TIDMVRS
RNS Number : 5975J
Versarien PLC
06 December 2018
6 December 2018
Versarien plc
Interim Results
Versarien plc (AIM: VRS) ("Versarien", the "Company" or the
"Group"), the advanced engineering materials group, is pleased to
announce its interim results for the six months ended 30 September
2018.
Financial Highlights
-- Group revenues increased by 19% to GBP5.22 million (H1 2017: GBP4.38 million)
-- LBITDA* reduced by 16% to GBP0.36 million (H1 2017: GBP0.43 million)
-- Loss before tax remained stable at GBP0.78 million (H1 2017:
GBP0.77 million) after increased investment in the graphene
businesses
-- Cash of GBP6.07 million at 30 September 2018 (30 September
2017: GBP0.35 million) following successful fund raising of GBP5.15
million gross in September 2018
-- Net assets increased to GBP12.32 million (30 September 2017: GBP5.72 million)
*LBITDA (Loss Before Interest, Tax, Depreciation and
Amortisation) excludes exceptional items and share-based payment
charges
Operational Highlights
-- Nine collaboration agreements signed in the period with many
other parties at varying stages of testing
-- Graphene quality assurance team strengthened with two key
appointments both of whom are at the forefront of developing the
international standards that will define graphene and other
nanomaterials
-- Overseas expansion team strengthened by the appointment of
two secondees from the Department of International Trade
-- Continued investment in graphene manufacturing capability
-- Mature businesses showing continued improvement in financial performance
Post Period Highlights
-- In October 2018, Versarien completed its acquisition of 62%
of the Spanish company Gnanomat S.L. for GBP2,647,000, settled by
GBP673,000 in cash, and the issue of 1,316,275 new ordinary shares
at an agreed price of 150p per New Ordinary Share. Gnanomat S.L.
specialises in incorporating graphene into supercapacitors
-- After gaining Federal Aviation Administration (FAA)
certification, Versarien has received its first order for 1kg of
its graphene nano platelets for use in fire retardant aircraft
interior parts for a major global airline, with further orders
anticipated
-- Memorandum of Understanding signed with Tungshu
Optoelectronic Technology Ltd, one of the world's leading suppliers
of optoelectronic display materials
-- Memorandum of Understanding signed with Jinan High-tech
Financial Investment Co., Ltd to establish a manufacturing centre
in the Jinan Innovation Zone, Shandong Province, China
-- Jinan High Tech Investment Fund panel of experts determine
the graphene technology of Versarien to have certain world leading
properties
-- New graphene enhanced polymer compound product launched, branded Polygrene
-- Memorandum of Understanding signed with CTCE, a subsidiary of China Railway Group Limited
-- AECOM place first order for compounded material as part of infrastructure project
Neill Ricketts, CEO of Versarien, commented:
"The last few months have seen significant progress across the
Group, in both our emerging technologies and more mature
businesses. Expansion of the graphene business into China has
attracted a large number of suitors and we are repeating the
process in other Asian territories. Our collaboration agreements
are progressing well, in particular with AECOM where we have
recently announced the first supply of graphene enhanced
compound.
"In line with our strategy of acquiring IP led businesses we
completed the purchase of a controlling stake in Gnanomat SL and I
am pleased that it has now obtained confirmation of patent approval
for its production process.
"Our hard wear and metallic products business has shown an
increase both in sales and profitability and our plastics business
has increased its sales and its operating profits.
"With the global progress we have made over the last few months,
and with funds from our placing in September we are extremely well
positioned for the future and look forward to reporting further
success over the coming months."
For further information please contact:
Versarien plc
Neill Ricketts - Chief Executive Officer +44 (0) 1242 269122
Chris Leigh - Chief Financial Officer
Arden Partners plc (Nominated Adviser) www.arden-partners.com
John Llewellyn-Lloyd / Dan Gee-Summons +44 (0) 20 7614 5900
IFC Advisory (Financial PR and IR) www.investor-focus.co.uk
Tim Metcalfe / Graham Herring / Heather
Armstrong +44 (0) 20 3934 6630
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. Versarien has six subsidiaries operating under two
divisions:
Graphene and Plastics
2-DTech Ltd, which specialises in the supply, characterisation
and early stage development of graphene products.
www.2-dtech.com
AAC Cyroma Limited, which specialises in the supply of
vacuum-formed and injection-moulded products to the automotive,
construction, utilities and retail industry sectors. Using
Versarien's existing graphene manufacturing capabilities, AAC will
have the ability to produce graphene-enhanced plastic products.
www.aaccyroma.co.uk
Cambridge Graphene Limited, supplies novel inks based on
graphene and related materials, using patented processes to develop
graphene materials technology.
www.cambridgegraphene.com
Gnanomat S.L. ("GNA"), based in the Parque Cientifico Madrid,
Spain, is a company capable of utilising Versarien's graphene
products in an environmentally friendly, scalable production
process for energy storage devices that offer high power density,
almost instant recharging and very long lifetimes for use in
electrical vehicles and portable electronics products.
www.gnanomat.com
Hard Wear and Metallic Products
Versarien Technologies Limited has developed an additive process
for creating advanced micro-porous metals targeting the thermal
management industry and supplies extruded aluminium.
www.versarien-technologies.co.uk
Total Carbide Limited, a leading manufacturer in sintered
tungsten carbide for applications in arduous environments such as
the oil and gas industry. www.totalcarbide.com
Chief Executive's Statement
We have seen our graphene technology gain much momentum and
success since the release of our annual results in July, along with
good progress in all areas of the business. Our graphene products
have gained significant interest both in the UK and abroad,
particularly in China, where four MOUs have now been signed to both
sell and manufacture our products there. Our graphene products are
being tested and developed in new industries such as sub-sea
insulation and the acquisition of Gnanomat S.L in October
complements our strategy of incorporating graphene into energy
storage devices. In addition, I am pleased to report our more
mature businesses have returned improved financial performance.
Graphene and Plastic Products
We are pleased to provide an update on our collaborations:
Date Description Current status
Oct-17 Collaboration with Israel Aerospace Further testing to be carried
Industries out in early 2019
-------------------------------------- ----------------------------------
Nov-17 Collaboration with global consumer Masterbatch ready, waiting
goods company on confirmation for testing
date at UK production plant
-------------------------------------- ----------------------------------
Dec-17 Agreement with global chemical Masterbatch testing awaited
major with interest in trialling
inks with films
-------------------------------------- ----------------------------------
Jan-18 Agreement with global apparel Commercial discussions in
manufacturer progress -masterbatch polymer
blends to be trialled early
January.
-------------------------------------- ----------------------------------
Feb-18 Agreement with shoemaker Vivobarefoot 30kg elastomer masterbatch
to be sent to China factory
to produce first prototypes
for new soles.
-------------------------------------- ----------------------------------
Feb-18 Medical technology collaboration Testing continues to go well
at Addenbrooke's hospital with commercial discussions
due to commence shortly
-------------------------------------- ----------------------------------
Mar-18 Collaboration with Team Sky Specific applications being
for cycling equipment reviewed
-------------------------------------- ----------------------------------
Mar-18 Collaboration with world-leading Awaiting completion of customer
aerospace group re-organisation to continue
original project. Additionally
working on paints for composite
structures.
-------------------------------------- ----------------------------------
Apr-18 Agreement with Luxus Active supply chain partner
-------------------------------------- ----------------------------------
May-18 Consumer goods collaboration Second batch testing at a
for polymer structures in plastics different wt% in progress
with initial testing showed
improvements in the weight
of the bottles.
-------------------------------------- ----------------------------------
Jun-18 Commercial agreement with MediaDevil First headphones to be supplied
December 2018. New polymer
for phone cases to be tested
with supply commencing 2019
Q2
-------------------------------------- ----------------------------------
Jun-18 Agreement with Arrow Greentech AGT are actively talking
with tyre producers and we
are waiting on the results
of the trials for bank notes.
-------------------------------------- ----------------------------------
Jul-18 Collaboration with ZapGo Limited Secondary trials now underway
in conjunction with Gnanomat.
-------------------------------------- ----------------------------------
Aug-18 Sporting goods collaboration Samples and configured materials
supplied to be compounded
and tested in football boots.
-------------------------------------- ----------------------------------
Aug-18 Collaboration with Axia Materials, Multi-partner funding application
South Korea in progress
-------------------------------------- ----------------------------------
Aug-18 Construction materials collaboration Initial order for compounded
with AECOM material received
-------------------------------------- ----------------------------------
Oct-18 Collaboration with Advanced Sample materials sent
Insulation
-------------------------------------- ----------------------------------
Our new graphene production equipment has duly arrived and will
shortly be commissioned enabling us to produce sufficient amounts
of Nanene to satisfy the current needs of the collaborations and
anticipated orders. With our DIT secondees in place, and access to
the engineers and scientists from leading universities such as
Cambridge, Manchester and Warwick, we are continuing our focus on
agreeing further collaborations and progressing our existing ones.
We anticipate that this will lead to larger orders for our graphene
products and the emergence of commercial products enhanced through
the use of Versarien's graphene.
Our collaboration with Tungshu is progressing with a number of
projects identified. These include incorporating graphene ink in
consumer heating systems, incorporating Gnanomat's technology into
Tungshu's battery products and using graphene insole sensors in
Tungshu's smart wearables.
Our plastic products business performed well in the first half
and is providing a very useful contribution to Group performance.
Our focus remains on exploring further options for incorporating
graphene into injection-moulded plastics following the success of
our collaboration with Media Devil, announced in June 2018.
Metallic Products and Hard Wear products
This business segment has increased its revenue and returned to
profitability. It has continued to receive additional aerospace
orders with Total Carbide joining the "Westcott Space Cluster",
which includes the UK Space Agency, establishing itself as an
aerospace supplier in addition to servicing its traditional oil and
gas customer base.
Current trading and outlook
With the interest we are experiencing for both our powder and
ink graphene technologies globally, the acquisition of Gnanomat,
the development of graphene compounded material and a strong
balance sheet we are in an excellent position to achieve the
product commercialisation we are striving for.
Neill Ricketts
Chief Executive Officer
6 December 2018
Chief Financial Officer's Review
Group Results
Versarien's revenue for the half-year ended 30 September 2018
has increased by 19% to GBP5.22 million compared to the same period
last year (H1 2017: GBP4.38 million).
The operating loss before exceptional items, depreciation,
amortisation and share based payment charges was GBP0.36 million
compared with a loss of GBP0.43 million in the comparative period
last year, a reduction of GBP0.07 million. This is particularly
pleasing given that our operating expenses before exceptional costs
and share-based payments have increased by GBP0.2 million,
principally as a result of increased investment in our graphene
businesses.
Exceptional costs were incurred in the period of GBP0.07
million, which mostly relate to acquisition costs incurred for
Gnanomat S.L. and costs related to the expansion into China. The
loss before tax for the period was GBP0.79 million (H1 2017: loss
GBP0.77 million).
Group net assets at 30 September 2018 were GBP12.3 million (31
March 2018 GBP7.98 million) with cash at the period end of GBP6.01
million (31 March 2018: GBP2.30 million), which includes GBP4.96
million (net of expenses) from the fund raising announced on 24
September 2018. Cash outflow from operating activities was GBP0.82
million (H1 2017: GBP1.01 million). The Group capitalised GBP0.16
million (H1 2017: GBP0.04 million) principally in development costs
and GBP0.11 million (H1 2017: GBP0.04 million) in new plant and
equipment.
Graphene and Plastic Products
Revenue, principally arising from plastic products, for the
period was GBP2.79 million (H1 2017: GBP2.21 million), returning an
LBITDA before exceptional items of GBP0.28 million (H1 2017: loss
GBP0.25 million). The segment capitalised development costs of
GBP0.13 million (H1 2017: GBP0.04 million) as work continued on
developing specific applications using graphene. Cash used by the
business segment was GBP0.68 million, of which GBP0.08 million was
used to acquire new assets.
Hard Wear and Metallic Products
Revenue for the period improved by 12% to GBP2.43 million (H1
2017: GBP2.17 million) with an increase in EBITDA before
exceptional items to GBP0.25 million (H1 2017: GBP0.06 million).
The segment consumed GBP0.01 million in cash in the period, of
which GBP0.02 was for new plant and machinery, and shows the
operational improvements which have been made to reach an almost
break even cashflow point for this division.
Chris Leigh
Chief Financial Officer
6 December 2018
Group statement of comprehensive income
For the half year ended 30 September 2018
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
-------------------------------------------------- ----- ------------- ------------- ---------
Continuing operations
Revenue 2 5,215 4,380 9,024
Cost of sales (3,772) (3,311) (6,496)
-------------------------------------------------- ----- ------------- ------------- ---------
Gross profit 1,443 1,069 2,528
Other operating income 2 28 63
Operating expenses (including exceptional items) (2,210) (1,848) (4,102)
-------------------------------------------------- ----- ------------- ------------- ---------
Loss from operations before exceptional items (693) (751) (1,477)
Exceptional items 3 (72) - (34)
-------------------------------------------------- ----- ------------- ------------- ---------
Loss from operations (765) (751) (1,511)
Finance charge (23) (21) (50)
-------------------------------------------------- ----- ------------- ------------- ---------
Loss before income tax (788) (772) (1,561)
Income tax 56 - 63
-------------------------------------------------- ----- ------------- ------------- ---------
Loss for the period (732) (772) (1,498)
-------------------------------------------------- ----- ------------- ------------- ---------
Loss attributable to:
- Owners of the parent company (659) (711) (1,381)
- Non-controlling interest (73) (61) (117)
-------------------------------------------------- ----- ------------- ------------- ---------
(732) (772) (1,498)
-------------------------------------------------- ----- ------------- ------------- ---------
Loss per share attributable to the equity holders
of the Company:
Basic and diluted loss per share 4 (0.44)p (0.54)p (1.00)p
-------------------------------------------------- ----- ------------- ------------- ---------
There were no comprehensive gains or losses in the year other
than those included in the Group Statement of Comprehensive
Income.
Group statement of financial position
As at 30 September 2018
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
-------------------------------------------- ---- ------------ ------------ --------
Assets
Non-current assets
Intangible Assets 5 2,812 2,877 2,678
Property, plant and equipment 2,887 2,946 2,980
Deferred taxation 25 25 25
-------------------------------------------- ---- ------------ ------------ --------
5,724 5,848 5,683
-------------------------------------------- ---- ------------ ------------ --------
Current assets
Inventory 2,128 1,953 1,961
Trade and other receivables 2,400 1,732 2,437
Current tax 52 35 77
Cash and cash equivalents 6,073 353 2,296
-------------------------------------------- ---- ------------ ------------ --------
10,653 4,073 6,771
-------------------------------------------- ---- ------------ ------------ --------
Total assets 16,377 9,921 12,454
-------------------------------------------- ---- ------------ ------------ --------
Equity
Called up share capital 1,522 1,313 1,486
Share premium 17,453 9,762 12,529
Merger reserve 1,256 1,256 1,256
Share-based payment reserve 295 146 187
Accumulated losses (7,884) (6,555) (7,225)
-------------------------------------------- ---- ------------ ------------ --------
Equity attributable to owners of the parent
company 12,642 5,922 8,233
Non-controlling interest (327) (198) (254)
-------------------------------------------- ---- ------------ ------------ --------
Total equity 12,315 5,724 7,979
-------------------------------------------- ---- ------------ ------------ --------
Liabilities
Non-current liabilities
-------------------------------------------- ---- ------------ ------------ --------
Trade and other payables 238 195 167
Provisions - 80 -
Deferred taxation 64 64 64
Long-term borrowings 495 744 456
-------------------------------------------- ---- ------------ ------------ --------
797 1,083 687
-------------------------------------------- ---- ------------ ------------ --------
Current liabilities
Trade and other payables 1,510 1,893 1,849
Invoice discounting advances 1,064 689 1,117
Current tax 212 217 284
Provisions 80 - 80
Current portion of long-term borrowings 399 315 458
-------------------------------------------- ---- ------------ ------------ --------
3,265 3,114 3,788
-------------------------------------------- ---- ------------ ------------ --------
Total liabilities 4,062 4,197 4,475
-------------------------------------------- ---- ------------ ------------ --------
Total equity and liabilities 16,377 9,921 12,454
-------------------------------------------- ---- ------------ ------------ --------
Group statement of changes in equity
For the half year ended 30 September 2018
Share Share-based Non-
Share premium Merger payment Accumulated 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 2017 (audited) 1,313 9,762 1,256 115 (5,844) (137) 6,465
Loss for the period - - - - (711) (61) (772)
Share-based charge - - - 31 - - 31
------------------------------- -------- -------- --------------- ----------- ----------- ------------ --------
At 30 September 2017
(unaudited) 1,313 9,762 1,256 146 (6,555) (198) 5,724
Issue of shares 173 2,767 - - - - 2,940
Loss for the period - - - - (670) (56) (726)
Share-based payments - - - 41 - - 41
------------------------------- -------- -------- --------------- ----------- ----------- ------------ --------
At 1 April 2018 (audited) 1,486 12,529 1,256 187 (7,225) (254) 7,979
Issue of shares, net of issue
costs 36 4,924 - - - - 4,960
Loss for the period - - - - (659) (73) (732)
Share-based payments - - - 108 - - 108
At 30 September 2018
(unaudited) 1,522 17,453 1,256 295 (7,884) (327) 12,315
------------------------------- -------- -------- --------------- ----------- ----------- ------------ --------
Included within the merger reserve is GBP53,000 in respect of
the merger with Versarien Technologies Limited and GBP964,000 in
respect of the acquisition of Total Carbide Limited and GBP239,000
in respect of the acquisition of AAC Cyroma Limited.
Statement of Group cash flows
For the half year ended 30 September 2018
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------------------- ------------- ------------- -------------
Cash flows from operating activities
Cash used in operations (820) (1,010) (1,907)
Interest paid (23) (21) (50)
Corporation tax paid - - (9)
------------------------------------------------- ------------- ------------- -------------
Net cash used in operating activities (843) (1,031) (1,966)
------------------------------------------------- ------------- ------------- -------------
Cash flows from investing activities
Purchase of intangible assets (159) (42) (148)
Purchase of property, plant and equipment (108) (42) (280)
------------------------------------------------- ------------- ------------- -------------
Net cash used in investing activities (267) (84) (428)
------------------------------------------------- ------------- ------------- -------------
Cash flows from financing activities
Share issue 5,154 - 3,069
Share issue costs (194) - (129)
Finance leases net of repayments (20) 147 1
Invoice discounting advances (53) (46) 382
------------------------------------------------- ------------- ------------- -------------
Net cash generated from financing activities 4,887 101 3,323
------------------------------------------------- ------------- ------------- -------------
Increase/(decrease) in cash and cash equivalents 3,777 (1,014) 929
Cash and cash equivalents at start of period 2,296 1,367 1,367
------------------------------------------------- ------------- ------------- -------------
Cash and cash equivalents at end of period 6,073 353 2,296
------------------------------------------------- ------------- ------------- -------------
Note to the statement of Group cash flows
For the half year ended 30 September 2018
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------------------------- ------------- ------------- ---------
Loss before income tax (788) (772) (1,561)
Adjustments for:
Share-based payments 108 31 72
Depreciation and amortisation 226 290 604
Impairment - - 191
Disposal of non-current assets - - 4
Finance cost 23 21 50
R&D tax credit repayment 56 - 72
Increase in inventories (167) (65) (73)
Decrease/(increase) in trade and other receivables 62 178 (569)
(Decrease)/increase in trade and other payables (340) (693) (697)
--------------------------------------------------- ------------- ------------- ---------
Cash used in operations (820) (1,010) (1,907)
--------------------------------------------------- ------------- ------------- ---------
Notes to the unaudited interim statements
For the half year ended 30 September 2018
1. Basis of preparation
Versarien plc is an AIM quoted company incorporated and
domiciled in the United Kingdom under the Companies Act 2006. The
Company's registered office and its principal place of business is
2 Chosen View Road, Cheltenham, Gloucestershire, GL51 9LT.
The interim financial statements were prepared by the Directors
and approved for issue 6 December 2018. These interim financial
statements do not comprise statutory accounts within the meaning of
section 434 of the Companies Act 2006. Statutory accounts for the
year ended 31 March 2018 were approved by the Board of Directors on
17 August 2018 and delivered to the Registrar of Companies. The
report of the auditors on those accounts was unqualified and did
not contain statements under sections 498 (2) or (3) of the
Companies Act 2006.
As permitted, these interim financial statements have been
prepared in accordance with UK AIM Rules and IAS 34, "Interim
Financial Reporting" as adopted by the European Union. They should
be read in conjunction with the annual financial statements for the
year ended 31 March 2018, which have been prepared in accordance
with IFRS as adopted by the European Union. The accounting policies
applied are consistent with those of the annual financial
statements for the year ended 31 March 2018, as described in those
annual financial statements. Where new standards or amendments to
existing standards have become effective during the year, there has
been no material impact on the net assets or results of the
Group.
These interim financial statements have been prepared on a going
concern basis using similar assumptions to those made in the
statutory accounts to 31 March 2018.
Certain statements within this report are forward looking. The
expectations reflected in these statements are considered
reasonable. However, no assurance can be given that they are
correct. As these statements involve risks and uncertainties the
actual results may differ materially from those expressed or
implied by these statements.
The interim financial statements have not been audited.
2. Segmental information
Metallic
Graphene and Hard
and Plastic Wear Intra-group
Central Products Products Adjustments TOTAL
---------- -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- ------------- ---------- -------------
Six months to 30 September
2018
Sales - 2,790 2,425 - 5,215
Gross Margin - 707 736 - 1,443
Other operating income - - 2 - 2
Operating expenses (436) (1,082) (594) (26) (2,138)
Exceptional items (72) - - - (72)
(Loss)/ profit from
operations (508) (375) 144 (26) (765)
Finance income/(charge) - (9) (14) - (23)
-------- ---------- ------------- --------
(Loss)/profit before
tax (508) (384) 130 (26) (788)
------------- ---------- ------------- --------
2. Segmental information
(continued)
------------------------------------------------------------
Metallic
Graphene and Hard
and Plastic Wear Intra-group
Central Products Products Adjustments TOTAL
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months to 30 September
2017
Sales - 2,207 2,173 - 4,380
Gross Margin - 531 538 - 1,069
Other operating income - - 28 - 28
Operating expenses (276) (896) (664) (12) (1,848)
Exceptional items - - - - -
(Loss)/profit from
operations (276) (365) (98) (12) (751)
Finance income/(charge) (1) (10) (10) - (21)
-------- ------------- ---------- ------------- --------
(Loss)/ profit before
tax (277) (375) (108) (12) (772)
------------- ---------- ------------- --------
3. Exceptional items
Six months Six months
ended ended Year ended
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------ ------------- ------------- ----------
Acquisition costs 61 - -
Relocation and restructuring costs - - 31
Release of deferred consideration - - (80)
Impairment of development costs net
of deferred grant income release - - 72
Other 11 - 11
------------------------------------ ------------- ------------- ----------
72 - 34
------------------------------------ ------------- ------------- ----------
Acquisition costs related mainly to the purchase of Gnanomat
S.L. and fees associated with the expansion into China.
4. Loss per share
The loss per share has been calculated by dividing the loss
after taxation of GBP659,000 (2017: GBP711,000) by the weighted
average number of shares in issue of 148,859,000 (2017: 131,331,000
during the period.
The calculation of the diluted earnings per share is based on
the basic earnings per share adjusted to allow for the issue of
shares on the assumed conversion of all dilutive options. However,
in accordance with IAS33 "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 2018 there were 14,090,422 (2017: 3,819,862) potential
Ordinary shares that have been disregarded in the calculation of
diluted earnings per share as they were considered non-dilutive at
that date.
5. Intangible assets
30 September 30 September 31 March
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------- ------------ ------------ --------
Goodwill 2,167 2,167 2,167
Customer relationships/order books 87 152 113
Development costs 390 390 235
Licence 29 37 33
Intellectual property 139 131 130
----------------------------------- ------------ ------------ --------
Total 2,812 2,877 2,678
----------------------------------- ------------ ------------ --------
6. 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. In view of this, no dividend is declared and
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.
7. Interim Report
This interim announcement is available on the Group's website at
www.versarien.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR UGGAWPUPRGRA
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