Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots (“CFQDs”) and other nano-materials, has today announced its unaudited half-year results for the six months ended 31 January 2018.
Operational highlights
· Further encouraging progress in commercial traction
· Successful CES in Las Vegas where Nanoco demonstrated high-end TVs and monitors, generating several important leads
· Exhibition of TVs by AUO containing Nanoco’s CFQD® Fine Color FilmTM at leading industry show Touch Taiwan
· Commercial Supply and License Agreement with a US corporation in the field of medical devices under the brand name CareWear® (as announced 8 September 2017)
· Other markets in specialised horticultural lighting and life sciences now showing encouraging progress
· First toxicology studies performed on our biological quantum dots indicated no evidence of mutagenicity when evaluated by the widely used Ames test – an important initial safety test
· The Group now benefits from c.600 patents and patent applications
Momentum in current trading
· New Material Development and Supply Agreement announced post-half-year end, with a large US-listed corporation for advanced electronic devices, including capex funding for the expansion of Nanoco’s Runcorn facility (as announced 8 February 2018)
· Encouraged by the increasing number of Nanoco-equipped display products moving through to commercial production with customers in Asia
· Materials shipped from the first commercial orders received in 2017 have been utilised in the detailed and lengthy testing process prior to volume production and we expect first products to be in the market during 2018
Financial highlights
· Balance sheet strengthened with the net proceeds of £8.0 million following placing in November 2017
· Revenue and other operating income for the six months was £0.26 million (H1 2017: £0.82 million) and the loss after tax was £4.20 million (H1 2017: £5.43 million)
· Cash and cash on deposit at 31 January 2018 was £8.74 million (31 July 2017: £5.71 million; 31 January 2017: £8.33 million)
· Additional cash resources are receivable in relation to accrued R&D tax credits and the upfront milestone payment and capex funding from our new US partner
Dr Michael Edelman, Nanoco Group PLC Chief Executive Officer, said: “The first half of the financial year has seen encouraging progress for Nanoco, underlining the strength and breadth of Nanoco’s know-how and the relevance of our intellectual property and technology across a wide range of different end markets and applications.
“The announcement post-period end of a new contract with a large US-listed corporation for the scale-up and volume production of novel nano-particles is a testament to the significant momentum we are seeing as a Group. Demand for our technology in display is gaining traction, while in our other markets of lighting and life sciences commercial developments are also progressing well.
“We continue to keep a tight control on costs while further commercialising our technology to take advantage of large and growing market opportunities, supported by our successful fundraising in November 2017 and the cash receivable from our newest partner.
“I am excited about the Group’s prospects and remain very confident about the relevance of our technology across a broad spectrum of end markets, as well as our ability to execute and deliver current orders and future sales.”
