16th Oct 2018 10:29
LONDON (Alliance News) - Nanoco Group PLC on Tuesday said its loss narrowed in its recently ended financial year due to a rise in revenue and lower expenses.
The nanomaterials manufacturer said pretax loss narrowed in the year to the end of July to GBP7.4 million from GBP10.9 million reported a year prior, as revenue more than doubled to GBP3.3 million from GBP1.3 million.
Billings have increased to GBP6.5 million from GBP1.1 million reported a year earlier as a new development & supply agreement was signed during the year.
Research & development costs fell to GBP4.0 million from GBP5.5 million year-on-year, while payroll costs declined to GBP5.3 million from GBP5.7 million due to a 22% decrease in average staff numbers following restructuring.
"It has been a challenging year for the group due to changes in programme launches by both our existing and potential new customers which have had an adverse impact on revenue expectations," said Chief Executive Michael Edelman.
"While there are still hurdles to overcome and a degree of uncertainty to be navigated, the Group is currently actively engaged in potentially transformative technological and commercial activities," added Chairman Christopher Richards.
"The board is therefore confident about the relevance of our technology and excited about the prospects for the Group in both the short and the long term," said Richards.
Nanoco shares were trading 8.8% lower on Tuesday at 31.06 pence each.
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