Update re Unaudited Revenues
Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, announces the following update on the timing of revenue recognition of licence agreements signed in July 2016.
The upfront licence fees associated with the agreements are to be recognised over the period of Nanoco’s contractual support. It is expected that £0.5 million will be released to revenue in the year ending 31 July 2017 and £0.7 million will be released over the following six years ending 31 July 2023.
Grant income will be presented as “Other income” in the current year.
The Group’s accounts for the year ended 31 July 2016, which remain unaudited, are expected to include revenue of £0.4 million, other income of £0.3 million and £1.2 million in deferred revenue on the Group’s balance sheet as at 31 July 2016, giving a total of £1.9 million.
The Company’s cash position is unaffected by these changes in accounting treatment.
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
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, Nanoco has non-exclusive manufacturing and marketing licensing agreements with The Dow Chemical Company, Merck KGaA and Taiwan’s Wah Hong Industrial Corporation. Nanoco also has a strategy of direct sales in display and in its other target markets, including lighting.
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 Greater China. 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.