Versarien reports reduction in cost base and progress on strategy
Versarien has said it is making progress in line with its strategy as it cuts its cost base. The engineering materials company said it has reduced its cost base "significantly", with its loss before interest, tax, depreciation, amortization and exceptional items at a lower run rate than in the first half of the year. As a result, it said it has seen a reduction in cash burn.
Versarien said despite its reduced cost base, it is making progress in its strategy to license its technology, brands and manufacturing expertise, divest its non-core activities and Korean assets and strengthen its scientific teams. Versarien said it would continue to preserve intellectual property within the group whilst reducing operating costs, as it seeks to become a “manufacturing light operation”.