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RNS Number : 7708V

Nanoco Group PLC

12 August 2015

 
 For immediate release   12 August 2015

NANOCO GROUP PLC

("Nanoco" or the "Company")

Pre-Close Trading Update

Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, provides the following trading update ahead of its preliminary results for the year ended 31 July 2015, which are expected to be announced in mid-October 2015.

The year ended 31 July 2015 was a year of significant progress both in the commercialisation of Nanoco's technology and in the Company's organisational development.

During the year, the Company's commercial relationship with The Dow Chemical Company ("Dow"), Nanoco's worldwide licensing partner for display applications, continued to make positive progress. Nanoco received a US$2 million milestone payment from Dow in the first half of the year on the signing of a customer agreement between Dow and LG Electronics ("LG"). Construction of Dow's mass production plant in Cheonan, South Korea, was completed at the year end. As detailed in the Progress Update announcement issued on 30 July 2015 the Company is actively working with 11 OEMs in display applications of Nanoco's technology.

Corporate and organisational highlights during the year include the move from AIM to the main market of the London Stock Exchange, which was accompanied by a GBP20 million gross fundraising, and the strengthening of the Company's executive and non-executive team. A lighting division was formally established as part of the use of proceeds of the fundraising.

Unaudited revenues in the year to 31 July 2015 were GBP2.0 million (FY 2014: GBP1.43 million). These revenues predominantly comprise the US$2 million milestone payment from Dow and sales of trial quantities of Nanoco quantum dots from the Company's production facility in Runcorn to display customers. Display OEMs await the completion of commissioning of Dow's mass production facility in South Korea, which is currently underway, for the sourcing of mass production quantities of Nanoco cadmium free quantum dots. The Company anticipates improved revenue visibility once the plant is commissioned and fully operational.

Following the fundraising that accompanied the Company's move to the main market, Nanoco's balance sheet remains strong. Nanoco had unaudited net cash of GBP24.3 million at the year end compared with GBP9.35 million at the half year (31 July 2014: GBP12.18 million).

The Board remains confident of achieving further progress in the commercialisation of its technologies during the current financial year and beyond.

For further information, please contact:

 
 Nanoco                             Tel: +44 (0) 161 
                                            603 7900 
 Michael Edelman, Chief Executive 
  Officer 
 David Blain, Chief Financial 
  Officer 
 
 Canaccord Genuity - Joint Broker    Tel: +44 (0) 20 
                                           7523 8000 
 Simon Bridges 
 Mark Whitmore 
  Richard Andrews 
 
 Liberum - Joint Broker              Tel: +44 (0) 20 
                                           3100 2000 
 Neil Patel 
 Richard Bootle 
  Steven Tredget 
 
 Buchanan                            Tel: +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 executives in Japan, Korea and Taiwan. 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.nanocotechnologies.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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