Last checked at 12 Aug 2015 07:00
For immediate release | 12 August 2015 |
NANOCO GROUP PLC
("Nanoco" or the "Company")
Pre-Close Trading Update
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, provides the following trading update ahead of its preliminary results for the year ended 31 July 2015, which are expected to be announced in mid-October 2015.
The year ended 31 July 2015 was a year of significant progress both in the commercialisation of Nanoco's technology and in the Company's organisational development.
During the year, the Company's commercial relationship with The Dow Chemical Company ("Dow"), Nanoco's worldwide licensing partner for display applications, continued to make positive progress. Nanoco received a US$2 million milestone payment from Dow in the first half of the year on the signing of a customer agreement between Dow and LG Electronics ("LG"). Construction of Dow's mass production plant in Cheonan, South Korea, was completed at the year end. As detailed in the Progress Update announcement issued on 30 July 2015 the Company is actively working with 11 OEMs in display applications of Nanoco's technology.
Corporate and organisational highlights during the year include the move from AIM to the main market of the London Stock Exchange, which was accompanied by a £20 million gross fundraising, and the strengthening of the Company's executive and non-executive team. A lighting division was formally established as part of the use of proceeds of the fundraising.
Unaudited revenues in the year to 31 July 2015 were £2.0 million (FY 2014: £1.43 million). These revenues predominantly comprise the US$2 million milestone payment from Dow and sales of trial quantities of Nanoco quantum dots from the Company's production facility in Runcorn to display customers. Display OEMs await the completion of commissioning of Dow's mass production facility in South Korea, which is currently underway, for the sourcing of mass production quantities of Nanoco cadmium free quantum dots. The Company anticipates improved revenue visibility once the plant is commissioned and fully operational.
Following the fundraising that accompanied the Company's move to the main market, Nanoco's balance sheet remains strong. Nanoco had unaudited net cash of £24.3 million at the year end compared with £9.35 million at the half year (31 July 2014: £12.18 million).
The Board remains confident of achieving further progress in the commercialisation of its technologies during the current financial year and beyond.
For further information, please contact:
Nanoco | Tel: +44 (0) 161 603 7900 |
Michael Edelman, Chief Executive Officer | |
David Blain, Chief Financial Officer | |
Canaccord Genuity - Joint Broker | Tel: +44 (0) 20 7523 8000 |
Simon Bridges | |
Mark Whitmore Richard Andrews | |
Liberum - Joint Broker | Tel: +44 (0) 20 3100 2000 |
Neil Patel | |
Richard Bootle Steven Tredget | |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Court / Sophie Cowles / Stephanie Watson |
Notes for editors:
About Nanoco Group plc
Nanoco is a world leader in the development and production of cadmium-free quantum dots and other nanomaterials for use in multiple applications including LCD displays, lighting, solar cells and bio-imaging. In the display market, it has an exclusive manufacturing and marketing licensing agreement with The Dow Chemical Company.
Nanoco was founded in 2001 and is headquartered in Manchester, UK. It has production facilities in Runcorn, UK, and a US subsidiary, Nanoco Inc, based in Concord, MA. Nanoco also has business development executives in Japan, Korea and Taiwan. Its technology is protected worldwide by a large and growing patent estate.
Nanoco is listed on the main market of the London Stock Exchange and trades under the ticker symbol NANO. For further information please visit: www.nanocotechnologies.com.