12th Sep 2022 11:47
(Alliance News) - Nanoco Group PLC on Monday lifted its revenue outlook, as order intake provides the company with "longer term visibility".
The Manchester-based nanomaterial developer and manufacturer said it has secured a "robust" order intake in recent months.
Nanoco noted a full year contract with a "European electronics customer" for development and scale-up services, which has also been supplemented with additional orders for development and validation materials. This will provide "longer-term visibility", it explained.
Further, Nanoco said other existing customers have continued development programmes with an associated increase in demand for further materials.
Chief Executive Brian Tenner said: "We continue to deliver steady incremental growth in the provision of development services and small scale volumes of materials for testing, engineering device samples and operational sampling activities by a number of sensing customers pending visibility of potential commercial production orders."
Nanoco said that this "robust" order intake means that revenue in its financial year to July 31, 2023, is likely to "significantly" exceed the board's previous expectations and financial year 2022 revenue by around 20%.
Nanoco also said that Henry Turcan, a non-executive director and representative of Lombard Odier Asset Management, plans to step down from the board with immediate effect. Lombard is the group's largest shareholder.
Turcan "leaves the board at a time when the group has funding in place beyond the point in time when the group expects to become self-financing", Nanoco Chair Richards explained.
Shares in Nanoco were up 0.9% to 52.87 pence each in London on Monday around midday.
By Sophie Rose; [email protected]
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