Versarien Loses Contract with Building for Humanity CIC
Why we think this is bad
The RNS announcement indicates that Versarien's contract with Building for Humanity CIC has been terminated due to the customer going into liquidation. This represents a negative outcome for the company, as the contract was relatively small in value and the outstanding invoice of £3,600 now represents a potential liability. The limited revenue opportunity and execution risk associated with the terminated contract suggest a negative impact on Versarien's performance in the short term.
Key Points
- Contract with Building for Humanity CIC terminated due to customer liquidation
- Contract was initially valued at approximately £200,000
- Versarien had invoiced £3,600 under the contract, which remains outstanding
- Limited revenue opportunity and execution risk associated with terminated contract
Summary
Versarien plc (AIM:VRS) has announced that its contract with Building for Humanity CIC to provide 3D construction printing services, initially valued at approximately £200,000, has been terminated due to the customer going into liquidation. Versarien had invoiced a total of £3,600 under the contract, which remains outstanding. The limited revenue opportunity and execution risk associated with the terminated contract suggest a negative short-term impact on the company's performance.