Last checked at 
(Alliance News) - Nanomaterials firm Nanoco Group PLC on Wednesday reported a "strong" annual performance, though expressed its disappointment at a lost contract.
For the 12 months to July 31, Nanoco's revenue more than doubled to GBP7.1 million from GBP3.3 million, with billings up 48% to GBP9.6 million.
The company's pretax loss has narrowed to GBP5.5 million from GBP7.4 million, and Nanoco said the results were the company's best ever.
One disappointment, however, was the non-renewal of a contract with a major US customer, which Nanoco didn't name. Nanoco had been carrying out stress testing and process optimisation for the client, and the contract expires in December.
"Nanoco has delivered a strong performance this year, achieving our best ever financial results in the company's history," said Chair Christopher Richards.
"We pushed our innovative platform technology into a range of potentially lucrative commercial applications including IR sensing, while significantly enhancing the performance of our nano-materials and actively engaging in development work in all three display technology generations."
"It was clearly disappointing, for reasons wholly unconnected to Nanoco's performance or our materials, that the US customer decided not to continue the current project contract when it expires in December. However, we remain confident in the group's assets, team and capabilities," Richards continued.
"Our expected positive cash position of GBP6.0 million following completion of the current contract deliverables for the US customer provides us with reasonable headroom to deliver on new sources of commercial income."
The loss of revenue will present financial challenges, Nanoco admitted, but it is in talks with other potential customers to offset this.
"The group showed a high level of agility and responsiveness in the past 12 months, in delivering new and improved nanomaterials, in pivoting our resources to match commercial opportunities and in fine-tuning our cost base to match the current levels of activity," Richards added.
"That agility will stand us in good stead in the year ahead as we manage the uncertainty around commercial revenue generating opportunities and, consequently, our cost base. Contingency plans are in place in the event of any major shortfall in the balance of our income and costs."
Nanoco shares were 0.1% higher on Wednesday morning in London at a price of 10.21 pence each, having shrunk 70% over the past 12 months.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.