TIDMNANO
RNS Number : 5721I
Nanoco Group PLC
08 August 2023
For Immediate Release 8 August 2023
NANOCO GROUP PLC
(" Nanoco ", the "Company" or the "Group" )
Year End Trading Update
Transitioning from an R&D first mover to a commercial
producer of scale
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 2023,
which will be released in October 2023.
Overview
-- Nanoco is now closer to commercial production than at any time in its 20-year history
-- Nanoco is in the strongest financial position since its inception
-- Nanoco's core markets of sensing and display are forecast to experience rapid growth
-- Nanoco is leveraging its Samsung litigation experience to generate further value from its IP
Operational highlights for the year
-- Significant progress with our two global electronics supply chain customers:
o European electronics customer: major work package completed as
planned by Nanoco in April 2023 for two materials now in final
validation - awaiting final response from customer
o Major Asian chemical customer: fifth short term work package
underway having successfully delivered all technical milestones in
four others during FY23 / FY22
o Ongoing discussions with both major customers on longer and
deeper collaborations
o European and Asian customers above have reach into thousands
of their own customers
-- Successfully completed consolidation of all operations into
the Group's Runcorn production site
-- Expansion of workforce and organic investment in preparation
for a commercial production order expected bythe end of CY23
-- Nanoco and advisers actively working to pursue potential infringers of the Group's IP
-- Completed capital reduction to facilitate return of up to
GBP40m to shareholders in early 2024
Financial highlights
-- Unaudited revenues of GBP5.6m more than double FY22 and in line with the Board's expectations
-- Underlying adjusted EBITDA also remains in line with the Board's expectations
-- The expected impact of the litigation settlement on the
Group's income statement remains in line with the disclosures set
out in Note 7 to the Interim Results for the six months ended 31
January 2023 and is still subject to statutory audit, detailed tax
calculations and changes in exchange rates
-- Payment and use of proceeds from the litigation settlement:
o First tranche of GBP62.1m received in March 2023 with majority
used to pay funder and advisors
o Second $75.0m tranche due by 3 February 2024 will be wholly
for Nanoco (less $3.25m Korean withholding tax)
-- Unaudited cash position at 31 July 2023 of GBP8.2m, an
increase of GBP2.2m since 31 January 2023
-- Gross fixed cash cost base c.GBP0.5m per month before
revenue, other operating income and tax impacts - an increase of
just over GBP0.1m per month following investment in new staff
capacity and inflationary cost increases in H2 FY23
Notice of final results
The Company expects to announce its final results for the year
ended 31 July 2023 in the second half of October 2023.
Brian Tenner, Chief Executive of Nanoco, said:
"Over the last year we have made significant progress, taking
Nanoco to its current inflection point. Consistent feedback from
the European customer supports the expectation of commercial
production by the end of this calendar year. This transition from
an R&D first mover to a commercial producer of scale is
underpinned by the litigation proceeds and our validated IP for
which we are actively pursuing further monetisation
opportunities."
Dr Christopher Richards, Non-Executive Chairman of Nanoco,
said:
"Nanoco's experienced Board are firmly focused on delivering
value for all shareholders. The litigation proceeds allow us to
drive the organic business forward while underpinning our firm
commitment to return up to GBP40m of cash to shareholders in early
2024. In addition to last year's commercial progress, we committed
to assess the option to appoint a further Non-Executive Director to
the Board, based on business needs. A search process for a new
independent Non-Executive Director with strong electronics sector
commercial experience is well underway."
- Ends -
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO +44 (0) 161 603 7900
Liam Gray, CFO & Company Secretary +44 (0) 161 603 7900
Peel Hunt (Joint Corporate Broker):
Paul Gillam +44 (0) 20 7418 8900
Richard Chambers
James Smith
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker +44 (0) 20 3657 0050
James Pope
MHP Communications : +44 (0) 203 128 8570
Reg Hoare
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 and other
nano-materials. 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, Sensor and
Electronics markets. An interesting property of quantum dots is
their absorption spectrum. Nanoco's HEATWAVE(TM) quantum dots can
be tuned to absorb light at different wavelengths across the
near-infrared spectrum, rendering them useful for applications
including image sensors. Another interesting property 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 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.nanocotechnologies.com.
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END
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