LONDON (ShareCast) - Versarien, an AIM-listed engineering materials company, has said its second half results will be in line with the first and revealed the first commercial contract signing for its Versarien Technologies (VTL) division.

The group said that its results for the second half of the year to March 31st 2014 are expected to be broadly in line with those of the first half, when revenue totalled £1.08m and operating losses reached £0.19m.

The contract won by VTL is for the development and pre-production supply of VersarienCu in DNA heat spreading plates. VTL has been working with this customer for the last two years, a period in which multiple positive test results have been achieved.

Product test results showed between 35-100% system cooling performance improvements which has led to work commencing on a 16 week work programme for VTL to scale up production to meet the customer's needs. There is potential to also roll-out the same technology to additional product lines with the same customer, it said.

The business's revenue streams will commence in the new financial year.

The group also said Total Carbide has gone well with robust trading seen since its integration and growth in its order intake. Its results for the current financial year are expected to be significantly ahead of those reported in its last set of reported accounts.

Neill Ricketts, Chief Executive of Versarien, said: "This first commercial contract marks a significant milestone and demonstrates the progress that VTL has made towards commercialising its VersarienCu product. I am also particularly pleased that the integration of Total Carbide is already generating upside for the business.

"This is an extremely exciting period for Versarien with a number of additional opportunities emerging and we look forward to reporting on these in due course."

NR

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