REG - Nanoco Group PLC - Trading Update

NanocoAnnouncement

16/08/2022 07:00

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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 £2.4m 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 £6.8m, an increase of
£5.0m since 31 January 2022, reflecting the over-subscribed £5.4m 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™ 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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