Interim Results for the Six Months Ended 31 January 2016
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, is pleased to announce its interim results for the six months ended 31 January 2016.
- Decision to convert the Company’s worldwide licensing agreement with The Dow Chemical Company (“Dow”) to non-exclusive gives the Company greater control to pursue multiple routes to market in the display industry
- The capacity of Nanoco’s plant in Runcorn continues to be enhanced by process improvements, allowing the Company to directly target OEM display makers, film converters and other display partners with its own products
- Dow’s plant in Cheonan, South Korea, continues to supply sample material to meet potential customers’ requirements
- Further Joint Development Agreement (“JDA”) signed with Osram in general lighting and Nanoco’s own Lighting Division launched four product lines
- Life Sciences Division formed to pursue potentially significant opportunities in the medical devices and medical diagnostics markets
- David Blain joined the Company as Chief Financial Officer in August 2015 and Chris Richards was appointed a Non-Executive Director in November 2015. Dr Peter Rowley is retiring from the Board after 10 years
- Loss for H1 2016 after exceptional items and taxation was £5.24 million (H1 2015: loss of £3.15 million)
- Balance sheet remains strong with cash, cash equivalents and deposits at 31 January 2016 of £18.3 million (31 January 2015: £9.4 million; 31 July 2015: £24.3 million). £1.9 million R&D tax credit is expected to be received in April 2016.
Anthony Clinch, Nanoco’s Chairman, commented: “We have made substantial progress in the financial year to date. The decision to convert the worldwide licensing agreement with Dow to non-exclusive gives us greater control over the commercialisation of our technology in the display industry. We have an exciting strategy in display in which we are now targeting multiple routes to market.
“The Dow plant in South Korea is now producing cadmium-free quantum dots for sampling to potential customers. We look forward to Dow receiving commercial orders as a result of this customer sampling.
“We continue to make progress in our other target markets and to build our organisation. We look forward to the months ahead with confidence.”
Analyst meeting: A meeting for analysts will be held at 10 am this morning, 12 April 2016, at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. For further details, please contact Buchanan on 020 7466 5000.
For further information please contact:
Michael Edelman, Chief Executive Officer
David Blain, Chief Financial Officer
+ 44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager
+ 44 (0) 7799 897357
Canaccord Genuity – Joint Broker
+44 (0) 20 7523 8000
Liberum Capital – Joint Broker
+44 (0) 20 3100 2000
Mark Court / Sophie Cowles / Stephanie Watson
+ 44 (0) 20 7466 5000
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 a non-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.nanocogroup.com.