Nanoco optimistic despite higher losses

FULL year losses have widened at pioneering nanotechnology firm Nanoco but management is optimistic about the business’s future commercial prospects.

Pre-tax losses grew to £4.35m from £3.22m last time, while sales were up nearly 12% to £2.95m.

The Manchester-based firm said the losses reflected investment in its manufacturing capabilities and higher staff costs.

Nanoco makes quantum dots – tiny fluorescent particles of semiconductor material which have the ability to emit light.

They are in demand because they consume less power than existing systems. The business has notched up several deals with major Japanese technology firms specialising in lighting, electronic goods and solar panels. It also has business development executives working in China, Taiwan, Korea and the US.

Chairman Peter Rowley said: “We made significant progress with our commercial and development agreements during the year and our transition from a research-based company to a commercially focused, high-tech manufacturing business continues apace. We were particularly pleased to sign our first agreement in general lighting, a potentially high volume application in which we are seeing growing interest.

“We enter the current year with increasing momentum in our business development activities and look forward to the future with confidence.”

The business, which now has 69 staff, has cash, or cash equivalents, of £15.4m.