TIDMNANO
RNS Number : 8579O
Nanoco Group PLC
03 February 2023
FOR IMMEDIATE RELEASE 3 February 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE
SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").
Nanoco Group PLC
( " Nanoco", the " Group", or the " Company")
Half year trading update - ahead of expectations
Separately to the update on the litigation settlement published
today, Nanoco today issues a trading update for the half year ended
31 January 2023 (the "Period") in relation to the organic business,
which has continued to make further progress in customer delivery
and scaling for potential production orders this year.
Operational overview
-- Continued successful delivery of technical milestones
throughout the Period for the European Electronics and Asian
Chemical customers.
-- Increase in demand for volumes of development materials.
-- On track to deliver two fully validated production materials for use in infra-red sensing.
-- Manchester exit and Runcorn relocation delivered on budget and slightly ahead of time.
-- Runcorn CFQD facility re-commissioning alongside recruitment
of additional production and production support personnel.
-- Focus remains on delivering production ready facility and
validated materials in anticipation of production orders in
CY23.
Financial overview
-- Revenue remains comfortably in line with the Board's expectations.
-- Active cost management is delivering costs also comfortably
in line with the Board's expectations.
-- As a result of the factors above, combined with FX tailwinds,
the Adjusted EBITDA loss for the year is now expected to be
narrower than (and therefore ahead of) the Board's
expectations.
-- Net cash consumption in the Period was GBP0.8m, leaving a
cash balance of GBP6.0m, also comfortably in line with the Board's
expectations.
The Company expects to announce its Interim Results for the half
year ended 31 January 2023 on 28 March 2023. The financial impact
of the litigation settlement will be included in the Company's
results from the second half of this financial year, onwards.
Brian Tenner, CEO of Nanoco, said:
"In the first half, we have continued to build on the
significant positive momentum achieved in the last few years,
positioning ourselves for significant organic growth in the near
term.
"For potential customers, the validation of our IP and the
funding that the litigation settlement announced separately today
cements the viability of Nanoco as a robust and reliable supplier
operating in huge international electronics markets."
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO +44 (0)1928 761 404
Liam Gray, CFO & Company Secretary
Peel Hunt (Joint Corporate Broker):
Paul Gillam +44 (0) 20 7418 8900
James Smith
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker +44 (0) 20 3657 0050
James Pope
MHP : +44 (0) 203 128 8570
Reg Hoare
Pete Lambie
nanoco@mhpgroup.com
- Ends -
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Liam Gray, Chief Financial
Officer.
MAR
The information contained within this announcement is considered
by the Company to contain inside information for the purposes of UK
MAR. Upon the publication of this announcement via a Regulatory
Information Service, this inside information will be considered to
be in the public domain.
FORWARD LOOKING STATEMENTS
This announcement (including information incorporated by
reference in this announcement) and other information published by
Nanoco may contain statements about Nanoco that are or may be
deemed to be forward looking statements. Such statements are
prospective in nature. All statements other than historical
statements of facts may be forward looking statements. Without
limitation, statements containing the words "targets", "plans",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "projects" or "considers" or other
similar words may be forward looking statements.
Forward looking statements inherently contain risks and
uncertainties as they relate to events or circumstances in the
future. Important factors such as business or economic cycles, the
terms and conditions of Nanoco's financing arrangements, tax rates,
or increased competition may cause Nanoco's actual financial
results, performance or achievements to differ materially from any
forward looking statements. Due to such uncertainties and risks,
readers are cautioned not to place undue reliance on such forward
looking statements, which speak only as of the date hereof. Nanoco
disclaims any obligation to update any forward looking or other
statements contained herein, except as required by applicable
law.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials.
Nano-materials are materials with dimensions typically in the range
1 - 100 nm. Nano-materials have a range of useful properties,
including optical and electronic. Quantum dots are a subclass of
nano-material that have size-dependent optical and electronic
properties. The Group produces quantum dots and other
nano-materials. Within the sphere of quantum dots, the Group
exploits different characteristics of the quantum dots to target
different performance criteria that are attractive to specific
markets or end-user applications such as the Display, Sensor and
Electronics markets. An interesting property of quantum dots is
their absorption spectrum. Nanoco's HEATWAVE(TM) quantum dots can
be tuned to absorb light at different wavelengths across the
near-infrared spectrum, rendering them useful for applications
including image sensors. Another interesting property of quantum
dots is photoluminescence: the emission of longer wavelength light
upon excitation by light of a shorter wavelength. The colour of
light emitted depends on the particle size. Nanoco's CFQD(R)
quantum dots are free of cadmium and other toxic heavy metals, and
can be tuned to emit light at different wavelengths across the
visible and infrared spectrum, rendering them useful for a wide
range of applications including displays, lighting and biological
imaging.
Nanoco was founded in 2001 and is headquartered in Runcorn, UK,
with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues
to build out a world-class, patent-protected IP portfolio generated
both by its own innovation engine, as well as through
acquisition.
Nanoco is listed on the Main Market of the London Stock Exchange
and trades under the ticker symbol NANO. For further information
please visit: www.nanocotechnologies.com.
visit: www.nanocotechnologies.com .
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END
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