Revenue doubles at nano technology research business

Nanoco

A firm which develops materials used in the manufacture of monitors and TV screens saw its revenues double last year.

Manchester University spin out Nanoco has also seen progress in the development of its research.

The firm received £2.6m in milestone payments and fees from contracts during the year

And the development of new manufacturing facilities in Runcorn, funded by £2.9m advance payments by a US company against discounted future product sales went ahead.

The firm said there was a significant increase in billings to £6.5m – up from £1.1m in 2017.

Revenue and other operating income more than doubled to £3.5m (2017: £1.6 million)

As a result loss after tax was cut to £6m from £9.1m the previous year.

Dr Christopher Richards, Nanoco’s Chairman, said: “The last year has clearly shown the benefits of Nanoco’s technological leadership, with some potentially very attractive commercial opportunities emerging in the short term.

“The rapid re-deployment of our internal resources to focus on emerging and attractive nano-materials opportunities demonstrates our agility and the strength of the group’s technology platform, which allows us to respond quickly to our existing customers and to new unmet needs and opportunities that are emerging.

“Our challenge is to execute and deliver on those opportunities within the constraints of our current resource base.

“The executive team is alert to the potential of further delays in the realisation of those opportunities and contingency plans are in place to manage further delays to our commercial development.

“While there are still hurdles to overcome and a degree of uncertainty to be navigated, the group is currently actively engaged in potentially transformative technological and commercial activities.

“The board is therefore confident about the relevance of our technology and excited about the prospects for the group in both the short and the long term.”

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