Nanoco
Group PLC
("Nanoco", the "Group", or the "Company")
8 February 2024
Half Year
Trading Update
Performance in line
Continued
strategic progress towards commercial production at
scale
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 trading update
ahead of the announcement of its Half Year results for the six
months ended 31 January 2024, which are set to be released on 27
March 2024.
Operational overview
·
Critical milestone of first ever commercial
production order achieved with shipment of two
first-generation materials for use in infra-red sensing
applications in electronic devices.
·
Significant progress with our two global
electronics supply chain customers:
o Joint Development Agreement with STMicroelectronics, a global semiconductor leader serving
customers across the spectrum of electronics applications, to
optimise the performance of a second-generation sensing material
over a two year period.
o Joint Development Agreement lasting two years with an
important Asian Chemical customer to optimise a novel high
performing nano-material for potential use in a number of global
electronics applications.
·
Building and fit out underway for new 300mm wafer
device development and testing capability to shorten product
research cycles and to support new customer engagement.
Financial overview
·
Second and final tranche of litigation proceeds
(net $71.75m) received from Samsung after settling last year on a
no-fault basis for the alleged infringement of the Group's IP. Net
proceeds hedged at a rate of $1.22 / £1.00, generating £58.8m
including a net gain of £2.1m compared to spot rates on the date of
receipt.
·
Set to return capital to shareholders, in line
with previous commitments, in the range of £33.0-40.0m. The Group
will announce its proposals for the amount and structure
shortly.
·
As previously communicated, retained proceeds will
be invested in commercial opportunities and further expanding
R&D activities through to the self-financing position that is
expected during CY25.
·
Revenue and Adjusted EBITDA remain in line with
the Board's expectations.
Brian Tenner, Chief Executive
Officer of Nanoco, said:
"With the second tranche of litigation proceeds received,
Nanoco will soon be able to make the promised return of capital to
shareholders. The retained proceeds will then allow us to face the
future on a fully funded basis, enabling careful strategic
investment in R&D and expanded device capabilities and building
on the commercial products that we have already delivered to
market. The Group is well placed at the forefront of quantum dot
technology to generate increases in shareholder value in the medium
term. We look forward to announcing further progress, including the
opening of our new fab."
- Ends -
For further information, please
contact:
Nanoco Group plc:
Brian Tenner,
CEO
44 (0)1928 761 404
Liam Gray, CFO & Company
Secretary
Cavendish Capital Markets Limited
(Financial Adviser & Joint Corporate Broker):
Ed Frisby / George Lawson (Corporate
Finance)
44 (0) 20 7220 0500
Tim Redfern / Charlie Combe
(Corporate Broking)
Jasper Berry (Sales)
Turner Pope Investments (Joint
Corporate Broker):
Andrew
Thacker
44 (0) 20 3657 0050
James Pope
Powerscourt (Public
Relations)
44 (0)7970 246 725
Elly Williamson
Ollie Simmonds
Nanoco@powerscourt-group.com
The person responsible for arranging
for the release of this announcement on behalf of Nanoco is Liam
Gray, Chief Financial Officer.
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.
About Nanoco Group plc
Nanoco (LSE: NANO) is a
nano-material production and licensing company, specialising in the
production of its patented cadmium free quantum dots (CFQD®) and
other patented nano-materials for use in the electronics
industries.
Founded in 2001 and headquartered in
Runcorn, UK, Nanoco continues to build out a world-class,
patent-protected IP portfolio alongside the scaling of the
production for commercial orders.
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. 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
Sensor, Electronics and Display markets. Nanoco's CFQD® 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
display applications. Nanoco's HEATWAVE™ quantum dots can be tuned
to absorb light at different wavelengths across the near-infrared
spectrum, rendering them useful for applications including cameras
and image sensors.
Nanoco is listed on the Main Market
of the London Stock Exchange, holds the LSE's Green Economy Mark,
and trades under the ticker symbol NANO. For further information
please visit: www.nanocotechnologies.com