Gloucestershire engineering firm Versarien, which recently signed a deal to work with clothing brand Superdry, said revenue for the last six months of its financial year were up 41 per cent.
The graphene manufacturer, which in June 2021 moved from Cheltenham to a new headquarters in the Forest of Dean, said turnover to 30 September 2021 had risen to £3.82 million.
However, profits continued to elude the ever-developing advanced engineering operation which posted losses before tax of £3.11 million, down from £4.34 million for the same period in 2020.
Neill Ricketts, chief executive officer of Versarien, said: ‘The first half of this financial year has seen continued progress in our pursuit of commercialisation whilst increasing both production capacity and our global footprint.’
Ricketts said work continued apace on the firm’s GSCALE project (an acronym for graphene-seat, concrete, arch, leisure, elastomer) – funded by a £5 million loan from Innovate UK and aimed at increasing its production of quality assured graphene.
Since the end of September 2021, Versarien has continued to be busy, landing a £1.93 million investment from the South Korean business GrapheneLab Co. Ltd; acquiring a Spanish graphene manufacturing business; and signing a commercial agreement with Cheltenham fashion brand Superdry to produce graphene enhanced garments.
By Andrew Merrell