Nanoco signs deal with ‘important European electronics customer’

Manchester-based Nanoco Group has signed a deal with what it describes as “an important European electronics customer” for the delivery of an enhanced version of its technology

Nanoco is a University of Manchester spin-out which develops materials used in the manufacture of monitors and TV screens.

In a stock exchange announcement this morning (November 5) it said this additional delivery supports the board’s revenue expectations for fiscal year 2022, which are consistent with the £2m of revenue generated in 2021.

The revenue from the third work package will contribute to the group’s performance in the first half of financial year 2022.

Chief executive, Brian Tenner, said: “This is an important next step in our electronics materials’ development project with this customer.

“Each successful delivery of work package milestones takes us closer to potential product validation and commercial production orders in the short to medium term.

“Favourable trends continue in significant global sectors utilising infra-red sensors.

“Our confidence in the viability and applicability of Nanoco’s nano-materials grows steadily as we advance through each development stage, subject to final customer adoption of the technology in end use devices.”

Earlier this week the business published its annual figures which showed a decline in annual turnover from £3.856m in 2021 to £2.091m, but a narrowing of its pre-tax losses from £5.972m to a loss of £5.080m.

Nanoco said the fall in sales was due to the completion of the contract with its US customer in the prior year.