TIDMNANO
RNS Number : 1175I
Nanoco Group PLC
23 March 2015
For immediate release 23 March 2015
NANOCO GROUP PLC
("Nanoco" or "the Company")
Interim results for the six months ended 31 January 2015
Nanoco Group plc (AIM: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other
nanomaterials, is pleased to announce its interim results for the
six months ended 31 January 2015.
Highlights
-- Major progress in the commercialisation of Nanoco's
technology in the display industry in partnership with worldwide
licensing partner The Dow Chemical Company ("Dow")
-- Dow building the world's first, large-scale cadmium-free
quantum dot manufacturing plant in South Korea using Nanoco's
patented technology with production expected to begin in
mid-2015
-- LG Electronics signed a partnering agreement with Dow in
January 2015 for the supply of Nanoco quantum dots for LG Ultra HD
ColourPrime TVs, which are close to launch in the USA
-- Considerable technical progress in Nanoco's other key target
markets: LED general lighting, solar and bio-imaging
-- Second grant-funded project on the use of cadmium-free
quantum dots in the in vivo imaging of cancer began in October 2014
with University College London
-- Company continues to explore a move from AIM to a premium listing on the LSE Main Market
-- Cash, cash equivalents and deposits of GBP9.35 million at the
half year end (31 July 2014: GBP12.18 million)
Anthony Clinch, Nanoco's Chairman, commented:
"We're delighted by the pace of progress towards the
commercialisation of our cadmium-free quantum dot technology in the
display market. Our worldwide licensing partner Dow expects to
begin production in mid-2015 at the world's first large-scale
production plant for cadmium-free quantum dots. LG Electronics is
moving closer to the commercial launch of the LG Ultra HD
ColourPrime TV range unveiled earlier this year, which will mark
the first consumer electronics products to incorporate Nanoco
technology.
"We have made considerable technical progress in our other key
target markets of LED general lighting, solar and bio-imaging.
Going forwards we intend to put more emphasis on these additional
markets, all of which offer major commercial potential."
Analyst meeting: A meeting for analysts will be held at 10am
this morning, 23 March 2015, at the offices of Buchanan, 107
Cheapside, London EC2V 6DN. For details contact Buchanan on 020
7466 5000.
For further information please contact:
Nanoco + 44 (0) 161 603 7900
Michael Edelman, Chief
Executive Officer
Mark Sullivan, Interim
Chief Financial Officer
Canaccord Genuity - Nomad
and Joint Broker +44 (0) 20 7523 8000
Simon Bridges
Cameron Duncan
Liberum Capital - Joint
Broker +44 (0) 20 3100 2000
Simon Atkinson
Richard Bootle
Buchanan + 44 (0) 20 7466 5000
Mark Court / Sophie Cowles
/ Stephanie Watson
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 offices in Japan and Korea Its technology is
protected worldwide by a large and growing patent estate.
Nanoco began trading on the AIM market of the London Stock
Exchange in May 2009 under the ticker symbol NANO. For further
information please visit: www.nanocogroup.com.
Chairman's and Chief Executive Officer's Joint Review
Overview
The half year to 31 January 2015 was a period of significant
milestones towards the commercialisation of Nanoco's cadmium-free
quantum dot technology. One of the most exciting of these
milestones was the announcement by the South Korean electronics
giant LG that it would launch large-screen LCD TVs incorporating
Nanoco quantum dots. These TVs, which will be available in the USA
in the near future, will be the first commercially available
display products to use Nanoco's technology.
Another important milestone in the half year was The Dow
Chemical Company ("Dow"), Nanoco's worldwide licensing partner for
the display industry, beginning construction of the world's first
large-scale, cadmium-free quantum dot manufacturing plant in
Cheonan, South Korea. Production at this plant, which Dow has
stated will ultimately be capable of supporting the manufacture of
"millions of cadmium-free quantum dot televisions", is expected to
begin in mid-2015.
The acceleration of interest in quantum dots, owing to their
ability to deliver a step change in the colour performance of LCD
displays, was highlighted by this year's Consumer Electronics Show
(CES) in Las Vegas. At CES, a number of TV makers, including LG and
Samsung, showcased TVs using quantum dots. The first TVs to be
launched by LG and Samsung will mark the beginning of a potentially
substantial industry based on incorporating quantum dots into LCD
TVs. DisplaySearch forecasts that the modest number of 1.3 million
quantum dot TVs will be shipped during 2015, rising to 18.7 million
in 2018.
The majority of the display industry is opting for cadmium-free
quantum dots owing to the threat that cadmium presents to human and
environmental health. European legislation on the Restriction of
Hazardous Substances (RoHS), as well as regulatory codes operating
in certain US states and in a number of other developed countries,
severely restricts the use of cadmium in electronic devices. The
European Commission has been considering an extension of an
exemption to allow the use of cadmium-containing quantum dots for a
limited period to 30 June 2018, which in Nanoco's view is in
conflict with the stated objectives of the RoHS. Should MEPs vote
to enact the extension, there is a right to an immediate appeal
which we would use if necessary.
We are making good progress with the commercialisation of our
technology in the display industry. Whilst further R&D is
required to fully commercialise our technology in the display
market, we will soon have the opportunity to focus more closely on
our other three target areas: LED general lighting, solar power and
bio-imaging. The Company has continued to make progress in all
three of these areas during the half year and is excited by the
potential for value creation that each of these areas presents.
During the half-year, Colin White resigned as the Company's
Chief Financial Officer owing to health reasons. We are very
grateful to Colin for his contribution to the development of Nanoco
and wish him all the best for the future. The recruitment process
for the appointment of a new Chief Financial Officer is proceeding
well. Until the appointment is made, Mark Sullivan, who has
provided accountancy services for Nanoco for the past 10 years,
will continue in the role of Interim Chief Financial Officer.
Commercial applications - displays
Nanoco is driving the commercialisation of its technology in the
LCD display industry through its exclusive worldwide licensing deal
with Dow, which was signed in January 2013. On 24 September 2014
Dow announced that it was starting construction of a large-scale
plant in South Korea to produce Nanoco quantum dots, which Dow is
marketing under the brand name TREVISTA(TM) Quantum Dots. In
January this year, Dow announced a partnering agreement with LG
Electronics in connection with the supply of TREVISTA(TM) Quantum
Dots for the LG Ultra HD ColourPrime TV range, which was launched
at CES.
The ColourPrime TVs, in 65 inch and 55 inch screen sizes, are
expected to be made available in the near future in the US, where
they have the product codes LG 65UF9400 and LG 55UF9400. They can
be viewed on LG's American website at these links:
www.lg.com/us/tvs/lg-65UF9400-led-tvand
www.lg.com/us/tvs/lg-55UF9400-led-tv. The TVs are also listed on
Amazon's US site and on the websites of other US retailers as a
product soon to be launched.
The quantum dots in these TVs will initially be supplied from
the relatively small-scale production at Nanano's Runcorn plant.
The initial launch by LG is therefore likely to be on a modest
scale, awaiting commercial roll-out once Dow's South Korea plant is
in full production. In December 2014, Nanoco and Dow signed a
manufacturing contract to set out details of how materials produced
by Nanoco's production facility in Runcorn are being supplied ahead
of the plant in South Korea starting production. The manufacturing
contract includes the pricing and payment terms associated with
materials supplied by Nanoco to Dow.
The pattern of introduction of new technologies in the display
sector is that they are first introduced in relatively low volumes
on premium-priced large-size screens before being rolled-out into
mid-market models. We are focusing our research and development
work on optimising the production process to maximise yields at
Dow's South Korea plant. This on-going development work is standard
practice in the introduction of new technologies to drive down
costs and thereby to allow commercial roll-out into the
mid-market.
We continue at various stages of the development process with a
number of display makers from South Korea, Japan, USA, China and
Taiwan in connection with products including TVs, monitors and
tablets. One of the strengths of Nanoco's technology is that it can
be incorporated into any type of LCD display, including 4K, as the
quantum dots sit in a film between the backlight and the
screen.
The display industry has invested billions of dollars in
existing LCD manufacturing supply chains and is therefore keen to
support the further development of LCD technology. During the
period, there was a trend away from OLED by a number of leading
display manufacturers which are focusing instead on extending the
lifetime of LCD through new technologies such as quantum dots.
Commercial applications - general lighting
LEDs are increasingly available on the high street for general
lighting, owing to their key advantages over traditional lighting
particularly long service life and reduced power consumption. The
limiting factor to the widespread adoption of LEDs remains colour
performance as existing products tend to offer either bright cold
light or warm dull light, neither of which is attractive in a home
or office environment.
It should be noted that the use of cadmium in lighting products
is banned under the RoHS legislation and restricted elsewhere,
underlining the risk that cadmium presents to human and
environmental health.
Nanoco's quantum dots have been shown to transform LEDs so they
produce bright, warm light with a high colour rendering index
without the loss of lumens. In addition, as Nanoco quantum dots are
tuneable to any specific wavelength, any shade of light can be
produced.
Nanoco has been working under joint development agreements with
Osram, one of the world's largest lighting companies, since August
2011. We continue to make good progress in this work, which is
focused on encapsulating our quantum dots to protect them from the
relatively high temperatures they experience from proximity to an
LED chip. We are also working with a number of other lighting
companies in Asia, the USA and Europe on both general lighting and
niche applications such as the lighting of food in retail
premises.
We have recently been working with Marl International Limited
("Marl"), a privately held UK company pioneering the use of LED
lighting in niche commercial applications. In this work with Marl,
we are developing LED linear strips and LED flat panels for use in
architectural lighting. Marl has both of these lighting designs
available for customer demonstrations and we look forward to the
commercialisation of these novel products.
Commercial applications - solar
Nanoco's solar ink, developed from cadmium-free nanomaterials,
has been designed to maximise the absorption of solar energy and to
have physical characteristics such that it can be printed by low
cost methods and annealed into a photovoltaic film. Our development
work has been focused on increasing the efficiency of the
conversion of light into electricity and we have now reached
approximately 17%, compared with 13% a year ago.
This level of 17% is, we believe, close to the efficiency level
to form the basis for low cost, printable solar panels. We believe
that we could achieve a cost performance of 0.33$/W, which is very
competitive when compared with existing technologies.
Nanoco's printable thin-film solar technology is based on
copper, indium, gallium, selenium ("CIGS") materials and can be
used in building integrated photo-voltaic applications due to its
high performance, light weight and its potential ease of
integration into different architectural form factors. A
significant amount of intellectual property, both in patents and
know how, has been built up which gives us a strong platform on
which to commercialise this exciting technology in the coming
years.
We have a relatively small team working on this technology
currently and we are considering how best to advance this exciting
application.
Commercial applications - bio-imaging
We have been working since 2009 with University College London
on the use of cadmium-free quantum dots in the in-vivo imaging of
cancer. The fluorescence of Nanoco quantum dots is being used in
this work to pinpoint malignant lymph nodes to guide surgeons in
the removal of cancerous tissue. Other materials have already been
used in this way in clinical practice but Nanoco quantum dots offer
the major advantage of fluorescing for a longer period of time, and
their fluorescence can be detected from deeper tissues, giving
surgeons more time and accuracy to visualise the cancer which we
believe will lead to a greater improvement in healing rates and
patient outcomes.
Nanoco won a second grant award from Innovate UK, the UK's
innovation agency, totalling GBP308,000, in support of the current
phase of this research work. This grant funded phase commenced in
October 2014.
Production at Runcorn
We have four Semi-Tech lines at The Heath Business and Technical
Park in Runcorn. We use these production lines to produce high
quality sample materials for the display industry and we are also
satisfying initial commercial orders from the display industry. Our
technical team at Runcorn is focused on the continual improvement
of production processes, reactor yields and quantum dot
performance.
Financial results
Revenues in the six months to 31 January 2015 were GBP1.61
million (H1 2014: GBP0.68 million) and the loss before tax was
GBP4.13 million (H1 2014: loss of GBP4.99 million). As has
historically been the case, the timing of revenue receipts in the
form of milestone and joint development payments from strategic
partners continued to be the major determinant of the results of
the business. In the period under review, revenue has benefited
from the inclusion of a milestone payment from Dow, triggered by
the announcement that it was beginning the construction of the
cadmium-free quantum dot manufacturing plant in South Korea.
The research and development element of cost of sales decreased
as compared with the prior period, as a consequence of the absence
of commissioning and material costs associated with scaling up the
Runcorn facility and reduced large scale trialling. The primary
reason behind the increase in administrative expenses was
additional scientific and managerial staff related costs.
The additional research and development led tax credit as
compared with the prior period stems from a combination of a higher
credit in respect of the current period augmented by an adjustment
from GBP1.21m to GBP1.32m to the credit receivable in respect of
the year to 31 July 2014.
Statutory cash, cash equivalents and deposits, at 31 January
2015 were GBP9.35 million (31 January 2014: GBP14.48 million; 31
July 2014: GBP12.18 million). The tax credit of GBP1,323,000 in
respect of the year ended 31 July 2014 was received on 3 February
2015. Both cash and costs continue to be prudently and tightly
managed.
The Company received cash funds of GBP0.78 million in October,
following an employee share option exercise round.
Capital markets strategy
As stated in earlier financial results statements, we continue
to consider a move from AIM to a premium listing on the Official
List of the London Stock Exchange.
Outlook
We're delighted by the pace of progress towards the
commercialisation of our cadmium-free quantum dot technology in the
display market. Our worldwide licensing partner Dow expects to
begin production in mid-2015 at the world's first mass-production
plant for cadmium-free quantum dots in South Korea. LG Electronics
is moving closer to the commercial launch of the LG Ultra HD
ColourPrime TV range, which will mark the first consumer
electronics products to incorporate Nanoco technology.
We have made considerable technical progress in our other key
target markets of LED general lighting, solar and bio-imaging.
Going forwards we intend to put more emphasis on these additional
markets, all of which offer major commercial potential.
Anthony Clinch Michael Edelman
Non-executive Chairman Chief Executive Officer
23 March 2015 23 March 2015
Consolidated Statement of Comprehensive Income
For the six months ended 31 January 2015
Six months Six months Year
to to 31 to
31 January January 31 July
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Notes
Revenue 4 1,612 679 1,433
Cost of sales (672) (859) (1,563)
Gross profit/(loss) 940 (180) (130)
Administrative expenses (5,113) (4,907) (9,119)
Operating loss
--------------------------------------
- before share-based
payment (3,940) (4,787) (8,676)
- share-based payment (233) (300) (573)
----------------------------- ------ ------------ ------------ ----------
(4,173) (5,087) (9,249)
Finance income 46 102 194
Finance costs (2) (3) (5)
Loss on ordinary activities
before taxation (4,129) (4,988) (9,060)
Taxation 5 984 650 1,249
Loss for the period and
total comprehensive loss
for the period (3,145) (4,338) (7,811)
============ ============ ==========
Loss per share:
Basic and diluted loss
for the period 6 (1.45)p (2.07)p (3.65)p
============ ============ ==========
Consolidated Statement of Changes in Equity
For the six months ended 31 January 2015
Share-
Issued based
equity payment Merger Revenue Total
capital reserve reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 August 2013 28,054 1,253 (1,242) (13,671) 14,394
Loss for the six months
to 31 January 2014 - - - (4,338) (4,338)
Issue of share capital 10,000 - - - 10,000
Expenses of placing (253) - - - (253)
Share-based payments - 300 - - 300
At 31 January 2014 37,801 1,553 (1,242) (18,009) 20,103
-------- -------- -------- --------- --------
Loss for the six months
to 31 July 2014 - - - (3,473) (3,473)
Expenses of prior period
placing (10) - - - (10)
Share-based payments - 273 - - 273
At 31 July 2014 37,791 1,826 (1,242) (21,482) 16,893
-------- -------- -------- --------- --------
Loss for the six months
to 31 January 2015 - - - (3,145) (3,145)
Issue of share capital 486 - - - 486
Issue of shares by EBT - - - 297 297
Share-based payments - 233 - - 233
At 31 January 2015 38,277 2,059 (1,242) (24,330) 14,764
======== ======== ======== ========= ========
Consolidated Statement of Financial Position
As at 31 January 2015
31 January 31 January 31 July
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 2,414 3,270 2,783
Intangible assets 1,703 1,451 1,557
4,117 4,721 4,340
-------------------------- ------------------ ----------
Current assets
Inventories 137 129 134
Trade and other receivables 673 955 633
Income tax asset 2,198 1,528 1,210
Short-term investments
and cash on deposit 1,134 9,728 5,791
Cash and cash equivalents 8,216 4,750 6,391
12,358 17,090 14,159
-------------------------- ------------------ ----------
Total assets 16,475 21,811 18,499
Liabilities
Current liabilities
Trade and other payables 1,585 1,518 1,448
Financial liabilities 63 63 63
1,648 1,581 1,511
-------------------------- ------------------ ----------
Non-current liabilities
Financial liabilities 63 127 95
63 127 95
-------------------------- ------------------ ----------
Total liabilities 1,711 1,708 1,606
-------------------------- ------------------ ----------
Net assets 14,764 20,103 16,893
========================== ================== ==========
Capital and reserves
Issued equity capital 38,277 37,801 37,791
Share-based payment reserve 2,059 1,553 1,826
Merger reserve (1,242) (1,242) (1,242)
Revenue reserve (24,330) (18,009) (21,482)
Total equity 14,764 20,103 16,893
========================== ================== ==========
Approved by the Board and authorised for issue on 23 March
2015
Michael Edelman
Director
Consolidated Cash Flow Statement
For the six months ended 31 January 2015
Six months Six months
to to Year to
31 January 31 January 31 July
2015 2014 2014
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Loss before interest
and tax (4,173) (5,087) (9,249)
Adjustments for:
Depreciation of property,
plant and equipment 554 599 1,181
Amortisation of intangible
assets 125 97 209
Share-based payments 233 300 573
Changes in working capital
:
Increase in inventories (3) (9) (14)
(Increase)/decrease in
trade and other receivables (59) (67) 256
Increase)/(decrease)
in trade and other payables 256 (321) (510)
(Decrease)/increase in
deferred revenue (119) (112) 7
Cash outflow from operating
activities (3,186) (4,600) (7,547)
Research and development
tax credit received - - 918
Overseas corporation
tax paid (4) (8) (9)
------------- -------------------- -----------
Net cash outflow from
operating activities (3,190) (4,608) (6,638)
------------- -------------------- -----------
Cash flows from investing
activities:
Purchases of property,
plant and equipment (185) (399) (494)
Purchases of intangible
fixed assets (271) (318) (536)
Decrease/(increase) in
cash placed on deposit 4,657 (3,552) 385
Interest received 65 146 237
Net cash inflow/(outflow)
from investing activities 4,266 (4,123) (408)
------------- -------------------- -----------
Cash flows from financing
activities:
Issue of share capital 783 10,000 10,000
Expenses of placing - (253) (263)
Interest paid (2) (3) (5)
Loan repayment (32) (31) (63)
Net cash inflow from
financing activities 749 9,713 9,699
------------- -------------------- -----------
Increase in cash and
cash equivalents 1,825 982 2,623
Cash and cash equivalents
at the start of period 6,391 3,768 3,768
------------- -------------------- -----------
Cash and cash equivalents
at the end of the period 8,216 4,750 6,391
Monies placed on deposit 1,134 9,728 5,791
------------- -------------------- -----------
Cash, cash equivalents
and deposits at the end
of the period 9,350 14,478 12,182
============= ==================== ===========
Notes to the interim financial statements
For the six months ended 31 January 2015
1. Corporate information
The Company is a UK incorporated and domiciled company whose
shares are publicly traded on AIM. The registered office of the
Company is located at 46 Grafton Street, Manchester, M13 9NT.
2. Accounting policies
Basis of preparation
The accounting policies adopted in these interim condensed
consolidated financial statements are consistent with those
followed in the preparation of the Group's annual report and
accounts for the year to 31 July 2014. The interim condensed
financial statements for the six months ended 31 January 2015 and
31 January 2014 is unaudited and does not constitute statutory
accounts as defined in the Companies Act 2006. This interim
condensed financial report includes audited comparatives for the
year to 31 July 2014. The 2014 annual report and accounts, which
are prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union, received an
unqualified audit opinion and has been filed with the Registrar of
Companies. These interim condensed consolidated financial
statements have been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the European Union and using the
recognition and measurement principles of International Financial
Reporting Standards (IFRS) as adopted by the European Union and
have been prepared under the historical cost convention.
Going concern
Having made appropriate enquiries and having prepared cash flow
projections, the Directors believe that in the event of delays in
the receipt of revenues, the Company may need to implement cost and
capital savings in the 12 months from the date of these interim
financial statements. On this basis, the Directors have a
reasonable expectation that the Group has adequate resources to
continue in business for the foreseeable future. For this reason,
they have adopted the going concern basis in preparing the interim
financial statements.
Accounting policies
Accounting policies adopted in the preparation of the interim
condensed consolidated financial statements are consistent with
those followed in the preparation of the Group's annual financial
statements for the year ended 31 July 2014, except for the adoption
of new Standards and Interpretations noted below.
-- IFRS 10, IFRS 12 and IAS 27 Investment Entities - Amendments to IFRS 10, IFRS 12 and IAS 27
-- IAS 32 Offsetting Financial Assets and Financial Liabilities (Amendments)
-- IAS 36 Recoverable Amount Disclosures for Non-Financial Assets (Amendments)
-- IAS 39 Novation of Derivatives and Continuation of Hedge Accounting (Amendments)
-- Annual Improvements to IFRSs 2010 to 2012 Cycle (EU endorsed December 2014)
-- Annual Improvements to IFRSs 2011 to 2013 Cycle (EU endorsed December 2014)
Basis of consolidation
These interim condensed consolidated financial statements
include the financial statements of Nanoco Group PLC and the
entities it controls (its subsidiaries).
3. Risks and uncertainties
The Group has successfully managed to reduce the inherent risk
for the business by partnering with Dow, through the licensing of
CFQD(R) quantum dot materials to Dow for use in display
applications. The principal risks to achieving full
commercialisation and to becoming cash generative are those
relating to technology, production scale-up, customers, regulatory,
market and competition, intellectual property and attraction and
retention of key employees. These risks and uncertainties facing
our business were reported in detail in the Strategic Report in the
2014 Annual Report and Accounts. There have been no changes to the
Group's principal risks and uncertainties in the six month period
to 31 January 2015 and the Board of Directors do not anticipate any
changes to the principal risks and uncertainties in the second half
of the year.
4. Segmental information
Operating segments
At 31 January 2015, 31 July 2014 and 31 January 2014 the Group
operated as one segment, being the provision of high performance
nano-particles for research and development purposes. This is the
level at which operating results are reviewed by the chief
operating decision maker (i.e. the CEO) to make decisions about
resources, and for which financial information is available. All
revenues have been generated from continuing operations and are
from external customers.
Six months Six months Year to
to to 31 July
31 January 31 January 2014
2015 2014
GBP'000 GBP'000 GBP'000
Analysis of revenue
Products sold 181 50 178
Rendering of services 199 629 1,255
Royalties and licences 1,232 - -
1,612 679 1,433
------------ ------------ ---------
Rendering of services in the six months to 31 January 2014
included revenue from one customer amounting to GBP388,000, year to
31 July 2014 one customer amounting to GBP754,000). Included in
rendering of services is GBP29,000 from government grants (six
months to 31 January 2014 GBP93,000 and in the year to 31 July 2014
GBP184,000).
Revenue from royalties and licences comprises a milestone
payment receivable on the commencement of construction of a
cadmium-free quantum dot manufacturing plant.
Geographical information
The Group operates in four main geographic areas, although all
are managed in the UK. The Group's revenue per geographical segment
is as follows:
Six months Six months Year to
to to 31 July
31 January 31 January 2014
2015 2014
GBP'000 GBP'000 GBP'000
Analysis of revenue
UK 29 93 159
Europe (excluding UK) - 1 26
Asia 297 539 1,139
USA 1,286 46 109
------------------------------ ------------ ---------
1,612 679 1,433
------------------------------ ------------ ---------
All the Group's assets are held in the UK and all of its capital
expenditure arises in the UK.
5. Tax
The tax credit of GBP984,000 recorded in the consolidated
statement of comprehensive income for the six months ended 31
January 2015 comprises a research and development tax credit
receivable of GBP875,000 plus a revision in respect of a prior
period of GBP113,000, net of overseas corporation tax charged of
GBP4,000.
Prior period tax credits receivable comprised: for the six
months ended 31 January 2014, GBP658,000 in respect of a research
and development tax credit receivable, net of overseas tax charged
of GBP8,000 and for the year ended 31 July 2014, the GBP1,249,000
credit comprised, GBP1,210,000 in respect of a research and
development tax credit, plus a revision in respect of a prior
period of GBP48,000, net of overseas corporation tax charged of
GBP9,000.
The income tax asset of GBP1,323,000 in respect of the year
ended 31 July 2014 was received on 3 February 2015.
6. Loss per share
31 January 31 January 31 July
2015 2014 2014
GBP'000 GBP'000 GBP'000
------------------------------ ------------ ------------ ------------
Loss for the financial
period
attributable to equity
shareholders (3,145) (4,338) (7,811)
Share-based payments 233 300 573
Loss for the financial
period before share-based
payments (2,912) (4,038) (7,238)
Weighted average number
of shares: No. No. No.
Ordinary shares in issue(1) 216,294,181 209,564,972 214,248,996
Adjusted loss per share
before share-based payments
(pence) (1.35)p (1.93)p (3.38)p
------------------------------ ------------ ------------ ------------
Basic loss per share (pence) (1.45)p (2.07)p (3.65)p
------------------------------ ------------ ------------ ------------
(1) Excludes shares held by the Nanoco Employee Benefit Trust
Diluted loss per share has not been presented above as the
effect of share options issued is anti-dilutive.
7. Share capital
During the period 799,947 shares with an average exercise price
of 60.7 pence were issued on the exercise of share options
resulting in share proceeds of GBP486,000.
During the period 320,411 jointly owned Employee Benefit Trust
shares were taken up at an exercise price of 92.6 pence resulting
in share proceeds of GBP297,000.
8. Interim financial report
A copy of these interim condensed consolidated financial
statements will be distributed to shareholders and is also
available on the Company's website at www.nanocogroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Nanoco (LSE:NANO)
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From Mar 2024 to Apr 2024
Nanoco (LSE:NANO)
Historical Stock Chart
From Apr 2023 to Apr 2024
