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Pin to quick picksNanoco Share News (NANO)

Share Price Information for Nanoco (NANO)

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Share Price: 18.18
Bid: 17.82
Ask: 18.20
Change: -0.10 (-0.55%)
Spread: 0.38 (2.132%)
Open: 18.18
High: 18.18
Low: 18.18
Prev. Close: 18.28
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Nanoco notes strategic milestones in 2023 as trading remains on track

Thu, 08th Feb 2024 14:42

(Alliance News) - Nanoco Group PLC on Thursday said that it had made significant strategic progress over the past half-year, as the company reiterated a commitment to return up to GBP40.0 million in capital to shareholders.

Nanoco is a Runcorn, England-based developer and manufacturer of cadmium-free quantum dots and other nanomaterials.

In the January, Nanoco received the second tranche of litigation proceedings from Samsung Electronics Co. The USD71.8 million tranche relates to the company's settlement with Samsung after the latter was alleged to have infringed on the group's intellectual property. Net proceeds hedged at a rate of USD1.22 per USD1.00, generating GBP58.8 million.

Nanoco said that it intends to return between GBP33.0 million and GBP40.0 million in capital to shareholders. Precise proposals regarding the amount and structure of the payment will be announced shortly, the company said.

Nanoco also received its first ever commercial production in the half, having shipped two "first-generation materials" for use in infra-red sensing applications.

The company also made "significant progress" with its electronics supply chain customers. In January, Nanoco signed a joint development agreement with STMicroelectronics, a Marlow-based semiconductor manufacturer. Nanoco also entered into a development agreement with an unnamed "Asian chemical customer", which will help it to "optimise a novel high performing nano-material" for use in electronics applications.

Both revenue and adjusted earnings before interest, tax, depreciation and amortisation remain in line with expectations, Nanoco said.

Chief Executive Officer Brian Tenner said: "With the second tranche of litigation proceeds received, Nanoco will soon be able to make the promised return of capital to shareholders. The retained proceeds will then allow us to face the future on a fully funded basis, enabling careful strategic investment in R&D and expanded device capabilities and building on the commercial products that we have already delivered to market. The group is well placed at the forefront of quantum dot technology to generate increases in shareholder value in the medium term."

The company is set to release its interim results for the period ended January 31 on March 27.

Shares in Nanoco were up 3.2% at 20.49 pence each in London on Thursday afternoon.

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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