Preliminary Results for the year ended 31 July 2017
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 2017.
- Hybrid commercial model in display established: direct sales of own manufactured product and multiple nonexclusive licences
- Ten-fold increase in manufacturing capacity at Runcorn and reduction in product costs
- First commercial sales orders received
- Substantial pipeline of commercial opportunities – focused on television and monitor projects with near term potential
- Signed development and commercialisation deal with Kyulux focused on CFQD/OLED hybrid display
- Operating cost base reduced significantly
- Decision taken to divest and process ongoing
Life Sciences and Specialised Lighting
- New grant awarded for work on pancreatic cancer and excellent progress made in research in medical
- Revenue and other operating income for the year was £1.6 million (2016: £0.8 million) and the loss after tax was £9.1 million (2016: £10.6 million).
- Cash and cash on deposit at 31 July 2017 was £5.7 million (2016: £14.5 million)
Post balance sheet events
- Net proceeds of £8 million following a placing in November 2017 significantly strengthens cash balance and removes immediate going concern issues
- Successful exhibition of televisions containing Nanoco Fine Color FilmTM at Touch Taiwan
- In September 2017, a Commercial Supply and License Agreement was finalised with a US corporation in the field of medical devices for the treatment of pain, soft tissue injury and dermatological conditions such as acne and skin anti-ageing
Dr Christopher Richards, Nanoco’s Chairman, said: “Significant progress has been made this year in developing demand for our CFQDs and advancing our go-to-market strategy supported by our own manufacturing facility. While there have been challenges from slower than anticipated adoption in the display industry, an increasing number of manufacturers are now producing demonstration displays incorporating our technology.
“We continue to keep a tight control on costs and our post year end fundraising will fully support the Company as we commercialise our technology and take advantage of large and growing market opportunities.
“I remain confident about the relevance of our technology in display and other markets, including Life Sciences and Specialised Lighting, as well as our ability to execute and deliver orders and sales, and I remain positive about the prospects for the Group.”
Analyst meeting and webcast details
To listen to a webcast of the analyst briefing, please log on to the following web address approximately 5 minutes before 8.30am on 16 November 2017: http://webcasting.brrmedia.co.uk/broadcast/5a0990732acfc74f9342e72b
A recording of the webcast will also be made available on Nanoco’s website, www.nanocogroup.com, later today.
A meeting for analysts will be held at 8.30am this morning, 16 November 2017 at the offices of Peel Hunt, Moor House, 120 London Wall, London EC2Y 5ET. For further details please contact MHP Communications on 0203 128 8788.
This announcement contains inside information.
For further information, please contact:
Michael Edelman, Chief Executive Officer
David Blain, Chief Financial Officer
Tel: +44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager
Tel: + 44 (0) 7799 897357
Tel: +44 (0) 20 7418 8900
Reg Hoare / Andrew Leach / Giles Robinson / Peter Lambie
Tel: +44 (0) 20 3128 8788
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nanotechnology 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 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.