REG - Nanoco Group PLC - AGM Statement & Trading Update

NanocoAnnouncement

07/12/2023 07:00

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RNS Number : 9560V  Nanoco Group PLC  07 December 2023

7 December 2023

NANOCO GROUP PLC

("Nanoco", the "Group", or the "Company")

 

AGM Statement & Trading Update

Trading remains in line with the Board's expectations for FY24

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, will hold its Annual General Meeting
("AGM") later this morning. Details of the arrangements were included in the
Notice of Meeting issued on 13 November 2023.

The Company also today issues a trading update for the period to 30 November
2023 ("the Period").

Trading update - transitioning to a commercial production company

We have now delivered the last of four important strategic milestones set by
the Board in 2022. In November 2023, we fulfilled Nanoco's first ever
commercial production orders with the shipment of two different materials for
use in infra-red sensing applications. The initial use case is expected to be
for a low volume application measured in millions of units, whilst demand is
then expected to grow gradually, enabling Nanoco to become self-financing
during CY25.

We had previously already delivered the validation of our IP with the US
Patent Office; a successful conclusion to the Samsung litigation; and the
validation of at least one of our nanomaterials for commercial use.

On 7 November 2023, we announced an extended and deeper collaboration with our
Asian Chemical Customer for the development of a novel, second generation
material for use in infra-red sensing. This material will achieve even higher
levels of performance, enable new potential applications, and help to secure
Nanoco's pipeline of product development for a number of years to come. We are
also in advanced discussions for a further development agreement of a new
material with another major customer.

At our Runcorn site, work is underway to fit out a significant new device
facility which will extend the range of services we can offer customers as
well as accelerating the development of new materials, financed by the
retained funds from the litigation earmarked for investment.

Overall trading remains in line with the Board's expectations for FY24. The
return of capital process remains on track for early 2024.

Board update - Non-Executive Director recruitment on track

The Board previously announced its intention to recruit a new Non-Executive
Director with deep sector specialism in commercialising new technologies in
relevant electronics markets. The Nominations Committee has reviewed an
extensive list of highly qualified candidates, followed by short list
interviews and a number of individual candidate visits to our Runcorn site.

The recruitment process is now nearing its completion and we expect to update
shareholders shortly. The high quality of candidates and their appetite to
join us demonstrates the clear credibility of Nanoco's strategy and ability to
build a robust position as a supplier in global electronics supply chains.

Brian Tenner, Nanoco's CEO, commented:

"Nanoco is now a fully funded new technology business that has already gained
commercial traction for two of our products. We have strong and validated IP
covering a range of applications and the financial wherewithal not just to
defend that IP, but also to continue funding our leading edge R&D to
create additional valuable IP.

 

"Our customers' global reach, proven credibility, and ambitions for this
technology, emphasise the opportunities for Nanoco. Alongside the intended
return of capital in 2024, the Board is confident that the Group will deliver
increases in shareholder value in the medium term."

 

- Ends -

 

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 8100

Reg Hoare

Matthew Taylor

Christian Harte

nanoco@mhpgroup.com

 

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™ 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® 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 (http://www.nanocotechnologies.com)

 

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