Forest of Dean-based advanced engineering group Versarien saw its revenues halve last year.

Audited results for the 12 months ended 30 September 2023 reveal group revenues from continuing operations of £5.45 million, compared to £11.11 million) in the 18 months period ended September 30, 2022.

Graphene revenues were £0.24 million, down from £2.15 million in 2022.

Adjusted LBITDA (Loss Before Interest, Tax, Depreciation and Amortisation) for continuing operations was £3.01 million (2022: £2.40 million).

Despite the figures, Longhope-based Versarien's CEO Dr Stephen Hodge has put a positive spin on things.

Dr Hodge said: "The period was a challenging one for Versarien, but I believe the restructuring and other actions we have undertaken have resulted in a more efficient business, which maintains the skilled people and technology to enable commercial success.

"It is encouraging to report that our pipeline of potential income opportunities is growing, albeit development opportunities are still the largest part, but we are beginning to see signs of more commercial interest, including licensing. This, together with our reduced cost base, gives us an increasing level of confidence as we seek to ensure a bright future for Versarien."

HIghlights during the year included delivery of the first 3D concrete printed headwall to Costain and National Highways as part of the A30 Chiverton to Carland Cross upgrade in Cornwall.

On the leisure side, Umbro have launched Spring/Summer and Autumn/Winter 2023 Pro Training Elite collections integrated with Graphene-WearTM.

Versarien has signed a sales agreement with GoToGym covering Colombia, Brazil and USA. GoToGym Brazil have launched active-wear incorporating Versarien's GrapheneWearTM technology.

The group is also continuing to supply graphene enhanced elastomers to US-based Flux Footwear LLC, with royalties in place for the use of Versarien's Graphene-WearTM trademark

As part of cost-cutting exercises, the R&D team has been slimmed down significantly during 2023, to concentrate on its strategic objectives.

The company has now ceased USA and China sales operations in order to focus on its European operations whilst maintaining its partnerships in South Korea.

During the year, Versarien Plc sold its South Korean plant and equipment to MCK Tech (Korea) for £604,000.

On top of its financial worries, Versarien is involved in an ongoing court case with ex-CEO and founder Neill Ricketts.