Nanoco Group PLC Update re Unaudited Revenues (9461L)
07 October 2016 - 5:00PM
UK Regulatory
TIDMNANO
RNS Number : 9461L
Nanoco Group PLC
07 October 2016
For immediate release 7 October 2016
NANOCO GROUP PLC
("Nanoco" or the "Company" or "Group")
Update re Unaudited Revenues
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other
nanomaterials, announces the following update on the timing of
revenue recognition of licence agreements signed in July 2016.
The upfront licence fees associated with the agreements are to
be recognised over the period of Nanoco's contractual support. It
is expected that GBP0.5 million will be released to revenue in the
year ending 31 July 2017 and GBP0.7 million will be released over
the following six years ending 31 July 2023.
Grant income will be presented as "Other income" in the current
year.
The Group's accounts for the year ended 31 July 2016, which
remain unaudited, are expected to include revenue of GBP0.4
million, other income of GBP0.3 million and GBP1.2 million in
deferred revenue on the Group's balance sheet as at 31 July 2016,
giving a total of GBP1.9 million.
The Company's cash position is unaffected by these changes in
accounting treatment.
For further information, please contact:
Nanoco Tel: +44 (0) 161 603
7900
Michael Edelman, Chief
Executive Officer
David Blain, Chief Financial
Officer
Caroline Watson, Investor Tel: + 44 (0) 7799
Relations Manager 897357
cwatson@nanocotechnologies.com
Peel Hunt Tel: +44 (0) 20 7418
8900
Adrian Trimmings
George Sellar
Buchanan Tel: +44 (0) 20 7466
5000
Mark Court / Sophie Cowles
/ Stephanie Watson
Notes for editors:
About Nanoco Group plc
Nanoco is a world leader in the development and production of
cadmium-free quantum dots and other nanomaterials for use in
multiple applications including LCD displays, lighting, solar cells
and bio-imaging. In the display market, Nanoco has non-exclusive
manufacturing and marketing licensing agreements with The Dow
Chemical Company, Merck KGaA and Taiwan's Wah Hong Industrial
Corporation. Nanoco also has a strategy of direct sales in display
and in its other target markets, including lighting.
Nanoco was founded in 2001 and is headquartered in Manchester,
UK. It has production facilities in Runcorn, UK, and a US
subsidiary, Nanoco Inc, based in Concord, MA. Nanoco also has
business development executives in Japan, Korea and Greater China.
Its technology is protected worldwide by a large and growing patent
estate.
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.nanocogroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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