Quantum dot maker Nanoco upbeat despite loss

QUANTUM dot maker Nanoco hailed “significant progress” as it posted a half year loss of £475,000.

The AIM-listed Manchester company, which is a world-leader in its specialism, uses a patented process for the manufacture of quantum dots on a commercial scale.

Quantum dots are fluorescent nano-sized particles of semiconductor material.
Nanoco supplies companies operating in the electronics, lighting and biomedical sectors.

Last week it received a £1.34m milestone payment from a Japanese customer which is using its quantum dots to develop a next-generation lighting products.

Nanoco, which was spun out of Manchester University, made a profit of £631,000 in the first half of last year. Revenues in the period fell from £1.78m to £1.6m.
The recent payment was not included in these figures.

Chief executive Michael Edelman said: “At this stage in the company’s development, revenues are primarily a reflection of the amount and timing of milestone and joint development payments from strategic partners.

“This pattern of revenues is expected to continue in the second half of the financial year.”

Nanoco had £5.04m cash at the period end compared with £3.05m last year.

Chairman Dr Peter Rowley said prospects for the company were good, with strong demand expected for its products.

“We are continuing to make good progress with manufacturing scale-up and with our commercial agreements.

“Meanwhile the backdrop of potential demand for our quantum dots is increasingly positive, supported for example by trends such as the recently introduced legislation in California demanding that the power consumption of TVs is reduced.”