Nanoco Group Announces 2016 Preliminary Results

Nanoco Group plc, a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, announced its preliminary results for the year ended July 31, 2016.
 
Highlights include:
• Transformed business model which should accelerate the commercialization of its technology.
• Sample requests have increased over the past few months for Dow’s TREVISTA cadmium-free quantum dots and are being fulfilled exclusively from Dow’s dedicated Cheonan plant.
• Merck license agreement signed in July 2016.
• Well advanced in transferring our technology to Merck and we expect them to be running initial manufacturing trials in the near future.
• Wah Hong license agreement signed in July 2016; sampling to customers is under way.
• Significant increase in manufacturing capacity following process improvements and efficiencies developed during the year, together with moving to shift work post year end.
• IP portfolio has grown to 467 patents and patents pending at year end.
• Future opportunities if life science continues to emerge.
• Revenue for the year was £0.47 million (2015: £2.03 million) and the loss after tax was £10.61 million (2015: £8.97 million). Billings in July 2016 which are deferred into future years amounted to £1.18 million.
• Cash and cash on deposit at 31 July 2016 was £14.51 million (2015: £24.31 million).
 
“I am encouraged that the significant progress made during the year, especially in new licensing agreements and manufacturing improvements, have put the Group in a strong position for rapid revenue growth,” Dr. Christopher Richards, Nanoco’s chairman, said. “Combined with our solid cash position, we look forward to the future with confidence.”