Nanoco Group PLC Year End Trading Update and Notice of Results (8174X)
August 15 2018 - 2:00AM
UK Regulatory
TIDMNANO
RNS Number : 8174X
Nanoco Group PLC
15 August 2018
15 August 2018
NANOCO GROUP PLC
("Nanoco" or the "Company")
Year End Trading Update
Notice of Results
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other
nano-materials, today provides the following year end trading
update ahead of the announcement of its final results for the year
to 31 July 2018, which will be released on 16 October 2018.
Highlights of the year include:
-- Nano-materials:
o Steady progress has been made in the execution of the Material
Development and Supply Agreements, announced in February and April
2018 with a large, undisclosed US listed corporation ('the
Partner').
o The new manufacturing facilities in Runcorn are progressing as
planned. Small-scale commercial shipments are expected to commence
in calendar Quarter 4, 2018 and volume production is expected to
commence in the second half of calendar 2019. H1 2019 calendar year
will be utilised to stress test and improve the new Runcorn
facility.
-- Display:
o Nanoco continues to make progress in display, initially with
gaming monitors. Nanoco's patented CFQD resin is being provided to
Wah Hong to convert into film for a Taiwanese display panel maker.
These gaming monitors are on track to launch to the public for the
2018 end of year holiday season.
-- Financial:
o The Company's unaudited cash position at 31 July 2018 has
increased by GBP2.0m to GBP10.7m since 31 January 2018 (31 January
2018: GBP8.7m; 31 July 2017: GBP5.7m).
o Unaudited revenues for the year ended 31 July 2018 of up to
GBP2.5m arising from the first agreement with the Partner based on
management's assessment that the project will be complete by 31
December 2018. This assessment will be confirmed prior to the
release of the Preliminary Results and revenue will be adjusted
accordingly if required. Revenues from other agreements and sales
during the year amounted to c. GBP0.8m. As a result, unaudited
revenues are expected to be up to GBP3.3m (31st July 2017
GBP1.3m).
o GBP8m net proceeds from November 2017 fundraise.
Executive team reorganisation
During the period, Nanoco successfully implemented a structured
reorganisation of its executive team, combining its Chief Financial
Officer and Chief Operating Officer positions into one unified
role, and appointing Brian Tenner to this new position, effective
from 20 August 2018. Current Chief Financial Officer David Blain
will step down from his position on 20 August, and will remain with
Nanoco until 15 October 2018 to facilitate an orderly handover of
his duties.
Michael Edelman, Chief Executive of Nanoco, said:
"The second half of 2018 has been transformational for Nanoco
with the signing of the development and supply agreement with our
large US-listed partner in our nano-materials division. We have
made meaningful progress in display and lighting with first
commercial products expected later this calendar year. Our cash
position has improved since last reporting and we start the new
financial year with considerable confidence."
- Ends -
For further information, please contact:
Nanoco Tel: +44 (0) 161 603 7900
Michael Edelman, Chief Executive
Officer
Chris Richards, Non-Executive
Chairman
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
The information contained within this announcement constitutes
inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-technology to
create a brighter, more sustainable future. Based on breakthrough
science, Nanoco's proprietary manufacturing process enables the
large-scale production of its cadmium-free CFQD(R) quantum dots for
multiple applications including LCD display, lighting, healthcare,
nano-materials and solar.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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END
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