Last checked at 15 Aug 2018 07:00
15 August 2018
NANOCO GROUP PLC
("Nanoco" or the "Company")
Year End Trading Update
Notice of Results
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nano-materials, today provides the following year end trading update ahead of the announcement of its final results for the year to 31 July 2018, which will be released on 16 October 2018.
Highlights of the year include:
· Nano-materials:
o Steady progress has been made in the execution of the Material Development and Supply Agreements, announced in February and April 2018 with a large, undisclosed US listed corporation ('the Partner').
o The new manufacturing facilities in Runcorn are progressing as planned. Small-scale commercial shipments are expected to commence in calendar Quarter 4, 2018 and volume production is expected to commence in the second half of calendar 2019. H1 2019 calendar year will be utilised to stress test and improve the new Runcorn facility.
· Display:
o Nanoco continues to make progress in display, initially with gaming monitors. Nanoco's patented CFQD resin is being provided to Wah Hong to convert into film for a Taiwanese display panel maker. These gaming monitors are on track to launch to the public for the 2018 end of year holiday season.
· Financial:
o The Company's unaudited cash position at 31 July 2018 has increased by £2.0m to £10.7m since 31 January 2018 (31 January 2018: £8.7m; 31 July 2017: £5.7m).
o Unaudited revenues for the year ended 31 July 2018 of up to £2.5m arising from the first agreement with the Partner based on management's assessment that the project will be complete by 31 December 2018. This assessment will be confirmed prior to the release of the Preliminary Results and revenue will be adjusted accordingly if required. Revenues from other agreements and sales during the year amounted to c. £0.8m. As a result, unaudited revenues are expected to be up to £3.3m (31st July 2017 £1.3m).
o £8m net proceeds from November 2017 fundraise.
Executive team reorganisation
During the period, Nanoco successfully implemented a structured reorganisation of its executive team, combining its Chief Financial Officer and Chief Operating Officer positions into one unified role, and appointing Brian Tenner to this new position, effective from 20 August 2018. Current Chief Financial Officer David Blain will step down from his position on 20 August, and will remain with Nanoco until 15 October 2018 to facilitate an orderly handover of his duties.
Michael Edelman, Chief Executive of Nanoco, said:
"The second half of 2018 has been transformational for Nanoco with the signing of the development and supply agreement with our large US-listed partner in our nano-materials division. We have made meaningful progress in display and lighting with first commercial products expected later this calendar year. Our cash position has improved since last reporting and we start the new financial year with considerable confidence."
- Ends -
For further information, please contact:
Nanoco | Tel: +44 (0) 161 603 7900 |
Michael Edelman, Chief Executive Officer | |
Chris Richards, Non-Executive Chairman | |
Caroline Watson, Investor Relations Manager | Tel: + 44 (0) 7799 897357 |
cwatson@nanocotechnologies.com
| |
MHP Communications | Tel: +44 (0) 20 3128 8570 |
Reg Hoare / Giles Robinson / Pete Lambie nanoco@mhpc.com |
The information contained within this announcement constitutes inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-technology to create a brighter, more sustainable future. Based on breakthrough science, Nanoco's proprietary manufacturing process enables the large-scale production of its cadmium-free CFQD® quantum dots for multiple applications including LCD display, lighting, healthcare, nano-materials and solar.
Nanoco has non-exclusive manufacturing and marketing licensing agreements in display with The Dow Chemical Company, Merck KGaA of Germany and Wah Hong Industrial Corporation of Taiwan.
Nanoco was founded in 2001 and is headquartered in Manchester, UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues to build out a world-class, patent-protected IP portfolio generated both by its own innovation engine, as well as through acquisition.
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.nanocogroup.com.