REG - Nanoco Group PLC - Trading Update & Directorate Change

NanocoAnnouncement

12/09/2022 08:30

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RNS Number : 0843Z  Nanoco Group PLC  12 September 2022

For Immediate
Release
12 September 2022

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 "Company" or the "Group")

 

Trading Update - FY23 outlook likely to significantly exceed expectations

 

Directorate Change

 

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 announces an improving outlook
for revenue for the year ended 31 July 2023 ("FY23") and a change in
Non-Executive membership of the Board.

Trading outlook:

The Group has secured robust order intake in recent months. Longer term
visibility has been generated by our previously announced full year contract
with the European electronics customer for development and scale up services.
This has since been supplemented with additional purchase orders for
development and validation materials.

 

In addition, other existing customers have continued development programmes
with an associated increase in demand for further materials. The additional
development work package and material orders with the major Asian chemical
customer that were announced on 6 June as being under discussion have now been
agreed.

 

This robust order intake means that revenue in FY23 is likely to significantly
exceed the Board's previous expectations and FY22 revenue by around 20%.

 

Directorate change:

Henry Turcan, Non-Executive Director and representative of Lombard Odier Asset
Management, the Group's largest shareholder, has informed the Company that he
wishes to step down from the Board with immediate effect.

 

Commenting on the trading outlook, Brian Tenner, Chief Executive of Nanoco,
said:

"We continue to deliver steady incremental growth in the provision of
development services and small scale volumes of materials for testing,
engineering device samples and operational sampling activities by a number of
sensing customers pending visibility of potential commercial production
orders.

 

"We are also seeing an increase in enquiries around Nanoco's unique and patent
protected CFQD® quantum dots which may lead to small scale development work
in the short term, reflecting the increased validation of, and potential
applications for Nanoco's technologies."

 

Commenting on the directorate change, Chris Richards, Chairman of Nanoco,
said:

"I would like to place on record our thanks to Henry for his contribution to
the Board. He leaves the Board at a time when the Group has funding in place
beyond the point in time when the Group expects to become self-financing. We
will continue to work with Henry and his colleagues at Lombard Odier, our
largest shareholder, and remain grateful for their continuing support. I know
they, like us, are extremely excited about the forthcoming trial and the
Company's longer term prospects."

 

- 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):

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
Communications:
+44 (0) 203 128 8570

Reg Hoare

Pete Lambie

nanoco@mhpc.com

 

The person responsible for arranging for the release of this announcement on
behalf of Nanoco is Liam Gray, Company Secretary.

MAR

This Announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of
the European Union (withdrawal) Act 2018.  Upon the publication of this
announcement via a Regulatory Information Service, this inside information
will be considered to be in the public domain.

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 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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