Nanoco Group PLC - Runcorn, England-based developer and manufacturer of cadmium-free quantum dots and other nanomaterials - Says trading remains in line with the board's expectations for financial 2024, the company's financial year runs to the end of January. Says that in November it fulfilled Nanoco's first ever commercial production orders with the shipment of two different materials for use in infra-red sensing applications. The initial use case is expected to be for a low volume application measured in millions of units, whilst demand is then expected to grow gradually, it adds.
"Nanoco is now a fully funded new technology business that has already gained commercial traction for two of our products. We have strong and validated IP covering a range of applications and the financial wherewithal not just to defend that IP, but also to continue funding our leading edge R&D to create additional valuable IP," Chief Executive Brian Tenner.
"Our customers' global reach, proven credibility, and ambitions for this technology, emphasise the opportunities for Nanoco. Alongside the intended return of capital in 2024, the board is confident that the group will deliver increases in shareholder value in the medium term."
Current stock price: 17.50 pence
12-month change: down 54%
By Sophie Rose, Alliance News senior reporter
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Nanoco (NANO)