Nanoco Group PLC Year End Trading Update and Notice of Results (1037J)
15 Agosto 2019 - 3:00AM
UK Regulatory
TIDMNANO
RNS Number : 1037J
Nanoco Group PLC
15 August 2019
15 August 2019
NANOCO GROUP PLC
("Nanoco", the "Company" or the "Group")
Year End Trading Update and Notice of Results
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other specific
nanomaterials emanating from our technology platform, today
provides the following year end trading update ahead of the
announcement of its final results for the year to 31 July 2019,
which will be released on 15 October 2019.
Financial highlights of the year include:
-- Unaudited revenues of GBP7.3m for the year ended 31 July 2019
were more than double FY18 and slightly ahead of market consensus
expectations due to the early delivery of some revenue under the
major services contract.
-- Billings in the year amounted to GBP9.6m, which included
GBP2.4m as the final sums payable to complete the new Runcorn
production facility.
-- The Company's unaudited cash position at 31 July 2019 was
GBP7.0m, an increase of GBP0.8m since 31 January 2019 (31 July
2018: GBP10.7m). The Group still expects to have around GBP6.0m of
cash in hand at 31 December 2019.
-- The cost base continues to be closely managed with a 20%
reduction in headcount delivered in the fourth quarter without
diminishing core R&D and production capabilities.
-- The exceptional credit from the contract liability waiver
will be largely offset by the exceptional charges for various
contract specific assets and provisions (as detailed in the
Company's 31 July announcement).
Michael Edelman, Chief Executive of Nanoco, said:
"Over the last year we provided exceptional customer service in
meeting all technical milestones and delivering a new Runcorn
production facility that now gives us the capability to manufacture
nano materials on a large scale for use in diverse electronics
applications. This strong operational performance contributed to
the best financial results in the Company's history. We have also
made major enhancements in the performance of our CFQD(R) Quantum
dots, and continued to develop our IP portfolio, with over 100 new
patents granted or applied for during the year.
"Clearly the news that the current major work programme will not
be extended after it expires on 31 December 2019, for reasons
unconnected to the performance of our materials or the new
production facility, was extremely disappointing for the whole
Nanoco team and our stakeholders. However, we remain focused on
completion of the current contract deliverables whilst broadening
our efforts to seek out other potential new customers in the
electronics and display sectors.
"The completion of the new Runcorn facility and the waiver of
the contract liability leaves the Group with a significantly
expanded asset base and production capability across a wider range
of market sectors. We are working hard to take advantage of this
new capability, alongside our display opportunities, in the new
financial year."
- Ends -
For further information, please contact:
Nanoco Group PLC Tel: +44 (0) 161 603 7900
Michael Edelman, Chief Executive
Officer
Brian Tenner, Chief Financial Officer
Caroline Watson, Investor Relations Tel: + 44 (0) 7799 897357
Manager
cwatson@nanocotechnologies.com
MHP Communications Tel: +44 (0) 20 3128 8570
Reg Hoare / Giles Robinson / Pete
Lambie
nanoco@mhpc.com
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials.
Nano-materials are materials with dimensions typically in the range
1 - 100 nm. Nano-materials have a range of useful properties,
including optical and electronic. Quantum dots are a subclass of
nano-material that have size-dependent optical and electronic
properties. The Group produces quantum dots. Within the sphere of
quantum dots, the Group exploits different characteristics of the
quantum dots to target different performance criteria that are
attractive to specific markets or end-user applications such as the
Display and Electronics markets. One of the interesting properties
of quantum dots is photoluminescence: the emission of longer
wavelength light upon excitation by light of a shorter wavelength.
The colour of light emitted depends on the particle size. Nanoco's
CFQD(R) quantum dots are free of cadmium and other toxic heavy
metals, and can be tuned to emit light at different wavelengths
across the visible and infrared spectrum, rendering them useful for
a wide range of applications including displays, lighting and
biological imaging.
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.
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END
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