REG - Versarien PLC - Final Results for the year ended 31 March 2017 <Origin Href="QuoteRef">VRS.L</Origin>

VersarienAnnouncement

03/07/2017 07:05

RNS Number : 8255J
Versarien PLC
03 July 2017
3 July 2017
Versarien plc
("Versarien" or the "Company" or the "Group")
Final Results for the year ended 31 March 2017
Versarien Plc (AIM:VRS), the advanced engineering materials group, is pleased to announce its unaudited final results for the year ended 31 March 2017.
Operational highlights
Pipeline of graphene enquiries expanding rapidly, including enquiries received from America, Europe, Mexico, Japan and South Korea
First significant graphene shipment of 0.1 million
Two graphene related acquisitions in the year, both bedding down well
Numerous collaboration agreements signed for graphene application development
Graphene enhanced ABS (Acrylonitrile-Butadiene-Styrene) filament for use in 3D printing launched
Relocation of Hard Wear Products to a new factory near Aylesbury
Financial highlights
Group revenues increased by 35% to 5.93 million (2016: 4.40 million)
Net assets of 6.5 million (2016: 5.5 million)
Cash at 31 March 2017 of 1.4 million (2016: 1.6 million)
*LBITDA of 1.2million (2016: 1.3 million)
Loss before tax 2.2 million (2016: 1.8 million)
* LBITDA (Loss before interest, tax, depreciation and amortisation) excludes exceptional items and share based payment charges.
Commenting on the final results, Neill Ricketts, Chief Executive Officer of Versarien, said: "The year to 31 March 2017 was one of considerable progress for Versarien. The opportunity afforded by our graphene powders and inks is now being recognised by a number of global companies with whom we are engaging. Our graphene has been independently verified as being of the highest standard and we are seeing opportunities emerging in many different markets as a result.
"The acquisitions of AAC Cyroma and of Cambridge Graphene are bedding in well and in addition we are now seeing positive signs of recovery in our traditional hard wear business.
"We would like to take this opportunity to thank our continually supportive investor base and our employees for their hard work as we look forward to the future with optimism and confidence."
For further information please contact:
Versarien plc
www.versarien.com
Neill Ricketts - Chief Executive Officer
+44 (0) 1242 269122
Chris Leigh - Chief Financial Officer
WH Ireland(Nominated Adviser)
www.whirelandcb.com
Mike Coe / Ed Allsopp
+44 (0) 117 945 3470
IFC Advisory(Financial PR and IR)
www.investor-focus.co.uk
Tim Metcalfe / Graham Herring / Heather Armstrong
+44 (0) 20 3053 8671
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 five subsidiaries operating under two divisions:
Thermal and Hard Wear Products
Versarien Technologies Ltd. which produces advanced micro-porous metals targeting the thermal management industry and manufactures extruded aluminium heat sinks for the electronics and computing industries. www.versarien-technologies.co.uk
Total Carbide Ltd, a leading manufacturer in sintered tungsten carbide for applications in arduous environments such as the oil and gas industry. www.totalcarbide.com
Graphene and Plastic Products
2-DTech Ltd, which specialises in the supply, characterisation and early stage development of graphene products. www.2-dtech.com
Cambridge Graphene Ltd, which supplies novel inks based on graphene and related materials, using patented processes and develops graphene materials technology for licensing to manufacturers. www.cambridgegraphene.com
ACC Cyroma Ltd, 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
Chairman's statement
It has been another year of significant progress for Versarien both organically with the progress on graphene products and inorganically with the two acquisitions completed in the period.
Organic Developments
Undoubtedly, the overall focus of the year has been graphene. Versarien has positioned itself to rapidly take advantage of developments in graphene and to commercialise them. We have strengthened both our access to developments and our ability to manufacture. 
The Group is working on a wide range of graphene projects and enquiries, many of which are with well known global companies. The majority of projects and enquiries fall broadly into four application categories:
 enhancing the properties of plastics
 enhancing the properties of carbon fibre reinforced plastics
 enhancing batteries and electronic circuits
 materials supplied for research and development purposes
Inorganic developments
During the year Versarien made two strategic acquisitions. 
The first was AAC Cyroma Ltd a well established and profitable manufacturing company based in Banbury, Oxfordshire at a cost of 1.7 million. AAC Cyroma manufactures plastic products using injection and vacuum forming processes. As part of the Group it contributed 2.5 million of sales and 0.132 million of ebitda. AAC Cyroma is building upon its existing business with new contacts, optimising its manufacturing processes, capacity and yields. In addition it is now uniquely placed to incorporate Versarien's graphene materials into its products to offer plastic components that have enhanced properties. The acquisition was part funded by a fully subscribed placing of 1.1 million in July 2016. 
The second acquisition was of an 85% holding in Cambridge Graphene Ltd. This is a research and development company which has spun out of the University of Cambridge. The company is developing a range of graphene inks which have significant applications in the printing of flexible electronic circuits and sensors. The acquisition of Cambridge Graphene Limited was completed in January 2017 at a cost of 170,000 with expenses in the period of 18,000. It was followed by a successful fundraising of 1.5 million completed in March 2017. 
The Company continues to evaluate further acquisition opportunities. 
Board
As announced in April I stepped down from the board on 28th June to be able to give more time to my other business interests. I am pleased to have worked with the company during a period which has seen its successful listing on AIM, its reorientation towards Graphene and its growth through five acquisitions. I believe I leave at a time when the company is in good shape and look forward to observing its future development. I remain available to assist the Company as required. 
Outlook
The Board remains confident that the Company can continue to capitalise on the progress it has made. In particular, on the strong progress made in Graphene both in terms of material development, manufacturing and sales.
I would like to thank all of our hardworking employees for their contribution towards the significant progress which has been made.
Ian Balchin
Non-Executive Chairman
Chief Executive's statement
Following the acquisition of AAC Cyroma in October 2016 and the purchase of Cambridge Graphene in January 2017 Versarien now consists of two main business segments; Graphene and Plastic Products focussed on delivering graphene solutions through plastics and carbon fibre composites and Thermal and Hard Wear products focussed on delivering copper, aluminium and tungsten carbide products.
Graphene and Plastic Products
Of most significance is the progress we have made during the year in commercialising the production of graphene, having moved out of the laboratory into a scalable production facility in Cheltenham. Graphene Nano-Platelets (GNPs) have been independently tested by the University of Manchester and found to be of the highest quality.
We have entered into agreements to develop graphene enhanced PEK (Polyetherketone) type materials which show up to a 32% improvement in modulus at 3wt% loading, a 21% improvement in ultimate tensile strength of the polymer matrix at0.5wt% loading and a 17% improvement in elongation to break at 3wt% loading.
We have shipped 100,000 of graphene in the form of few layer GNP's to a European customer and launched our branded graphene product Nanene which is manufactured using Versarien's patent protected, mechanised exfoliation process. 
We have also launched our new graphene enhanced ABS (Acrylonitrile-Butadiene-Styrene) filament for use in 3D printing which is designed to be suitable for most commercially available fused filament or fused deposition (FDM/FFF) 3D printers with a heated print bed and adjustable temperature settings. 
Of most significance is the continued interest that exists in our graphene inks and powders where we already have received multiple global enquiries. These will take time to develop but demonstrate the importance of graphene in a wide variety of future global markets.
The purchase of AAC Cyroma provided a further and significant opportunity to harness Versarien's existing graphene manufacturing capabilities. AAC Cyroma's plastics expertise and plant and equipment will provide the Group with the ability to produce graphene enhanced plastics products.
Thermal and Hard Wear Products
It has been a challenging year for our Hard Wear Products business as it completed its factory move from Princes Risborough to a new facility near Aylesbury. It is now fully operational in a modern environment. We are seeing a gradual upturn in orders and the first two months of the new financial year have seen it return to profitability. 
Our copper foam continues to generate some interest but will require further development. Our strategy is to concentrate on the larger opportunities available in graphene whilst still ensuring that we can produce and supply copper foam as required. To this end we have now developed our own copper foam production processes so that we no longer have to rely on the licenced technology that originally formed the basis of development.
Key performance indicators
As a Group that consists of mature products supporting the development of early stage technology products, we concentrate on the following financial metrics:
2017
'000
2016
'000
Revenue
5,928
4,401
Gross margin percentage
24%
24%
Loss before interest, tax, depreciation, amortisation, exceptional costs and share based charges
(1,243)
(1,310)
Cash generated/(used) by Graphene and Plastic Products
55
(493)
Cash used by Thermal and Hard Wear Products
(851)
(742)
Cash raised/(utilised) by parent (before loans to/from subsidiaries)
515
(648)
Net Cash used by the Group
(281)
(1,883)
Current trading and outlook
The current financial year has started positively, in particular marketing the graphene products in Europe, Mexico, Japan and South Korea. Contacts have been established with global companies in each of these regions and work with those companies is on-going. Developing these contacts will require continued investment and continued collaboration with the University of Manchester and Cambridge University but are expected to be transformational for our graphene business.
We look forward with real optimism and confidence to the year ahead.
Neill Ricketts
Chief Executive Officer
Financial Review
Versarien's revenue for the year ended 31 March 2017 was 5.9 million (2016: 4.40 million) with operating losses before exceptional costs, depreciation, amortisation and share based payment charges of 1.2 million (2016: 1.3 million).
Exceptional costs were 0.26 million (2016: 0.15 million) including 0.1 million of acquisition and potential acquisition costs (2016: 0.06 million) 0.15 million of restructuring costs (2016: 0.05 million) and 0.01 million of other costs (2016: 0.04 million). The loss before tax for the year was 2.2 million (2016: 1.8 million).
Group net assets at 31 March 2017 were 6.5 million (2016: 5.5 million) including cash of 1.37 million (2016: 1.65 million) with 0.7m of headroom on our invoice finance facilities (2016: 0.7 million). The directors consider this sufficient for our current activities over the coming twelve months having made certain assumptions, further details of which are contained below.
Borrowings in the year increased by 1.4 million as a result of acquiring AAC Cyroma Limited where net assets acquired included 0.3 million of borrowings and 0.7 million of those assets were leveraged to support the cash consideration payable. In addition financed plant and machinery additions included in the Hard Wear Products factory move amounted to 0.4 million.
Cash outflow from operating activities was 1.3 million (2016: 1.3 million) including the positive effect of working capital management of 0.2 million (2016: 0.1 million). The Group invested 1.3m, net of cash, in acquisitions (2016: nil), 0.05 million (2016: 0.6 million) in capitalised development costs and 1.0 million (2016: 0.3 million) in plant and machinery.
Going concern
The financial statements, which are not yet approved, 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 which are being increased by its bankers.
 As at 31 March 2017, the Group had bank balances totalling 1.4million with 0.7 million of headroom on its invoice discounting facilities.
 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 (at least twelve months).
 The projections contain growth assumptions about the sales performance of its technological products and the state of the oil and gas sectors. There is therefore a risk that trading performance could be below expectation which could 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 reduction in the Group. The Directors have prepared sensitized projections for these scenarios which indicate that sufficient cash reserves for the foreseeable future (at least twelve months) would exist.
 Other factors that have been taken into account in the Directors' assessment of going concern include:
- The Directors expect to renew the authority to place a minimum of 10% of the existing share capital for cash without pre-emption rights;
- The accuracy of forecasts;
- The continuation and adequacy of bank facilities; and
- There are a number of mitigating actions that the Group could implement, such as reducing the funds spent on development of its technologies and overheads.
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 2017
Notes
2017
'000
2016
'000
Continuing operations
Revenue
2
5,928
4,401
Cost of sales
(4,531)
(3,340)
Gross profit
1,397
1,061
Other operating income
180
57
Operating expenses (including exceptional items)
(3,769)
(2,932)
Loss from operations before exceptional items
(1,929)
(1,666)
Exceptional items
3
(263)
(148)
Loss from operations
(2,192)
(1,814)
Finance charge
(10)
(7)
Loss before income tax
(2,202)
(1,821)
Income tax
-
31
Loss for the year
(2,202)
(1,790)
Loss attributable to:
- Owners of the parent company
(2,132)
(1,745)
- Non-controlling interest
(70)
(45)
(2,202)
(1,790)
Loss per share attributable to the equity holders of the Company:
Basic and diluted loss per share
5
(1.85)p
(1.65)p
There were no comprehensive gains or losses in the year other than those included in the Comprehensive Income Statement.
Groupstatement of financial position (unaudited)
As at 31 March 2017
Notes
2017
'000
2016
'000
Assets
Non-current assets
Intangible assets
6
2,923
1,910
Property, plant and equipment
7
3,106
1,487
Deferred taxation
25
25
6,054
3,422
Current assets
Inventory
1,888
1,472
Trade and other receivables
1.945
816
Cash and cash equivalents
1,367
1,648
5,200
3,936
Total assets
11,254
7,358
Equity
Called up share capital
8
1,313
1,056
Share premium account
8
9,762
7,163
Merger reserve
1,256
1,017
Share-based payment reserve
115
91
Retained losses
(5,844)
(3,712)
Equity attributable to owners of the parent company
6,602
5,615
Non-controlling interest
(137)
(67)
Total equity
6,465
5,548
Liabilities
Non-current liabilities
Trade and other payables
271
376
Provisions
80
-
Deferred tax
64
-
Long-term borrowings
657
58
1,072
434
Current liabilities
Trade and other payables
2,726
1,005
Provisions
-
208
Invoice discounting advances
735
116
Current portion of long-term borrowings
256
47
3,717
1,376
Total liabilities
4,789
1,810
Total equity and liabilities
11,254
7,358
Groupstatement of changes in equity (unaudited)
Year ended 31 March 2017
Share
capital
'000
Share
premium
account
'000
Merger
reserve
'000
Share-based
payment
reserve
'000
Retained
earnings
'000
Non-controlling
Interest
'000
Total
equity
'000
At 1 April 2015
1,055
7,150
1,017
94
(1,967)
(22)
7,327
Issue of shares
1
13
-
-
-
-
14
Loss for the year
-
-
-
-
(1,745)
(45)
(1,790)
Share-based payments
-
-
-
(3)
-
--
(3)
At 31 March 2016
1,056
7,163
1,017
91
(3,712)
(67)
5,548
Issue of shares
257
2,599
239
-
-
-
3,095
Loss for the year
-
-
-
-
(2,132)
(70)
(2,202)
Share-based payments
-
-
-
24
-
-
24
At 31 March 2017
1,313
9,762
1,256
115
(5,844)
(137)
6,465
Statement of Group cash flows (unaudited)
Year ended 31 March 2017
Notes
Group
2017
'000
Group
2016
'000
Cash flows from operating activities
Cash used in operations
9
(1,250)
(1,253)
Interest (paid)/received
(10)
(7)
Net cash used in operating activities
(1,260)
(1,260)
Cash flows from investing activities
Acquisition of subsidiaries (net of cash acquired)
(1,324)
-
Purchase of intangible assets
(52)
(553)
Purchase of property, plant and equipment
(977)
(269)
Net cash used in investing activities
(2,353)
(822)
Cash flows from financing activities
Share issue
2,560
14
Share issue costs
(67)
-
Finance leases (net of repayments)
776
69
Invoice discounting loan proceeds
63
116
Net cash generated from financing activities
3,332
199
Decrease in cash and cash equivalents
(281)
(1,883)
Cash and cash equivalents at beginning of year
1,648
3,531
Cash and cash equivalents at end of year
1,367
1,648
Notes (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 2017 or 31 March 2016. The financial information for the year ended 31 March 2016 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 2017 is not yet complete.
Both the consolidated financial statements and the Company financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRSs").
2. Segmental reporting
At 31 March 2017 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/plastic products and thermal/hard wear 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 segment analysis for the period ended 31 March 2017 is as follows:
Central
'000
Graphene and Plastic
Products
'000
Thermal and Hard Wear
Products
'000
Intra-group
adjustments
'000
Total
'000
Revenue
-
2,628
3,300
-
5,928
Gross profit
-
685
712
-
1,397
Other operating income
-
123
57
-
180
Operating expenses
(712)
(1,360)
(1,672)
(25)
(3,769)
(Loss) from operations 
(712)
(552)
(903)
(25)
(2,192)
Finance income/(charge)
1
(9)
(2)
-
(10)
(Loss) before tax 
(711)
(561)
(905)
(25)
(2,202)
Total assets
7,107
3,907
5,253
(5,013)
11,254
Total liabilities
(1,058)
(4,058)
(4,620)
4,947
(4,789)
Net assets/net (liabilities)
6,049
(151)
633
(66)
6,465
Capital expenditure
4
130
947
- 
1,081
Depreciation/amortisation
1
274
362
25
662
The segment analysis for the period ended 31 March 2016 is as follows:
Central
'000
Graphene and Plastic
Products
'000
Thermal and
Hard Wear
Products
'000
Intra-group
adjustments
'000
Total
'000
Revenue
-
16
4,389
(4)
4,401
Gross (loss)/profit
-
(4)
1,065
-
1,061
Other operating income
-
31
26
-
57
Operating expenses
(600)
(364)
(1,943)
(25)
(2,932)
(Loss) from operations 
(600)
(337)
(852)
(25)
(1,814)
Finance income/(charge)
5
(2)
(10)
-
(7)
(Loss) before tax 
(595)
(339)
(862)
(25)
(1,821)
Total assets
7,424
637
4,998
(5,701)
7,358
Total liabilities
(331)
(1,084)
(3,460)
3,065
(1,810)
Net assets/net (liabilities)
7,093
(447)
1,538
(2,636)
5,548
Capital expenditure
3
46
220
-
269
Depreciation/amortisation
-
13
321
25
359
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
2017
'000
2016
'000
2017
'000
2016
'000
United Kingdom
4,823
3,176
6,054
3,422
Rest of Europe
763
877
-
-
North America
11
10
-
-
Other
331
338
-
-
5,928
4,401
6,054
3,422
3. Exceptional items
2017
'000
2016
'000
Relocation and restructuring costs
154
52
Acquisition costs
105
60
Other
4
36
263
148
4. Dividends
As stated in the 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 2017 and 31 March 2016 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 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 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 2017 there were 3,819,862 (2016: 3,819,862) potential ordinary shares which have been disregarded in the calculation of diluted earnings per share as they were considered non-dilutive at that date.
Loss
attributable to
shareholders
'000
Weighted
average
number of
shares
'000
Basic loss
per share
pence
Year ended 31 March 2017
(2,132)
115,292
(1.85)
Year ended 31 March 2016
(1,745)
105,588
(1.65)
6. Intangible assets
Goodwill
'000
Other
intangibles
'000
Total
'000
Cost
At 1 April 2015
1,013
611
1,624
Acquisitions
10
-
10
Additions
-
553
553
At 1 April 2016
1,023
1,164
2,187
Acquisitions
1,144
179
1,323
Additions
-
52
52
At 31 March 2017
2,167
1,395
3,562
Accumulated amortisation and impairment
At 1 April 2015
-
122
122
Amortisation charge
-
155
155
At 1 April 2016
-
277
277
Amortisation charge
-
362
362
At 31 March 2017
-
639
 639
Carrying value
At 31 March 2017
2,167
756
2,923
At 31 March 2016
1,023
887
1,910
On 1 October 2016 the Company completed the acquisition of AAC Cyroma Limited for an initial cash consideration of 1.33 million and 0.27 million in new Versarien shares at a price of 10 pence per share. 
On 19 January 2017 the Company completed the acquisition of Cambridge Graphene Limited for 0.025 million in cash and 0.145 million in new Versarien shares at a price of 10 pence per share.
The provisional fair value of the assets and liabilities acquired were as follows:
AAC
'000
Cambridge Graphene
'000
Total
'000
Non-current assets
Intangible assets
135
44
179
Property, plant and equipment
952
-
952
1,087
44
1,131
Current assets
Inventories 
353
-
353
Trade and other receivables
997
1
998
Cash and cash equivalents
36
4
40
1,386
5
1,391
Total assets
2,473
49
2,522
Current liabilities
Trade and other payables 
1,344
88
1,432
Obligations under finance leases 
17
-
17
Invoice finance
255
-
255
Deferred taxation
107
-
107
Total current liabilities
1,723
88
1,811
Net assets acquired
750
(39)
711
Goodwill
935
209
1,144
Consideration
1,685
170
1,855
Consideration satisfied by:
Shares issued
266
145
411
Cash
1,339
25
1,364
Deferred consideration
80
-
80
1,685
170
1,855
Other intangible assets
31 March 2017
'000
31 March 2016
'000
Customer relationships/order books
167
68
Development costs
410
647
Licence
42
13
Intellectual property
137
159
Total
756
887
7. Property, plant and equipment
Group
Plant and
equipment
'000
Leasehold
improvements
'000
Total
'000
Cost
At 1 April 2015
6,004
-
6,004
Additions
253
16
269
Disposals
(14)
-
(14)
At 1 April 2016
6,243
16
6,259
Additions
573
456
1,029
Acquisitions
2,891
16
2,907
Disposals
(683)
-
(683)
At 31 March 2017
9,024
488
9,512
Accumulated depreciation
At 1 April 2015
4,581
-
4,581
Disposals
(13)
-
(13)
Charge for the year
202
2
204
At 1 April 2016
4,770
2
4,772
Acquisitions
1,948
6
1,954
Charge for the year
288
12
300
Disposals
(620)
-
(620)
At 31 March 2017
6,386
20
6,406
Net book value
At 31 March 2017
2,638
468
3,106
At 31 March 2016
1,473
14
1,487
Plant and equipment includes the following amounts where the Group is a lessee under finance leases and hire purchase contracts:
Group
2017
'000
Group
2016
'000
Cost
3,530
232
Accumulated depreciation
(2,089)
(50)
Net book value
1,441
182
8. Called up share capital and share premium
Number
of shares
'000
Ordinary
shares
'000
Share
premium
'000
Total
'000
At 1 April 2015
105,521
1,055
7,150
8,205
Issue of shares
110
1
13
14
At 31 March 2016
105,631
1,056
7,163
8,219
Issue of shares
25,700
257
2,599
2,856
At 31 March 2017
131,331
1,313
9,762
11,075
9. Cash flows from operating activities
2017
'000
2016
'000
Loss before tax
(2,202)
(1,821)
Adjustments for:
Share-based payments
24
(3)
Depreciation
300
204
Amortisation
362
155
Disposal of non-current assets
11
1
R&D tax credit repayment
-
71
Finance cost
10
7
Decrease in trade and other receivables
169
446
Increase in inventories
(63)
(363)
Increase in trade and other payables
139
50
Cash flows from operating activities
(1,250)
(1,253)
10. Report and accounts
Copies of the 2017 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 2017 Annual Report and Accounts will be available to download from the investor relations section on the Company's websitewww.versarien.com.
- Ends -

This information is provided by RNS
The company news service from the London Stock Exchange
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