14th Oct 2013 07:39
LONDON (Alliance News) - Nanoco Group PLC Monday saw increases in revenues but wider pretax losses in the year ended July 31, as it ramped up operations and bolstered its headcount.
The manufacturer of quantum dots and other nanomaterials posted revenues of GBP3.9 million, up from GBP2.9 million in the previous year. Revenue was boosted by GBP634,000 from the US's Dow Chemical Company, with which Nanoco signed an agreement in January.
Nanoco registered a pretax loss of GBP5.0 million, widened from a pretax loss of GBP4.4 million in the previous year. Pretax losses were increased due to the additions of technical staff and increases in operating costs, the company said. Administrative expenses increased to GBP8.0 million from GBP6.4 million in the previous year. Nanoco increased its headcount to 98 people from 69 in the previous year.
The company spent GBP1.25 million to double capacity at its production facility in Runcorn, Cheshire, and has established four Semi-Tech lines to produce large sample quantities for the display industry.
Quantum dots are nanocrystals made of semiconductor materials, which can be used in solar cells, LEDs and diode lasers.
"Our partnership with Dow for the mass manufacture of Nanoco quantum dots to supply the display market is proceeding well and continues to be a major focus for the business," said Chairman Anthony Clinch in a statement. "Additionally, the company's development agreements with Osram and Toyko Electron are progressing well."
Shares in Nanoco last traded up 1.7% at 159.60 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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