TIDMVRS
RNS Number : 1783C
Versarien PLC
09 June 2023
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
9 June 2023
Versarien Plc
("Versarien", the "Company" or the "Group")
Interim Results for the six months ended 31 March 2023
Versarien Plc (AIM: VRS), the advanced engineering materials
group, announces its unaudited interim results for the six months
ended 31 March 2023.
Financial Summary
-- Group revenues of GBP2.62 million (2022: GBP3.89 million)
-- Graphene revenues of GBP0.09 million (2022: GBP0.97 million)
-- Adjusted LBITDA* of GBP2.01 million (2022: GBP0.31 million)
-- Loss before tax of GBP3.40 million (2022: GBP2.16 million)
-- Cash of GBP0.76 million as at 31 March 2023 (30 September
2022: GBP1.35 million), with placing to raise gross proceeds of
GBP0.53 million post period end
*Adjusted LBITDA (Loss Before Interest, Tax, Depreciation and
Amortisation) excludes Exceptional items, Share-based payment
charges and other losses)
Turnaround Strategy
As announced on 29 March 2023, the Company has engaged
experienced strategy and turnaround specialist, David Stone, and
his firm Prompt Business Strategies Limited, to aid the Company in
developing its strategic plans which are:
-- To maintain and strengthen the Group's scientific teams
supported by grant funding applications
-- To use the Group's internally generated know-how in the areas
of construction and textiles to be a manufacturing light operation
as Versarien works with its prospective customers
-- As commercial traction develops to licence Versarien's
technology, brands and manufacturing know-how
-- To divest non-core activities and Asian assets to reduce the
requirement for funding from the capital markets
Diane Savory, Non-executive Chair of Versarien, commented:
" The period under review was extremely challenging from a
financial perspective, both from a balance sheet point of view and
with the decline in Graphene revenues reflecting the ending of the
DSTL development contract. However, following the Annual General
Meeting we have, with the assistance of David Stone and his team,
been developing a strategy that focuses on maintaining appropriate
IP to support our core end-sectors of construction and textiles
whilst reducing cash-outflows to a level that can be supported by
proposed asset sales, marketing of which is in process. We believe
this strategy will ensure a brighter future for Versarien."
For further information please contact:
Versarien Plc
c/o IFC
Diane Savory - Non-executive Chair
Chris Leigh - Chief Financial Officer
Stephen Hodge - Chief Technology Officer
SP Angel Corporate Finance (Nominated Adviser
and Joint Broker)
Matthew Johnson
Adam Cowl +44 (0) 20 3470 0470
IFC Advisory Limited (Investor Relations)
Tim Metcalfe
Zach Cohen +44 (0) 20 3934 6630
Notes to Editors:
The strategy of Versarien Plc (AIM:VRS) is to be a recognised
graphene company with a wide portfolio of high-quality verified
materials supported by its own UK based research and development
driving recurring revenue growth through its innovative graphene
product applications.
For further information please see: http://www.versarien.com
Chair's Statement
Following the AGM we have, with the assistance of David Stone
and his team at Prompt Strategies Limited, been developing a
strategy that focuses on maintaining appropriate IP to support our
commercial goals in our core end-sectors of construction and
textiles, whilst reducing cash-outflows to a level that can be
supported by proposed asset sales.
Our core objectives are:
-- to maintain and, as appropriate, strengthen our scientific
teams supported by grant funding applications;
-- use our internally generated know-how in the areas of
construction and textiles to be a manufacturing light operation as
we work with our prospective customers; and
-- as commercial traction develops to licence our technology,
brands and manufacturing know-how in order to generate revenue and
shareholder value.
Historically, the Group has been mainly reliant upon support
from the capital markets, strategic investors, grant funding and
loans to provide working capital to support its operations, both in
the UK and abroad, in anticipation of the graphene sector gaining
traction. With such traction not yet having been achieved, coupled
with a diminishing appetite in the capital markets for small cash
consuming technology businesses, the Company has little alternative
but to restructure its business in anticipation of being able to
create future shareholder value. In doing so, there is a fine line
to balance between protecting IP, continuing research and
development to maintain commercial knowledge, and maximising both
medium and longer term value, whilst also generating sufficient
working capital for Group purposes.
The strategic focus for the Group is on developing its
commercial graphene applications (Cementene and Graphene Wear),
whilst operating from a significantly reduced cost base that
maintains sufficient resource within the Group to maximise the
market opportunity.
In order to generate further funds for the Group, as previously
announced, marketing of the mature businesses for sale is in
process, as is the IP and assets previously acquired from Hanwha in
December 2020. Based on certain asset sale assumptions our
projections suggest that we would have sufficient resources for a
further period of 24 months. However, we are at an early stage of
marketing so nothing is certain in this respect and further
announcements will be made in due course, as appropriate.
In order to generate required funding Versarien has used its
placing authorities from the last two annual general meetings to
place new equity at share prices which have been considerably lower
than historic averages. The asset sales process is underway, but
whilst the timing and quantum is not yet certain, the Company is
cautiously optimistic of the outcome.
The specifics of the turnaround strategy are as follows:
-- to adopt a manufacturing light approach followed by licencing
of technology manufacturing know-how and brands;
-- to reduce research and development infrastructure costs
whilst maintaining or increasing current staffing levels;
-- selling the non-core businesses of Total Carbide and AAC Cyroma;
-- selling the IP and assets that originated in the acquisition from Hanwha Aerospace;
-- reducing the costs of running the parent company; and
-- reducing the manufacturing and infrastructure costs at
Longhope whilst maintaining current staffing levels.
These actions will result in a much-simplified Group with
significantly fewer staff. The appointment of a new CEO will be
deferred until the asset sale process is completed.
Diane Savory OBE
Non-executive Chair
Chief Technology Officer's Review
The current environment remains challenging and the recent
announcement of the UK's National semiconductor strategy was
disappointing from a graphene viewpoint. The potential GBP1bn
investment over the next decade is a start, but pales in comparison
to US and EU pledges of GBP42bn and GBP37bn, respectively. Graphene
is mentioned by name only once, yet is seen as an enabling material
by experts in the field for the majority of the quantum
technologies that are promised. Versarien's IP portfolio and CVD
assets acquired from Hanwha are ideally placed to manufacture the
highest quality graphene required for our UK semiconductor industry
given the right support and environment, but in the circumstances,
we believe disposing of these assets is strategically the correct
move.
Our R&D team has been slimmed down significantly in recent
months both due to cost cutting to concentrate on our strategic
objectives, together with staff being attracted elsewhere, but I
remain highly optimistic in being able to retain the key people
that can help solidify our R&D and commercialisation efforts.
We have continued to gain traction in our focus markets of
construction and textiles, with more trial data to support the
benefits of graphene and the impacts it can have on sustainability,
and key demonstrators with our partners such as Costain, National
Highways and most recently, Banagher. Our Graphene-Wear textile
coatings, used in Umbro's Pro Training Elite kit, continue to gain
traction with further seasonal launches in progress.. Graphene-Wear
is being continually developed with other 2D material based
formulations and is proving attractive where multi-colours can be
achieved.
It is interesting to see a very different dynamic within the UK
and global graphene sectors emerging, with first movers going
through financial difficulties, yet other UK private companies
gaining from large private investments. This has certainly provided
a more competitive UK graphene landscape. The UAE's graphene and 2D
materials research is also developing rapidly through the creation
of its Research and Innovation Centre for 2D Materials (RIC-2D).
Although Versarien has not yet been awarded any projects as part of
its RIC-2D Fund, we have several discussions ongoing to deliver
Versarien products and technologies to the region, with my
invitation to take part in the 2D Materials Symposium hosted by
Khalifa University ("KU") and the EU's Graphene Flagship project,
in May 2023, an opportunity to have wider discussions with KU
academic and commercial teams.
Gnanomat continues to make technological progress. Having
successfully delivered phase 1 of its development contract with a
large Thai oil and gas company it is now in negotiations for
further development work estimated at circa EUR170,000 to be
completed over the next few months for use in high-performance
pseudo-capacitor applications.
Dr Stephen Hodge
Chief Technology Officer
Chief Financial Officer's review
The period under review was extremely challenging from a
financial perspective. The last Annual Report referred to there
being a material uncertainty related to going concern and the need
to raise additional funding.
In March 2023 we utilised the remaining authority from the 2022
AGM to issue 10.6 million shares at a price of 3p per share,
raising GBP0.32 million gross, and in May 2023 we used the
authority granted by shareholders at the 2023 AGM to issue 42.5
million shares at 1.25p per share, raising GBP0.53 million gross.
Clearly, the Board would have preferred to issue equity at higher
share prices, but the Company's current circumstances have not
enabled it to do so.
In the period under review, Group revenues decreased from GBP3.9
million to GBP2.6 million, a reduction of GBP1.3 million. The
mature businesses accounted for GBP0.3 million of the reduction,
but the main part relates to the technology businesses where we no
longer have the benefit of revenue from the DSTL development
contract.
The loss from operations was GBP3.13 million (2022: GBP1.86
million) with the comparative period having the revenues from the
DSTL contract which did not recur in the current period thus
affecting both gross margin and operational results.
The adjusted LBITDA for continuing operations was GBP2.01
million compared to GBP0.31 million for the comparative period in
2022, calculated as follows:
6 months ended 6 months ended
31 March 2023 31 March 2022
GBP'000 GBP'000
-------------- --------------
(Loss) from operations (3,130) (1,862)
-------------- --------------
Depreciation and Amortisation 683 713
-------------- --------------
Share based payments 264 561
-------------- --------------
Exceptional items 170 (44)
-------------- --------------
Other losses - 318
-------------- --------------
Adjusted LBITDA (2,013) (314)
-------------- --------------
Adjusted LBITDA (which is not a GAAP measure and is not intended
as a substitute for GAAP measures and may not be the same as that
used by other companies) is a measure used by management to reflect
the core operating performance of the underlying businesses rather
than the effects of non-core financial and non-cash expenses.
The reported loss before tax was GBP3.40 million (2022: GBP2.16
million). Group net assets at 31 March 2023 were GBP10.48 million
(30 September 2022: GBP11.60 million) with cash at the period end
of GBP0.76 million (30 September 2022: GBP1.35 million).
Net cash used in operating activities was GBP1.83 million (2022:
GBP0.96 million) and investment in development costs and equipment
was GBP0.14 million (2022: GBP1.70 million), net principal lease
payments were GBP 0.35 million (2022: GBP0.25 million) and CBILS
repayments GBP0.05 million (2022: GBP0.04 million) giving total
cash outflows of GBP2.37 million (2022: GBP2.95 million).
These activities were financed by net funds received from the
share issues of GBP2.02 million (2022:GBPnil and funds from
Innovate UK and sharing agreements of GBPnil (2022:GBP 2.41
million
The deficit of GBP0.35 million (2022: GBP0.54 million) together
with reduced drawings on the invoice finance facilities of GBP0.24
million (2022: GBP0.17 million increase) resulted in a cash
reduction of GBP0.59 million (2022: GBP0.37 million).
Technology Businesses
The Technology Businesses have seen a decrease in revenue to
GBP0.09 million from GBP0.97 million in the comparative period
following the successful completion of the DSTL development
project. Discussions relating to product supply are ongoing.
Further information is given in note 3, segmental information.
As stated in the last Annual Report, development costs primarily
relating to the GSCALE project were capitalised with a carrying
value of GBP4.15 million.
Goodwill arising on consolidation of GBP3.13 million relates to
the Technology Businesses and represents the excess of the fair
value of the Group's share of net assets of acquired subsidiaries
at the date of acquisition. It is usually reviewed annually for
impairment but, given the change of strategic direction a further
review has been carried out at the interim stage based on value in
use cash flow forecasts covering a five year period. This review
indicates no impairment is required and a further review will be
carried out at the year-end.
The change in strategy to a much-simplified structure has
resulted in a number of cost savings which are anticipated to flow
through in to the second half of this financial year. We are also
looking to reduce the manufacturing footprint at Longhope following
the adoption of the manufacturing light strategy.
Mature Businesses
The mature businesses have seen a revenue decline, principally
in AAC but remain broadly EBITDA positive. The disposal process for
both Total Carbide and AAC Cyroma is in progress.
Going Concern
The interim statements have been prepared on a going concern
basis as described in note 1, basis of preparation.
Chris Leigh
Chief Financial Officer
Consolidated Interim Financial Statements
Group statement of comprehensive income
For the 6 months ended 31 March 2023
31 March 31 March
2023 2022
Unaudited Unaudited
GBP'000 GBP'000
Notes
Revenue 3 2,621 3,892
Cost of sales (2,138) (2,499)
---------- ----------
Gross profit 483 1,393
Other operating income 57 107
Other losses* - (318)
Operating expenses (including exceptional
items) (3,670) (3,044)
Loss from operations before exceptional
items (2,960) (1,906)
Exceptional items 4 (170) 44
Loss from operations (3,130) (1,862)
Finance charge (270) (302)
---------- ----------
Loss before income tax (3,400) (2,164)
Income Tax 5 - 81
---------- ----------
Loss for the period (3,400) (2,083)
---------- ----------
Loss attributable to:
- Owners of the parent company (3,199) (2,062)
- Non-controlling interest (201) (21)
---------- ----------
(3,400) (2,083)
---------- ----------
Loss per share attributable to the equity
holders of the Company:
Basic and diluted loss per share 6 (1.55)p (1.06)p
There is no other comprehensive income for the period.
* The other losses relate to the fair value assessment of the
Lanstead sharing agreements at the balance sheet date.
Group statement of financial position
As at 31 March 2023
31 March 30 September
2023 2022
Unaudited Audited
Note GBP'000 GBP'000
Assets
Non-current assets
Intangible Assets 7 10,585 10,636
Property, plant and equipment 5,363 5,861
Deferred taxation 25 25
Trade and other receivables 37 38
---------------------------------------------------- ---- ---------- ------------
16,010 16,560
---------------------------------------------------- ---- ---------- ------------
Current assets
Inventory 1,975 2,131
Trade and other receivables 1,955 2,155
Cash and cash equivalents 762 1,351
---------------------------------------------------- ---- ---------- ------------
4,692 5,637
---------------------------------------------------- ---- ---------- ------------
Total assets 20,702 22,197
---------------------------------------------------- ---- ---------- ------------
Equity
Called up share capital 2,047 1,941
Share premium 36,874 34,961
Merger reserve 1,256 1,256
Share-based payment reserve 5,023 4,759
Accumulated losses (32,893) (29,694)
---------------------------------------------------- ---- ---------- ------------
Equity attributable to owners of the parent company 12,307 13,223
Non-controlling interest (1,825) (1,624)
---------------------------------------------------- ---- ---------- ------------
Total equity 10,482 11,599
---------------------------------------------------- ---- ---------- ------------
Liabilities
Non-current liabilities
Trade and other payables 706 600
Deferred taxation - 67
Innovate Loan 5,000 5,000
Long-term borrowings 1,419 1,595
---------------------------------------------------- ---- ---------- ------------
7,125 7,262
---------------------------------------------------- ---- ---------- ------------
Current liabilities
Trade and other payables 2,183 1,957
Invoice discounting advances 425 660
Current portion of long-term borrowings 487 719
---------------------------------------------------- ---- ---------- ------------
3,095 3,336
---------------------------------------------------- ---- ---------- ------------
Total liabilities 10,220 10,598
---------------------------------------------------- ---- ---------- ------------
Total equity and liabilities 20,702 22,197
---------------------------------------------------- ---- ---------- ------------
Group statement of changes in equity
For 6 months ended 31 March 2023
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 2022 (unaudited) 1,941 34,948 1,256 4,405 (26,708) (1,401) 14,441
Issue of shares - 13 - - - - 13
Loss for the period - - - - (2,986) (223) (3,209)
Share-based payments - - - 354 - - 354
------------------------------- -------- -------- -------- ----------- ----------- ------------ --------
At 30 September 2022 (audited) 1,941 34,961 1,256 4,759 (29,694) (1,624) 11,599
------------------------------- -------- -------- -------- ----------- ----------- ------------ --------
Issue of shares 106 1,913 - - - - 2,019
Loss for the period - - - - (3,199) (201) (3,400)
Share-based payments - - - 264 - - 264
------------------------------- -------- -------- -------- ----------- ----------- ------------ --------
At 31 March 2023 (unaudited) 2,047 36,874 1,256 5,023 (32,893) (1,825) 10,482
------------------------------- -------- -------- -------- ----------- ----------- ------------ --------
Statement of Group cash flows
For the 6 months ended 31 March 2023
6 months 6 Months
ended ended
31 March 31 March
2023 2022
Unaudited Unaudited
GBP'000 GBP'000
----------------------------------------------- ---------- -----------
Cash flows from operating activities
Cash used in operations (1,561) (830)
Interest paid (270) (135)
----------------------------------------------- ---------- -----------
Net cash used in operating activities (1,831) (965)
----------------------------------------------- ---------- -----------
Cash flows from investing activities
Purchase/capitalisation of intangible assets (98) (1,337)
Purchase of property, plant and equipment (45) (359)
----------------------------------------------- ---------- -----------
Net cash used in investing activities (143) (1,696)
----------------------------------------------- ---------- -----------
Cash flows from financing activities
Share issue 2,040 0
Share issue costs (21) 0
Funds received from Innovate UK - 1,030
Funds received from sharing agreements - 1,377
Net funds (paid)/received from CBILS (52) (38)
Principal payment of leases under IFRS 16 (347) (248)
Invoice discounting loan (repayments)/proceeds (235) 173
----------------------------------------------- ---------- -----------
Net cash generated from financing activities 1,385 2,294
----------------------------------------------- ---------- -----------
Increase in cash and cash equivalents (589) (367)
Cash and cash equivalents at start of period 1,351 3,462
----------------------------------------------- ---------- -----------
Cash and cash equivalents at end of period 762 3,095
----------------------------------------------- ---------- -----------
Note to the statement of Group cash flows
For the 12 months ended 31 March 2023
6 months 6 months
ended ended
31 March 31 March
2023 2022
Unaudited Unaudited
GBP'000 GBP'000
--------------------------------------------------- ---------- -----------
Loss before income tax (3,400) (2,164)
Adjustments for:
Share-based payments 264 561
Depreciation 534 372
Amortisation 149 341
Disposal of tangible assets - (1)
Finance cost 270 302
R&D Tax credit received - 81
Loss on FV movement of share agreement - 318
Increase/(Decrease) in trade and other receivables
and investments 200 158
(Increase)/Decrease in inventories 156 (253)
(Decrease)/Increase in trade and other payables 266 (545)
--------------------------------------------------- ---------- -----------
Cash used in operations (1,561) (830)
--------------------------------------------------- ---------- -----------
Notes to the unaudited interim statements
For the 6 months ended 31 March 2023
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 is Units 1A-D, Longhope Business Park,
Monmouth Road, Longhope, Gloucestershire, GL17 0QZ.
The interim financial statements were prepared by the Directors
and approved for issue on 9 June 2023. These interim financial
statements do not comprise statutory accounts within the meaning of
section 434 of the Companies Act 2006. Statutory accounts for the
period ended 30 September 2022 were approved by the Board of
Directors on 20 February 2023 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. The report contained reference to
a material uncertainty related to going concern.
As permitted, these interim financial statements have been
prepared in accordance with UK AIM Rules and UK-adopted IAS 34,
"Interim Financial Reporting". They should be read in conjunction
with the annual financial statements for the period ended 30
September 2022, which have been prepared in accordance with
UK-adopted international accounting standards, consistent with the
IFRS framework adopted in UK law. The accounting policies applied
are consistent with those of the annual financial statements for
the period ended 30 September 2022, as described in those 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 making the following assumptions:
-- The Group meets its day-to-day working capital requirements
through careful cash management and the use of its invoice
discounting facilities which are expected to continue;
-- As at 31 March 2023, the Group had cash balances totalling
GBP0.76 million with GBP0.18 million of headroom on its invoice
discounting facilities;
-- The Group has utilised its authority to issue 42.5 million
shares without pre-emption rights and raised GBP0.53 million gross
post period end and expects the placing authority to be renewed at
the next general meeting: and
-- The Group is following a turnaround strategy to cut costs and
sell certain assets anticipated to generate material cash
inflows
The Directors have prepared detailed projections of expected
future cash flows for a period of twelve months from the date of
issue of this interim statement.
The Group continues to apply for grants as part of its funding
strategy but is now primarily dependent upon cash inflows from the
sale of assets or from further issue of shares if there is a
requirement to bridge an intervening period. Consequently, this
represents a material uncertainty that may cast significant doubt
on the Group's ability to continue as a going concern and therefore
it may be unable to realise its assets and discharge its
liabilities in the normal course of business. The financial
statements do not include adjustments that would result if the
Group was unable to continue as a going concern.
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.
3. Segmental information
The segment analysis for the 6 months to 31 March 2023 is as
follows:
Central Technology Mature Intra-group TOTAL
Businesses Businesses Adjustments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------- ----------- ----------- ------------ -------
Revenue - 87 2,534 - 2,621
Gross Margin - (277) 760 - 483
Other gains/(losses) - - - - -
Other operating
income - 54 3 - 57
Operating expenses (916) (1,801) (947) (6) (3,670)
------------------------ ------- ----------- ----------- ------------ -------
(Loss)/ profit
from operations (916) (2,024) (184) (6) (3,130)
------------------------ ------- ----------- ----------- ------------ -------
Finance income/(charge) (170) (39) (61) - (270)
------------------------ ------- ----------- ----------- ------------ -------
(Loss)/profit
before tax (1,086) (2,063) (245) (6) (3,400)
------------------------ ------- ----------- ----------- ------------ -------
The segment analysis for the 6 months to 31 March 2022 is as
follows:
Central Technology Mature Discontinued Intra-group TOTAL
Businesses Businesses Operations Adjustments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------- ----------- ----------- ------------ ------------ -------
Revenue - 966 2,843 83 - 3,892
Gross Margin - 679 695 19 - 1,393
Other gains/(losses) (318) - - - - (318)
Other operating
income - 105 2 - - 107
Operating expenses (971) (1,293) (797) (5) 22 (3,044)
------------------------ ------- ----------- ----------- ------------ ------------ -------
(Loss)/ profit
from operations (1,289) (509) (100) 14 22 (1,862)
------------------------ ------- ----------- ----------- ------------ ------------ -------
Finance income/(charge) (236) (28) (38) - - (302)
------------------------ ------- ----------- ----------- ------------ ------------ -------
(Loss)/profit
before tax (1,525) (537) (138) 14 22 (2,164)
------------------------ ------- ----------- ----------- ------------ ------------ -------
4. Exceptional items
Exceptional items relate to redundancy costs principally in
relation to the closure of Versarien Graphene Inc.
5. Taxation
The tax charge on the results for the period has been estimated
at GBPnil (2022: GBPnil). At the last year end the Group had
GBP25.52 million of trading losses carried forward to set-off
against future trading profits. Taxation received in the
comparative period relates to R&D tax credit.
6. Loss per share
The loss per share has been calculated by dividing the loss
after taxation of GBP3,199,000 (2022: GBP2,062,000) by the weighted
average number of shares in issue of 205,983,636 (2022:
194,179,790) 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
31 March 2023 there were 15,205,850 (2022: 14,677,130) potential
Ordinary shares that have been disregarded in the calculation of
diluted earnings per share as they were considered non-dilutive at
that date.
7. Intangible assets
31 March 31 March
2023 2022
Unaudited Audited
GBP'000 GBP'000
-------------------- ---------- --------
Goodwill 3,132 3,132
Patents, trademarks
and other 3,304 3,355
Development costs 4,149 4,149
-------------------- ---------- --------
Total 10,585 10,636
-------------------- ---------- --------
8. Dividends
As stated in the 2013 AIM Admission document, the Board's
objective is to continue to grow the Group's business and it is
expected that any surplus cash resources will, in the short to
medium term, be re-invested into the research and development of
the Group's products. Consequently, the Directors will not be
recommending a dividend for the foreseeable future. However, the
Board intends that the Company will recommend or declare dividends
at some future date once they consider it commercially prudent for
the Company to do so, bearing in mind its financial position and
the capital resources required for its development.
9. Interim Report
This interim announcement is available on the Group's website at
www.versarien.com
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