9th Apr 2019 11:20
LONDON (Alliance News) - Nanoco Group PLC on Tuesday said its loss narrowed in the first half of its current financial year following a completion of a commercial agreement.
The quantum dots manufacturer said loss for the six months to the end of January totaled GBP3.1 million versus GBP4.8 million loss reported a year earlier. Revenue multiplied to GBP3.2 million from GBP196,000.
The significant increase in revenue primarily reflects the completion of commercial contracts signed at the start of the second half of Nanoco's financial 2018, it said.
Investment in research & development in the period was GBP1.6 million, down from GBP1.9 million, to support the ongoing development of CFQD and other nano-particles.
Administrative expenses, meanwhile, increased to GBP4.3 million from GBP3.1 million as a result of a headcount growth and the additional occupancy costs of the expanded Runcorn facility in the UK.
"These significantly improved financial results are a welcome step forward. At the same time, we also continue to carefully manage our cost base and cash resources," said Chief Executive Michael Edelman.
Nanoco shares were trading 3.6% lower on Tuesday at 46.30 pence each.
Related Shares:
Nanoco