TIDMNANO
RNS Number : 0970W
Nanoco Group PLC
16 August 2022
16 August 2022
NANOCO GROUP PLC
(" Nanoco ", the "Company" or the "Group" )
Year End Trading Update
Notice of Results
"Positive organic momentum and extended cash runway ahead of
Samsung trial"
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other specific
nanomaterials emanating from our technology platform, today
provides the following year end trading update ahead of the
announcement of its final results for the year to 31 July 2022,
which will be released in October 2022.
Financial highlights:
-- Unaudited revenues of GBP2.4m for the year ended 31 July
2022, in line with the Board's expectations and just over 10% above
FY21.
-- Continued proactive management of the cost base resulting in
a reduced Adjusted LBITDA, slightly ahead of the Board's
expectations.
-- Unaudited cash position at 31 July 2022 of GBP6.8m, an
increase of GBP5.0m since 31 January 2022, reflecting the
over-subscribed GBP5.4m equity raise (net) in June 2022 and good
operating cash performance in H2 FY22.
-- Cash runway extended to calendar year 2025, beyond the
expected point at which the Group's organic operations become
self-financing.
Operational highlights
-- Major work package (the fifth) for European electronics
customer signed in June 2022, further underpinning the Group's cash
runway.
-- Additional development work and material supplies continue
for the major Asian chemical company.
-- Group order book more than doubled year-on-year.
-- Ongoing consolidation of the Group's operations in to one facility in Runcorn.
Litigation update
-- As previously announced, trial set to start 12 September 2022 and expected to last one week.
-- Pre-trial conference date has been set for 18-19 August 2022.
-- Judge issued ruling rejecting Samsung motion to change the
definitions of an important technical term in the case (previously
decided in Nanoco's favour at the Markman hearing).
Final results date
The Company expects to announce its final results for the year
ended 31 July 2022 in the second half of October 2022.
Brian Tenner, Chief Executive of Nanoco, said:
"The Group delivered two very important milestones in the second
half of FY22. We emphatically won all five patents and all 47
claims that were contested by Samsung at the Patent Trial and
Appeal Board. We also delivered a significant contract extension
with our European electronics customer that covers the work
required to scale up and validate our nano-materials for production
readiness.
"We move forward with confidence to the scheduled trial in the
IP litigation on 12 September 2022 and to validating our products
in H1 of FY23, ahead of expected visibility of production orders
shortly thereafter. We are completing the relocation of our
Manchester operations into the consolidated site in Runcorn to
deliver operational benefits and real cash savings.
"The combination of strong progress on the IP litigation and the
underlying organic business is a robust platform to deliver
significant value to all of our stakeholders in the short to medium
term."
- Ends -
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO +44 (0) 161 603 7900
Liam Gray, CFO & Company Secretary +44 (0) 161 603 7900
Peel Hunt (Joint Corporate Broker):
Edward Knight +44 (0) 20 7418 8900
James Smith
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker
+44 (0) 20 3657 0050
James Pope
MHP Communications :
+44 (0) 203 128 8570
Reg Hoare
Pete Lambie
nanoco@mhpc.com
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 Manchester,
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.
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