City round-up: Nanoco; Genedrive
Manchester-based Nanoco Group said it expects its revenues for the current year to exceed the £2.1m generated in 2021.
Nanoco is a University of Manchester spin-out which develops materials used in the manufacture of monitors and TV screens.
In a stock market update this morning, it announced that it has signed a further agreement with its important European electronics customer for the delivery of an enhanced and scaled up version of its technology.
Consequently, the board now expects to exceed last year’s revenue levels. Nanoco said the revenue from this fourth work package with the customer will contribute to the group’s performance in the third quarter of fiscal year 2022.
Brian Tenner, Nanoco’s CEO, said: “This agreement is a further important milestone on Nanoco’s path to commercial production of materials for sensing applications.
“As part of that path, the board has decided to re-locate R&D and scale up activities from the Manchester R&D centre to our Runcorn production site. This move will streamline product development as we prepare our Runcorn facility for commercial production.”
He added: “Global interest continues to grow in the use of Nanoco’s nanomaterials in a very wide range of potential infra-red sensing applications. We remain focused on our short to medium term goal of commercialising Nanoco’s nanomaterials with meaningful production volumes, subject to final customer adoption of the technology in end use devices.”
Nanoco announced a third package of work from its European customer in November last year.
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David Budd
Genedrive, the Manchester-based molecular testing business, has appointed Russell Shaw as its chief financial officer, and a director of the company, from April 7.
He brings more than 16 years’ experience in senior positions in the industrials, technology and business services industries.
Prior to joining Genedrive, Russell spent 10 years as finance director at Driver Group, an AIM-quoted company providing consultancy services to the engineering and construction industries. Russell has been CFO of several private companies in recent years and currently holds this position at Inflow Consultancy, from which he will resign prior to joining the board of Genedrive.
Russell is a fellow of the Chartered Institute of Management Accountants.
He will join the company as an employee on March 23, to ensure there is a handover period with the outgoing CFO, Matthew Fowler, who will now be resigning from the board on April 7, rather than April 19, as previously stated.
Genedrive chief executive, David Budd, said: “Russ’s experience will allow him to have a positive impact across the company, both at an operational and strategic level. I am very pleased to have Russ join Genedrive and look forward to his contributions and input in the commercial and financial growth of the company. At the same time, we would like to thank Matthew Fowler for his work and diligence as CFO over the past five years and wish him every success in his next role.”
Russell Shaw said: “I’m excited to be joining Genedrive at this stage of development. I am looking forward to working with the board and the entire operational team to seize opportunities and build on the strengths of the business.”
