Nanoco announces anticipated 20% upturn in annual revenues

Nanoco

Nanoco Group expects its 2022 revenues to be around 20% more than board expectations following a boost to its order intake, it revealed today.

The Manchester-based developer of materials used in the manufacture of monitors and TV screens announced its improving outlook for revenues in a trading update today.

It said the group has secured robust order intake in recent months.

Longer term visibility has been generated by the group’s previously announced full year contract with the European electronics customer for development and scale up services. This has since been supplemented with additional purchase orders for development and validation materials.

In addition, other existing customers have continued development programmes with an associated increase in demand for further materials.

The additional development work package and material orders with Nanoco’s major Asian chemical customer that were announced on June 6, as being under discussion have now been agreed.

Nanoco also announced that Henry Turcan, non-executive director and representative of Lombard Odier Asset Management, the group’s largest shareholder, has informed the company that he wishes to step down from the board with immediate effect.

Chief executive, Brian Tenner, said: “We continue to deliver steady incremental growth in the provision of development services and small scale volumes of materials for testing, engineering device samples and operational sampling activities by a number of sensing customers pending visibility of potential commercial production orders.

“We are also seeing an increase in enquiries around Nanoco’s unique and patent protected CFQD quantum dots which may lead to small scale development work in the short term, reflecting the increased validation of, and potential applications for Nanoco’s technologies.”

The group is currently in litigation with global tech giant Samsung over alleged intellectual property infringements. Due to start today (September 12) in the Eastern District of Texas, the legal proceedings are now expected to take pace in October.

Nanoco chairman, Chris Richards, said: “I would like to place on record our thanks to Henry for his contribution to the board.

“He leaves the board at a time when the group has funding in place beyond the point in time when the group expects to become self-financing.

“We will continue to work with Henry and his colleagues at Lombard Odier, our largest shareholder, and remain grateful for their continuing support. I know they, like us, are extremely excited about the forthcoming trial and the company’s longer term prospects.”

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