Nanoco views future with ‘considerable confidence’
Nanoco Group, the Manchester-based specialist in the development and manufacture of cadmium-free quantum dots and other nanomaterials, said today it starts its new financial year with “considerable confidence”.
It released a trading update for the year to July 31, ahead of the release of its full results on October 16.
The group, said it had made steady progress in the execution of the material development and supply agreements for nano-materials, with a large, undisclosed US-listed corporation.
New manufacturing facilities in Runcorn are progressing as planned and small-scale commercial shipments are expected to commence in the fourth quarter of 2018, while volume production is expected to start in the second half of 2019.
The first half of 2019 will be used to stress test and improve the new Runcorn facility.
Nanoco said it continues to make progress in display, initially with gaming monitors.
Its patented CFQD resin is being provided to Wah Hong to convert into film for a Taiwanese display panel maker.
These gaming monitors are on track to launch to the public for the 2018 end of year holiday season.
The company’s unaudited cash position at 31 July 2018 has increased by £2.0m to £10.7m since 31 January 2018 (31 January 2018: £8.7m; 31 July 2017: £5.7m).
Unaudited revenues for the year ended July 31, were £2.5m, arising from the first agreement with the US partner. This assessment will be confirmed prior to the release of the preliminary results and revenue will be adjusted accordingly, if required.
Revenues from other agreements and sales during the year amounted to around £800,000. As a result, unaudited revenues are expected to be up to £3.3m, compared with £1.3m in the same period last year.
