8th Aug 2016 07:17
LONDON (Alliance News) - Nanoco Group PLC on Monday said it remains confident of achieving progress in commercialising its technologies in its current financial year, though it expects to report a decline in revenue for its recently ended year.
The quantum dot maker said its revenue in the year to end-July was GBP1.9 million, lower than the GBP2.0 million it reported for the previous year, but in line with the company's expectations. It had cash of GBP14.4 million on its balance sheet at the end of July, compared to GBP18.3 million at the end of January.
Nanoco said it had made "substantial progress" and achieved a number of commercial, technological and organisational milestones during the year.
It moved to a non-exclusive licence agreement from an exclusive one with the Dow Chemical Co in March. It received notification of its royalty payment from Dow for the quarter to end-June and said that, whilst this payment was "modest", it was higher than the first royalty it had received earlier this year. The company didn't provide the exact amount.
Nanoco said its new non-exclusive strategy has allowed it to open up additional routes into the display market. In July, it inked a supply and licence deal with Wah Hong Industrial Corp, which supplies optical films to the display industry. Additionally, Nanoco signed a deal with Merck KCaA, under which Merck will build a large-scale manufacturing plant to supply Nanoco's cadmium-free quantum dots.
Nanoco continues to evaluate other potential commercial opportunities in the display sector, it said. Whilst this remains its primary focus, it also continued to progress other target markets during the year, including lighting, life sciences and solar.
The company expects to report its full year results in mid-October.
Shares in Nanoco were down 1.8% at 68.50 pence Monday shortly after the market open.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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