micro-cracking
-- Increased corrosion resistance
Further trials with an international 'readymix' concrete
manufacturer have developed a graphene enhanced, low carbon,
pumpable, commercial mix as typically available at any UK readymix
site. This graphene enhanced concrete produced similar performance
results as the CEM1 by utilising a fraction of a percent of
graphene in the concrete.
Our chosen development product for the construction industry is
based on our Graphinks(TM) products. This is an easy to use (simply
add with the water) product, with excellent mixing results,
offering workability and performance using the construction
industry's regular admixture control systems.
With regards to additive manufactured concrete printing, we are
progressing the purchase of a GBP250,000 robot printing system that
will produce graphene enhanced 3D printed structures with a reach
of 3 metres in every direction and up to 5 metres high. A
significant rail infrastructure project is already engaged in
discussions with a view to Versarien's technology resolving current
challenges in their programme. The robot printing allows complex
structures to be printed in situ and in open or confined spaces
near live railway lines without the need to close the line. The
potential benefits to the project include improved operator safety
(as the robot can print remotely from its operator), less 'live
line' downtime (trains can keep running) and efficient and economic
delivery of enhanced concrete structures in the rail environment.
Similar opportunities are recognised across the road and water
sectors too with projects being planned.
Work Package A (Arch)
The Arch workstream covers all of our thermoplastic development
and commercial exploitation through enhanced graphene
characteristics across:
-- Consumer and commodity thermoplastics;
-- Engineering polymers; and
-- Speciality plastics
Development under these three themes include:
-- Polyolefin compounds and masterbatches being developed for
extrusion moulded products (joint development agreement with a
global consumer product company).
-- Graphene enhanced thermoplastic polyurethane (TPU), nylon
PA12, cellulose acetate, and polycarbonate trials performed and
prototypes developed for use in future ranges of eyewear frames and
lenses for an eyewear manufacturer - strengths can be improved by
30% enabling longer life products.
-- Particular focus on the use of graphene to enhance recycled
polymer products in such a way that the mechanical performance of
the 100% recycled product is equal to a virgin polymer, thus
breaking the need for addition of climate challenging oil based raw
materials.
-- Biopolymers - AAC Cyroma will supply an initial batch of
portable suction devices for clearing blocked airways in emergency
and chronic health conditions which has the potential to make
current technology obsolete. This will be manufactured from
bio-derived nylon polymer.
Work Package L (Leisure)
The Leisure workstream surrounds the use of graphene inks and
graphene nanoplatelets, primarily within the textile sector. Our
R&D work gives attention to three distinct processes; print,
coat and blend, where we have key industry partners including MAS
Holdings and Coats Plc.
The print process, which utilises Graphinks(TM) , has now been
scaled to pilot level production and this has allowed us to develop
commercial discussions with both new parties and collaboration
partners. Along with our key industry partners, we have been able
to offer those customers a new range of active wear garments in
men's and women's designs, which will see the benefits of thermal
regulation, wicking, drying and water repellence given to
wearers.
Currently we have sample garments with a number of well-known
active wear brands around the world and have signed a supply
agreement with Canadian boutique active wear brand Crosslete, who
will introduce a new line of men's and women's garments featuring
the print technology. We expect to make further announcements in
this area in due course taking into consideration new product
seasonal launches, commercial confidentiality and covid recovery
plans of global supply chains.
The benefits of the print technology were underpinned by
extensive industry testing carried out by BGGT Ltd./Shirley
Technologies Ltd., a leader in its field, whereby tests were
carried out in accordance with industry standard test protocols
including BSENISO/BSEN/BS/AATCC methods.
In addition to this, the Company is currently collaborating with
the University of Gloucestershire, which involves a number of
athletes and focuses on elite performance and how the print
technology can be optimised for elite level participation.
Work Package E (Elastomers)
Elastomers aims to develop large-scale graphene enhanced
elastomer masterbatches for two key sectors, oil and gas and
automotive tyres, but is applicable to other sectors, in particular
shoes . Lab scale tests are showing good results and we are
creating a solid foundation of knowledge on which to build our
future business ventures in Elastomers.
The impact of the Covid-19 pandemic has seen R&D in this
sector scaled back, however, our project continues if somewhat
delayed. We have seen really good improvements over control rubber
samples at the bench scale and having agreed a pricing structure we
are expecting to move to large-scale trials in Q3 2021.
The objective for rubber formulation in tyres is to reduce
rolling resistance while not sacrificing grip or wear resistance.
We believe that graphene has an important part to play in achieving
this. Ongoing tests have made great strides toward this, but
increasing wear resistance is more complex. However, in the last
set of tests conducted we saw a slightly more than three-fold
reduction in wear compared to the best of the other samples
tested.
We have undertaken benchmark testing of shoe competitor products
in order to place our results into context. Of note is a 33%
reduction in wear in a graphene outer sole formulation under
development compared to a leading brand of graphene footwear. We
are also seeing good improvements in mechanical properties across
the board. Following increased demand masterbatches have been
distributed globally in order to facilitate manufacturer testing
and small-scale production trials.
With every test that is undertaken we gain further valuable
information on how our products interact with elastomeric
compounds. Good solid progress has been made, interest in graphene
enhanced elastomers is increasing and we are moving closer to
bringing products to market which we will do so on a foundation of
solid scientific understanding.
Overseas Graphene
Versarien's stated strategy is to expand globally and I am
pleased to report on our further progress.
Versarien Korea Limited ("VKL")
The year under review saw success with regards to acquisition
and expansion into South Korea. The chemical vapour deposition
equipment and IP acquisition from Hanwha (originally Samsung's
technology) means that the Group now has added another important
graphene manufacturing capability within the overall portfolio;
whilst the setting up of a new graphene production and R&D
facility in South Korea in conjunction with a CVD expert partner
allows Versarien to exploit one of the largest markets for
electronics and technology in the world.
The move to the new R&D facility was completed in June 2021
and we are now in the process of utility set-up and commissioning
in order to produce our first CVD graphene samples and optimise the
product quality.
The main focus of business in the short term will be to provide
a turnkey CVD graphene production solution, securing or
participating in government and other institutional projects, and
developing various optical and electronic applications.
Versarien Graphene Inc. ("VGI")
VGI is making good progress in the US market although it has
been slowed by the pandemic. Long term relationships have been
established with a number of large players including one of the
world's largest paints and coatings companies which has completed
the first stage 1000-hour anti-corrosion salt spray trials with
promising results using graphene as a substitute for zinc. That
company is now working on multiple projects with Versarien and we
are optimistic that the graphene will perform similarly in
enhancing them.
Gnanomat ("GNA")
In the year under review GNA expanded the scope of its
nanomaterial applications whilst still concentrating on energy
storage, where excellent performance was seen when their materials
were integrated in electrodes of asymmetric pseudo capacitors.
The catalytic properties of GNA's materials were also optimised
and tested in other applications, such as secondary metal-air
batteries, with very good results in charge, discharge and
stability. Findings in this application are currently in the
process of intellectual property protection. Work is also ongoing
in other energy storage applications such as fuel cells.
The versatility of the technology and the synergies within
Versarien allows GNA products to be used in other new potential
applications such as providing antiviral effects against SARS-CoV-2
and electromagnetic interference shielding.
GNA was awarded a grant of EUR357,000 from EU funding for the
INN-PRESSME project in collaboration with other industrial
partners. This grant will be used to upgrade Gnanomat's pilot plant
and to develop new products in collaboration with its partners, as
well as to accelerate the development of products to
commercialisation. At present, Gnanomat has collaborations in seven
different industrial applications.
Beijing Versarien Technology ("BVT")
BVT, our wholly owned subsidiary in China, is continuing to work
with a Chinese supplier on the graphene enhanced face mask project.
Some variants including a graphene enhanced children's mask and an
FFP3 mask have also been developed.
Going forward, it is intended BVT will source more opportunities
from China under the GSCALE framework agreed between Innovate UK
and Versarien, whilst ensuring that Versarien's China operations
are carried out fully in line with the letter and spirit of the
UK's National Security and Investment Act 2021.
Future expansion plans include establishing a presence in other
potentially lucrative global markets, by way of exporting,
acquisitions and/or partnerships, as and when the right
opportunities arise. We will also work towards growing our current
international operations, which will in turn increase our own
capability and reach.
Plastic Products
AAC Cyroma Limited ("AAC") has, o ver the last 12 months,
remained operational throughout the Covid-19 pandemic and lockdown
period supporting the NHS with the supply of hospital bed panels
and visors, along with products for utility service providers.
Turnover is showing some recovery towards pre-pandemic levels
with several new projects and opportunities. The focus for the
current financial year for AAC is the conversion of these
opportunities into new business and to further progress
opportunities for supplying graphene enhanced plastic products in
conjunction with the Company's new Longhope operations.
HARD WEAR AND METALLIC PRODUCTS
The focus on the opportunities afforded by graphene together
with the market challenges of Covid-19 have resulted in the
decision to exit the non-core aluminium business of Versarien
Technologies Limited based in Cheltenham. The lease comes to an end
in September 2021 and a run-off to customers is currently in
progress. The company has been re-named Versarien Graphene Limited
and will be used as the revenue generating entity for UK graphene
sales whilst 2-DTech Limited and Cambridge Graphene Limited will
continue as the UK research and development arms of the graphene
business.
Total Carbide Limited is a manufacturer of tungsten carbide wear
parts and sells to a global customer base covering 40 different
industries producing bespoke products for a wide spread of wear
applications. These range from all aspects of the oil and gas
industry, through measurement tools and cutting knives to difficult
complex breakthrough technology for aerospace and defence
applications as well as providing nozzles for space propulsion.
Despite being a challenging year, the company won national and
regional awards for its work with apprentices and young people.
Current trading and outlook
There are indications that trading is beginning to return to
pre-pandemic levels in our mature businesses, but the economic
environment remains uncertain and the Company remains vigilant
around costs. Much more importantly, however, the graphene
prospects in both the UK and abroad are extremely exciting with our
transitioning from laboratory to real world demonstrators in
multiple sectors including defence, automotive, aerospace and
construction; in particular, interest in using our graphene in
large infrastructure projects and in textiles.
We have been fortunate to extend our team with key hires in
South Korea and the UK, including project managers for our key
projects as we make this transition into the commercial world. I
look forward to providing further updates on customer projects in
due course. We now have a strong platform of licensable IP, large
global commercial partners, significant support from the UK
government, especially around security, and a clear path to revenue
from innovative products.
Key performance indicators
As a Group we concentrate on the following financial
metrics:
2021 2020
GBP'000 GBP'000
Group revenue 6,567 8,281
-------- --------
Gross margin percentage 22% 24%
-------- --------
Loss before interest, tax, depreciation, amortisation,
exceptional costs, share based charges and other
gains/losses (1,761) (1,633)
-------- --------
Cash used by Graphene and Plastic Products (2,544) (2,685)
-------- --------
Cash generated by Hard Wear and Metallic Products 94 608
-------- --------
Cash raised/(utilised) by parent (before loans
to/from subsidiaries) 3,152 (558)
-------- --------
Increase/(decrease) in cash and cash equivalents 702 (2,635)
-------- --------
Neill Ricketts
Chief Executive Officer
Chief Technology Officer's Review
Our R&D activities expanded rapidly in the year under review
following our major G-SCALE and DSTL projects, with five new
members of staff joining us in Manchester, one in Cambridge, and a
new team being built in Korea following the acquisition of the CVD
assets. We have subsequently expanded into a second lab at the
Graphene Engineering Innovation Centre in Manchester and have
invested in larger scale manufacturing, processing and coating
capabilities across the graphene and 2D materials businesses that
will significantly help us towards product commercialisation. We
have also significantly strengthened our materials portfolio and IP
position as a result of acquisitions in Spain and Korea, and we
continue to innovate and evaluate patents from global universities.
We have also trademarked Graphenewear(TM) and Cementene(TM) for
both leisure and construction products, reflecting the great
strides we are making in these areas.
Our R&D team has shown incredible resilience and flexibility
during the pandemic with often restricted lab access, meaning being
more organised and efficient and training new members of staff
remotely.
Health & Safety of graphene
The issue of safety will be raised time and again, so it is
imperative that the relevant human and environmental toxicology
testing be performed to assist public awareness, and that we
understand the nature of exposure of any nanoparticles when
graphene is manufactured and products are used.
Ultimately, these tests can only be done as part of the global
community of graphene producers.
As a leader in its field, Versarien is at the forefront of
graphene and related nanomaterials health and safety. To further
our involvement, over the last year I have taken on additional key
industry roles, including Chairman of the Graphene REACH
registration committee's Technical Working Group and become a
member of the Graphene Flagship's ECHA/REACH committee, with
dialogue across all the relevant parties with regards to EU and
global regulations.
Although graphene's ISO definition is clear, the families of
few-layer, multi-layer, nanoplatelet and nanographite materials
that are produced on multi-tonnage quantities is vast, and the
definitions and classification of these materials will almost
certainly need to change as we learn more about specific material
properties, human and environmental interactions. Accreditations,
such as that we hold under the Graphene Council Verified Producer
Programme, will become more important as the industry
progresses.
Dr Stephen Hodge
Chief Technology Officer
Chief Financial Officer's Review
The challenges of the pandemic resulted in revenue reduction of
GBP1.7 million to GBP6.6 million, but only slightly increased
losses of GBP0.2 million to GBP1.8 million at the Adjusted LBITDA
level (losses before interest, tax, depreciation and amortisation
excluding exceptional items, share based payments charges, and
other gains/losses). However, with the support of the UK Government
and Lanstead, the Group was able to continue its progress towards
commercialisation of its graphene products and expand its product
portfolio in South Korea whilst at the same time increasing its
cash resources by GBP0.7 million.
Exceptional costs were GBP0.4 million (2020: GBP1.6 million)
which arose mainly through cost associated with expansion into
Asia, and the purchase of the Hanwha assets. The loss before tax
for the year was GBP8.1 million (2020: GBP4.7 million), after share
based payment charges of GBP1.2 million (2020: GBP1.2 million) and
a GBP3.3 million charge arising from the reduction in the IFRS 13
valuation of the Lanstead Sharing Agreements (2020: GBP1.0 million
gain).
Cash outflow from operating activities was GBP0.7 million (2020:
GBP1.5 million), interest payments were GBP0.2 million (2020:
GBP0.2 million), investment in development costs and equipment was
GBP1.7 million (2020: GBP0.6 million) and principal lease payments
were GBP1.0 million (2020: GBP0.8 million) giving total cash
outflows of GBP3.6 million (2020: GBP3.1 million). These activities
were financed by net funds received from the Lanstead sharing
agreements/share issue of GBP2.3 million (2020: GBP(0.1) million),
funds received under the CBILS of GBP0.2 million( 2020: GBPnil) and
funds received under the Innovate UK loan of GBP2.3 million (2020:
GBPnil), totalling GBP4.8 million (2020: GBP(0.1) million). The
surplus of GBP1.2 million (2020: deficit GBP3.2 million) resulted
in reduced drawings on the invoice finance facilities of GBP0.5
million (2020: GBP0.6 million increased drawings) thus increasing
cash at the year-end by GBP0.7 million (2020: GBP2.6 million
decrease).
As previously announced, Lanstead has subscribed for a total of
23.75 million Ordinary Shares, through two subscriptions, at an
issue price of 40 pence per Ordinary Share and benchmark price of
53.33 pence per Ordinary Share and the Company entered into related
sharing agreements to receive the proceeds on a pro-rata monthly
basis. Further details of the Lanstead subscription in the period
and the related sharing agreements are set out in the Company's
announcement of 22 December 2020.
In accordance with IFRS 13, the Sharing Agreements have been
valued as at 31 March 2021 using the Monte Carlo (or multiple
probability simulation) pricing model which has resulted in a
valuation of GBP4,728,000 (31 March 2020: GBP6,987,000).
Consequently, and in accordance with IFRS 13, a loss of
GBP3,280,000 (2020: GBP987,000 gain) has been accounted for as
other gains/losses in the Group Statement of Comprehensive
Income.
The financial results by segment are disclosed in note 2 of
these preliminary results with Graphene and Plastic Products
returning sales of GBP3.7 million (2020: GBP3.9 million) and
reduced losses of GBP1.7 million (2020: GBP3.3 million) after
capitalising an additional GBP1.3 million of development costs in
the year as a result of the GSCALE focus, including
commercialisation progress which now meets IFRS criteria. Graphene
sales in the year, including revenues associated with the DSTL
project, were GBP0.7 million (2020: GBP0.1 million).
Hard Wear and Metallic Products returned much reduced sales of
GBP2.9 million (2020: GBP4.3 million) but maintained its losses at
a similar level to the prior year of GBP0.3 million (2020: GBP0.3
million) as it managed its cost base and utilised the furlough
scheme through the pandemic.
Group net assets at 31 March 2021 were GBP16.5 million (2020:
GBP15.7 million) and at the year end the Group had cash of GBP2.4
million (31 March 2020: GBP1.7 million), with GBP0.6 million (31
March 2020: GBP1.2 million) drawn under the invoice finance
facilities. As at the year end the Company had GBP0.7 million of
headroom in its invoice finance facilities (2020: GBP0.3 million).
Together with the Lanstead sharing agreements and the Innovate UK
loan, the Directors consider this sufficient liquidity for our
current activities over the coming twelve months having made
certain assumptions, further details of which are described
below.
Going concern
The financial statements, which are not yet audited, have been
prepared on a going concern basis, which the Directors believe to
be appropriate for the following reasons:
-- The Group meets its day-to-day working capital requirements
through careful cash management and the use of its invoice
discounting facilities;
-- As at 31 March 2021, the Group had cash balances totalling
GBP2.4 million with GBP0.7 million of headroom on its invoice
discounting facilities;
-- The Group was awarded a GBP5 million loan by Innovate UK to fund certain of its activities;
-- The Group receives monthly settlements from its sharing
agreements with Lanstead, the quantum of which is dependent upon
share price; and
-- Post year end, the Group received a strategic investment of
GBP1.93 million from Graphene Lab, through a subscription for
4,280,000 new Ordinary Shares at an issue price of 45 pence per
Ordinary Share
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. These show that the Group is
expected to have sufficient cash available to meet its obligations
as they fall due for the foreseeable future, being at least twelve
months.
The continuing effects of the Covid-19 pandemic remain uncertain
so consequently there remains a risk that trading performance could
be below expectations. The projections also contain certain
assumptions with regards to the share price and the funds that will
flow under the sharing agreements with Lanstead and there is also a
risk that the share price could be below expectations. Material
adverse occurrences could therefore lead to a requirement to take
mitigating action.
Such actions could include raising more cash via an equity
placing (there is a track record of successful placings) or, in the
absence of a funding round, cost reductions in the Group. The
Directors' have prepared sensitised projections for these scenarios
which indicate that sufficient cash reserves would exist for the
foreseeable future (at least twelve months) without any additional
fundraising.
Other factors that have been considered in the Directors'
assessment of going concern include:
-- The expectation that the placing authority for up to 15% of
the existing share capital without pre-emption rights will be
renewed at the Annual General Meeting;
-- The continuation and adequacy of bank facilities;
-- That there are a number of mitigating actions the Group could
implement, such as reducing the funds spent on development of its
technologies and overheads to concentrate solely on GSCALE
opportunities;
-- The commencement of the Innovate loan repayment which commences in May 2024; and
-- The purchase post year end of assets through the Innovate UK loan.
After due consideration, the Directors have concluded that there
is a reasonable expectation that the Group has adequate resources
to continue in operational existence for the foreseeable future (at
least twelve months). For this reason, they continue to adopt the
going concern basis in preparing the consolidated financial
statements.
Chris Leigh
Chief Financial Officer
Group statement of comprehensive Income (unaudited)
Year ended 31 March 2021
2021 2020
Notes GBP'000 GBP'000
Continuing operations
----- -------- ---------
Revenue 2 6,567 8,281
Cost of sales (5,112) (6,334)
Gross profit 1,455 1,947
----- -------- ---------
Other operating income 107 5
Other (losses)/gains (3,280) 987
Operating expenses (including exceptional items) (6,190) (7,487)
Loss from operations before exceptional items (7,467) (2,941)
Exceptional items 3 (441) (1,607)
----- -------- ---------
Loss from operations (7,908) (4,548)
Finance costs (165) (160)
Finance income 5 5
----- -------- ---------
Loss before income tax (8,068) (4,703)
Income tax - 49
Loss for the year (8,068) (4,654)
----- -------- ---------
Loss attributable to:
- Owners of the parent company (7,779) (4,148)
- Non-controlling interest (289) (506)
----- -------- ---------
(8,068) (4,654)
-------------------------------------------------- ----- -------- ---------
Loss per share attributable to the equity holders
of the Company:
----- -------- ---------
Basic and diluted loss per share 5 (4.45)p (2.69)p
-------------------------------------------------- ----- -------- ---------
There is no other comprehensive income for the year.
The other (losses)/gains in the year relates to the fair value
assessment of the Lanstead sharing agreements at the balance sheet
date.
Group statement of financial position (unaudited)
As at 31 March 2021
2021 2020
Notes GBP'000 GBP'000
Assets
----- -------- --------
Non-current assets
----- -------- --------
Intangible assets 6 9,706 4,720
----- -------- --------
Property, plant and equipment 7 4,119 4,316
----- -------- --------
Deferred taxation 25 25
---------------------------------------------------- ----- -------- --------
Trade and other receivables 772 4,295
----- -------- --------
14,622 13,356
----- -------- --------
Current assets
----- -------- --------
Inventory 1,814 2,252
Trade and other receivables 6,449 4,974
Cash and cash equivalents 2,359 1,657
----- -------- --------
10,622 8,883
----- -------- --------
Total assets 25,244 22,239
---------------------------------------------------- ----- -------- --------
Equity
----- -------- --------
Called up share capital 8 1,899 1,697
----- -------- --------
Share premium account 8 33,003 25,497
----- -------- --------
Merger reserve 1,256 1,256
----- -------- --------
Share-based payment reserve 3,249 2,056
---------------------------------------------------- ----- -------- --------
Retained losses (21,625) (13,846)
----- -------- --------
Equity attributable to owners of the parent company 17,782 16,660
---------------------------------------------------- ----- -------- --------
Non-controlling interest (1,288) (999)
----- -------- --------
Total equity 16,494 15,661
----- -------- --------
Liabilities
----- -------- --------
Non-current liabilities
----- -------- --------
Trade and other payables 1,222 1,192
Deferred tax 67 67
Innovate Loan 2,260 -
---------------------------------------------------- ----- -------- --------
Long-term borrowings 356 516
----- -------- --------
3,905 1,775
----- -------- --------
Current liabilities
----- -------- --------
Trade and other payables 3,748 3,218
----- -------- --------
Provisions 119 97
----- -------- --------
Invoice discounting advances 631 1,156
---------------------------------------------------- ----- -------- --------
Current portion of long-term borrowings 347 332
----- -------- --------
4,845 4,803
----- -------- --------
Total liabilities 8,750 6,578
----- -------- --------
Total equity and liabilities 25,244 22,239
---------------------------------------------------- ----- -------- --------
Group statement of changes in equity (unaudited)
Year ended 31 March 2021
Share Share-based
Share premium Merger payment Accumulated Non-controlling Total
capital account reserve reserve losses Interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2019 1,536 19,776 1,256 899 (9,698) (493) 13,276
-------- -------- -------- ----------- ----------- ----------------- --------
Issue of shares 161 5,721 - - - - 5,882
-------- -------- -------- ----------- ----------- ----------------- --------
Loss for the year - - - - (4,148) (506) (4,654)
-------- -------- -------- ----------- ----------- ----------------- --------
Share-based payments - - - 1,157 - - 1,157
-------- -------- -------- ----------- ----------- ----------------- --------
At 31 March 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
-------- -------- -------- ----------- ----------- ----------------- --------
Statement of Group cash flows (unaudited)
Year ended 31 March 2021
2021 2020
Notes GBP'000 GBP'000
------------------------------------------------- ----- --------- ----------
Cash flows from operating activities
Cash used in operations 9 (734) (1,487)
Net interest paid (160) (155)
Net cash used in operating activities (894) (1,642)
------------------------------------------------- ----- --------- ----------
Cash flows from investing activities
Capitalised development costs and purchase
of intangible assets (1,638) (351)
Purchase of property, plant and equipment (42) (286)
Net cash used in investing activities (1,680) (637)
------------------------------------------------- ----- --------- ----------
Cash flows from financing activities
Share issue (net of funds deferred per sharing
agreements)* - 123
Funds received from sharing agreements 2,479 -
Funds received from Innovate UK 2,260 -
Net funds received from CBIL 186 -
Share issue costs (134) (241)
Principal payment of leases under IFRS 16 (990) (791)
Invoice discounting loan (repayments)/proceeds (525) 553
------------------------------------------------- ----- --------- ----------
Net cash generated from/(used in) financing
activities 3,276 (356)
------------------------------------------------- ----- --------- ----------
Increase/(decrease) in cash and cash equivalents 702 (2,635)
Cash and cash equivalents at beginning of
year 1,657 4,292
------------------------------------------------- ----- --------- ----------
Cash and cash equivalents at end of year 2,359 1,657
------------------------------------------------- ----- --------- ----------
* During the year, 8,750,000 new ordinary shares of 1 pence each
were issued at a price of 40 pence per share raising gross proceeds
of GBP3.5 million which were pledged via a sharing agreement
entitling the Company to receive back those proceeds over a period
of 18 months adjusted for the benchmark share price.
Notes to the Financial Statements (unaudited)
1. Basis of preparation
The consolidated financial statements consolidate the results of
the Company and its subsidiaries (together referred to as the
"Group").
The financial information included in this preliminary
announcement does not constitute statutory accounts of the Group
for the years ended 31 March 2021 or 31 March 2020. The financial
information for the year ended 31 March 2020 is derived from
statutory accounts upon which the auditors have reported. Their
report was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report, and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act 2006.
The auditors work on the statutory accounts of the Group for the
year ended 31 March 2021 is not yet complete.
The Group financial statements have been prepared in accordance
with international accounting standards in conformity with the
requirements of the Companies Act 2006. The "requirements of the
Companies Act 2006" here means accounts being prepared in
accordance with "international accounting standards" as defined in
section 474(1) of that Act, as it applied immediately before
Implementation Period ('IP') completion day (end of transition
period), including where the Group also makes use of standards
which have been adopted for use within the United Kingdom in
accordance with regulation 1(5) of the International Accounting
Standards and European Public Limited Liability Company (Amendment
etc.) (EU Exit) Regulations 2019.
2. Segmental reporting
At 31 March 2021 the Group was 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 performance
is focused on the two principal business segments of Graphene and
Plastic Products and Hard Wear and Metallic Products 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 actual use or pro rata to
sales. 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 are being wound down and consequently in
future reporting periods the segmental analysis will be split
between technology businesses and mature businesses.
The segment analysis for the period ended 31 March 2021 is as
follows:
Graphene Hard Wear
and Plastic and Metallic Intra-group
Central Products Products adjustments Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------- ------------ -------------- ------------ --------
Revenue - 3,697 2,870 - 6,567
-------------------------- -------- ------------ -------------- ------------ --------
Gross profit - 877 578 - 1,455
Other operating income - 103 4 - 107
Other losses (3,280) - - - (3,280)
Operating expenses (2,686) (2,646) (826) (32) (6,190)
Loss from operations (5,966) (1,666) (244) (32) (7,908)
Finance income/(charge) (44) (73) (43) - (160)
-------------------------- -------- ------------ -------------- ------------ --------
Loss before tax (6,010) (1,739) (287) (32) (8,068)
-------------------------- -------- ------------ -------------- ------------ --------
Total assets 26,254 7,498 4,882 (13,390) 25,244
Total liabilities (4,074) (13,171) (4,413) 12,908 (8,750)
-------------------------- -------- ------------ -------------- ------------ --------
Net assets/(liabilities) 22,180 (5,673) 469 (482) 16,494
-------------------------- -------- ------------ -------------- ------------ --------
Capital expenditure 4,388 1,634 - - 6,022
Depreciation/amortisation
and impairment 169 599 438 27 1,233
-------------------------- -------- ------------ -------------- ------------ --------
The segment analysis for the period ended 31 March 2020 is as
follows:
Graphene Hard Wear
and Plastic And Metallic Intra-group
Central Products Products adjustments Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------- ------------ -------------- ------------ --------
Revenue - 3,942 4,342 (3) 8,281
-------------------------- -------- ------------ -------------- ------------ --------
Gross profit - 727 1,220 - 1,947
Other operating income - - 5 - 5
Other gains 987 - - - 987
Operating expenses (2,032) (3,449) (1,126) (4) (6,611)
Impairment of goodwill - (522) (354) - (876)
-------------------------- -------- ------------ -------------- ------------ --------
(Loss) from operations (1,045) (3,244) (255) (4) (4,548)
Finance income/(charge) (1) (97) (57) - (155)
-------------------------- -------- ------------ -------------- ------------ --------
(Loss)/profit before tax (1,046) (3,341) (312) (4) (4,703)
-------------------------- -------- ------------ -------------- ------------ --------
Total assets 21,917 6,906 5,509 (12,093) 22,239
Total liabilities (1,523) (11,090) (4,753) 10,788 (6,578)
-------------------------- -------- ------------ -------------- ------------ --------
Net assets/(liabilities) 20,394 (4,184) 756 (1,305) 15,661
-------------------------- -------- ------------ -------------- ------------ --------
Capital expenditure 34 324 279 - 637
Depreciation/amortisation 23 628 458 29 1,138
-------------------------- -------- ------------ -------------- ------------ --------
Geographical information
The Group's revenue from external customers and information
about its segment assets by geographical location are detailed
below:
Revenue from external
customers Non-current assets
2021 2020 2021 2020
GBP'000 GBP'000 GBP'000 GBP'000
----------- ---------
United Kingdom 5,705 6,920 8,296 11,040
----------- ---------- --------- ---------
Rest of Europe 495 831 2,300 2,316
----------- ---------- --------- ---------
North America 5 273 - -
Other 362 257 4,026 -
6,567 8,281 14,622 13,356
--------------- ----------- ---------- --------- ---------
3. Exceptional items
2021 2020
GBP'000 GBP'000
Relocation and restructuring costs 53 139
Costs relating to expansion in Asia 137 531
Acquisition costs 186 32
Impairment of goodwill relating to subsidiaries (see
note 6) - 876
Other 65 29
-------- --------
441 1,607
----------------------------------------------------- -------- --------
4. Dividends
As stated in the Company's AIM Admission Document, the Board
will not be declaring or proposing any dividends until such time as
the commercialisation of its product portfolio has generated
sufficient distributable reserves from which to do so.
5. Loss per ordinary share
The calculation of the basic loss per share for the period ended
31 March 2021 and 31 March 2020 is based on the losses attributable
to the shareholders of Versarien Plc divided by the weighted
average number of shares in issue during the year. 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 31 March 2021 there were
14,677,130 (2020: 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.
Loss Weighted
attributable average
to number of Basic loss
shareholders shares per share
GBP'000 GBP'000 pence
Year ended 31 March 2021 (7,779) 174,660 (4.45)
------------- ---------- ----------
Year ended 31 March 2020 (4,148) 153,956 (2.69)
------------- ---------- ----------
6. Intangible assets
Other
Goodwill intangibles Total
GBP'000 GBP'000 GBP'000
Cost
-------- ------------ -------------
At 1 April 2019 4,431 1,976 6,407
-------- ------------ -------------
Additions - 351 351
At 31 March 2020 4,431 2,327 6,758
Additions - 5,138 5,138
At 31 March 2021 4,431 7,465 11,896
---------------------------------------- -------- ------------ -------------
Accumulated amortisation and impairment
-------- ------------ -------------
At 1 April 2019 - 1,089 1,089
Amortisation charge - 73 73
Impairment 876 - 876
At 31 March 2020 876 1,162 2,038
Amortisation charge - 152 152
At 31 March 2021 876 1,314 2,190
---------------------------------------- -------- ------------ -------------
Carrying value
At 31 March 2021 3,555 6,151 9,706
---------------------------------------- -------- ------------ -------------
At 31 March 2020 3,555 1,165 4,720
-------- ------------ -------------
Other intangible assets
31 March 2021 31 March 2020
GBP'000 GBP'000
Customer relationships/order books 27 54
------------- -------------
Development costs 2,453 901
Licence 58 28
Intellectual property 3,613 182
Total 6,151 1,165
----------------------------------- ------------- -------------
7. Property, plant and equipment
ROU asset Plant and Leasehold
equipment improvements Total
Group GBP'000 GBP'000 GBP'000
Cost
--------- ---------- ------------- --------
At 1 April 2019 - 9,862 518 10,380
--------- ---------- ------------- --------
Adjustment on transition to
IFRS 16 6,377 (4,453) - 1,924
--------- ---------- ------------- --------
Additions 160 127 - 287
---------------------------- --------- ---------- ------------- --------
Disposals - (132) - (132)
--------- ---------- ------------- --------
At 31 March 2020 6,537 5,404 518 12,459
--------- ---------- ------------- --------
Additions - 884 - 884
At 31 March 2021 6,537 6,288 518 13,343
---------------------------- --------- ---------- ------------- --------
Accumulated depreciation
--------- ---------- ------------- --------
At 1 April 2019 - 7,126 84 7,210
--------- ---------- ------------- --------
Adjustment on transition to
IFRS 16 2,567 (2,567) - -
Charge for the year 820 218 27 1,065
Disposals - (132) - (132)
At 31 March 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
---------------------------- --------- ---------- ------------- --------
Net book value
At 31 March 2021 2,338 1,398 383 4,119
---------------------------- --------- ---------- ------------- --------
At 31 March 2020 3,150 759 407 4,316
--------- ---------- ------------- --------
Under IFRS16 the Right of Use assets for the Group are as
follows:
Group 2021 Group 2020
GBP'000 GBP'000
Plant & Equipment Buildings Total Plant & Equipment Buildings Total
----------------- --------- ------- ----------------- --------- -------
Cost 4,613 1,924 6,537 4,613 1,924 6,537
----------------- --------- ------- ----------------- --------- -------
Accumulated depreciation (3,001) (1,198) (4,199) (2,788) (599) (3,387)
----------------- --------- ------- ----------------- --------- -------
Net book value 1,612 726 2,338 1,825 1,325 3,150
----------------- --------- ------- ----------------- --------- -------
8. Called up share capital and share premium
Number Ordinary Share
of shares shares premium Total
'000 GBP'000 GBP'000 GBP'000
At 1 April 2019 153,624 1,536 19,776 21,312
---------- -------- -------- --------
Issue of shares 16,058 161 5,721 5,882
At 31 March 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
----------------- ---------- -------- -------- --------
During the year the Company issued:
-- 11,000,000 Ordinary shares as consideration to acquire
certain graphene production related assets and intellectual
property from South Korea based Hanwha Aerospace Company Limited at
39.475 pence per share; and
-- 8,750,000 Ordinary shares raising GBP3.5 million (before
expenses) in an additional subscription agreement with Lanstead
Capital Investors LP at 40 pence per share with 437,500 ordinary
shares issued in connection with entering into the Sharing
Agreement.
9. Cash used in operations
2021 2020
GBP'000 GBP'000
-------- --------
Loss before tax (8,068) (4,703)
-------- --------
Adjustments for:
-------- --------
Share-based payments 1,193 1,157
-------- --------
Depreciation and impairment 1,081 1,065
-------- --------
Amortisation 152 73
-------- --------
Impairment of Goodwill - 876
-------- --------
R&D tax credit repayment - 49
-------- --------
Loss or (gain) on FV movement of sharing agreements 3,280 (987)
-------- --------
Finance cost 160 155
-------- --------
Increase in trade and other receivables (211) (35)
-------- --------
Decrease in inventories 438 1
Increase in trade and other payables 1,241 862
Cash flows from operating activities (734) (1,487)
------------------------------------------------------ -------- --------
10. Report and accounts
Copies of the 2021 Annual Report and Accounts will be posted to
shareholders in due course once they are finalised and approved.
Further copies may be obtained by contacting the Company Secretary
at the registered office. In addition, the 2021 Annual Report and
Accounts will be available, when published, to download from the
investor relations section on the Company's website
www.versarien.com .
- Ends -
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(END) Dow Jones Newswires
August 05, 2021 02:00 ET (06:00 GMT)
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