Nanoco Group PLC - Manchester-based quantum dots developer - Reports widened GBP6.0 million pretax loss for financial year ended July 31 compared to GBP5.5 million loss the year before. This as revenue fell sharply to GBP3.9 million from GBP7.1 million on lower revenue from a US customer. Year end cash GBP5.2 million, reduces net monthly burn rate to around GBP300,000.
Chair Christopher Richards: "The launch of litigation proceedings against Samsung was an important step to protect our IP. The funding we subsequently achieved for that litigation is both critical to facilitating a successful outcome while also being a strong third party endorsement of the strength of our case.
"We have taken decisive action to reduce our cost base, starting by reducing the cost of the board, while retaining our key operational capabilities. In combination with the equity fundraise, the actions we have taken have significantly extended the cash runway for the group to December 2022. This creates significant optionality for shareholders, whether in re-building the organic value of the business or in the Samsung lawsuit."
Current stock price: 12.00 pence; down 12% on Tuesday
Year-to-date change: down 11%
By Anna Farley; annafarley@alliancenews.com
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Nanoco (NANO)