Preliminary Results 2015
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 preliminary results for the year ended 31 July 2015.
- Substantial progress in the commercialisation of the Company’s technology in the display industry in partnership with worldwide licensing partner The Dow Chemical Company (“Dow”)
- Mechanical completion of Dow’s large-scale cadmium-free quantum dot manufacturing plant in South Korea during the year with customer sampling expected to begin in the very near term
- Robust display pipeline with Nanoco and Dow currently working with 11 display OEMs globally from countries including Korea, China, Japan, Taiwan and the USA
- Further joint development agreement announced today with Osram for the use of quantum dots in near-chip lighting applications – see separate announcement released today. Other progress in lighting including the development of niche lighting products with Marl International Limited and the formation of a lighting business unit
- Progress in other target markets of solar and life sciences including the award of an Innovate UK grant for solar work with Loughborough University’s Centre for Renewable Energy Systems Technology
- Team strengthened with the appointment of David Blain as Chief Financial Officer, Keith Wiggins as Chief Operating Officer, Brendan Cummins as a Non-executive Director and Caroline Watson as Investor Relations Manager
- Moved from AIM to the main market of the London Stock Exchange in May 2015, accompanied by a £20 million fundraising
- Balance sheet remains robust with cash, cash equivalents and deposits at 31 July 2015 of £24.3 million (31 July 2014: £12.2 million)
Commenting on the results, Anthony Clinch, Nanoco’s Chairman, said:
“The past year has been one of rapid development at Nanoco and we continue to configure the organisation to meet the needs of an emerging, global licensing and manufacturing business.
“Mechanical completion of Dow’s mass production plant in South Korea at the year-end marked a major milestone in the commercialisation of our cadmium-free quantum dots in the display industry. The commissioning of the plant is ongoing and proceeding well. Customer sampling from the plant, which was initially expected to start in Q3 CY 2015, is now expected to begin in the very near term. As a result, we expect recurring income in the second half of our current financial year rather than in Q4 CY 2015.
“The commercialisation of our technology in lighting is also well advanced and, as we develop our other market opportunities in life sciences and solar, we become ever more enthusiastic about the potential for our technology across all four of our target markets. We look forward to the year ahead with confidence.”
Analyst meeting: A meeting for analysts will be held at 10 am this morning, 13 October 2015, 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
Tel: +44 (0) 161 603 7900
Canaccord Genuity – Joint Broker
Tel: +44 (0) 20 7523 8000
Liberum – Joint Broker
Tel: +44 (0) 20 3100 2000
Mark Court / Sophie Cowles / Stephanie Watson
Tel: +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 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.