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(Alliance News) - Nanoco Group PLC said Thursday revenue for its recently ended financial year more than doubled due to the early delivery of revenue under a major services contract.
The quantum dots manufacturer said that revenue for the year to the end of July was GBP7.3 million, up from GBP3.3 million the year before and ahead of market consensus expectations.
Billings in the year amounted to GBP9.6 million, up from GBP6.5 million, due to contributions from the final sums payable to complete the Runcorn production facility.
Nanoco Group said it has continued to closely manage its cost base, with a 20% reduction in headcount in the fourth quarter, without reducing its core research & development and production capabilities.
Nanoco's cash position as at July 31 was GBP7.0 million, compared to GBP10.7 million the same date the year before. Looking ahead, the group expects to have around GBP6.0 million of cash in hand at the end of 2019.
"Over the last year we provided exceptional customer service in meeting all technical milestones and delivering a new Runcorn production facility that now gives us the capability to manufacture nano materials on a large scale for use in diverse electronics applications. This strong operational performance contributed to the best financial results in the company's history," said Chief Executive Michael Edelman.
"We have also made major enhancements in the performance of our CFQD Quantum dots, and continued to develop our IP portfolio, with over 100 new patents granted or applied for during the year," Edelman added.
Nanoco will publish its annual results on October 15.
Shares in Nanoco remained flat at 11.35 pence on Thursday.