City round-up: Nanoco;  Sosandar; Pebble Group

Nanoco Group, the Runcorn-based nanotech business, has appointed a new chief executive, with immediate effect.

Previous CEO, Brian Tenner, informed the board in July that he intended to step down from the role to “pursue new opportunities”.

Today (October 22), the group announced that Dmitry Shashkov will take the reins, hailing it as a key milestone for Nanoco as it continues its strategic evaluation of its trading business and assets.

He has a track record as a leader of technology companies, with more than 20 years of experience managing businesses in the electronics and biomedical fields, and technical expertise in metals and other advanced materials as well as significant exposure to semiconductors, flat panel displays (FPD), Photovoltaic (PV), Light Emitting Diode (LED), and medical device industries.

Most recently, he was the CEO of CPS Group of companies – later part of Exyte – from 2020 to 2024, which was focused on high tech equipment for semiconductors and life science facilities.

Under his leadership, the revenues of the business tripled and the profitability increased four-fold, before it was successfully sold to a strategic investor.

Prior to joining CPS Group, Dmitry led three high-tech businesses in his capacity as President and CEO of Exogenesis, a nanotechnology start-up developing medical device and semiconductor technology,

He is also President and CEO of HC Starck Inc, a world leading supplier of refractory metals to numerous industries, and Business Director at Honeywell, a leading supplier of electronic materials.

Non-executive chairman, Chris Richards, said: “Dmitry’s proven track record in leading materials science-based businesses, driving shareholder value through transformational business development, make him the ideal candidate to take Nanoco forward.

“We look forward to working with Dmitry both to develop the commercial opportunities and to pursue potential strategic options for our trading business. We are certain that this appointment is additive to the attractions of the company.”

He added: “At the same time, I would like to thank Brian Tenner on behalf of the board for his significant efforts during his tenure, notably the settlement of the litigation with Samsung and working to secure the company’s first ever commercial order.

“We are glad that he and his expertise and experience will remain available to us in ensuring an orderly handover to Dmitry, and in assisting advisers with respect to the corporate options available to us.”

Dmitry Shashkov said: “I am truly excited to join the Nanoco team. I was impressed with Nanoco’s technology, high volume manufacturing capabilities, as well as the breadth and depth of their IP.

“More importantly, in my initial interactions with Nanoco employees I saw great desire to succeed and great energy to make things happen. Likewise, I saw Nanoco’s board highly committed to maximising shareholder value and highly supportive in developing a new direction for the company. I am looking forward to working with the Nanoco team and board to move the company forward”

Nanoco develops materials used in the manufacture of monitors and TV screens and technologies for medical imaging and the early diagnosis of cancer.

The company also announced today that it expects to release its full year results on November 20, 2024.

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Ali Hall and Julie Lavington

Wilmslow-based women’s fashion brand, Sosandar, said it has almost halved its interim losses in a trading update for the six month period to September 30, today.

It reported a £700,000 pre-tax loss, compared with a £1.3m pre-tax loss the previous year as a result of margin enhancement and continued careful cost management.

Revenues dropped from £22.3m last year to £16.2m as the group continued to transition away from price promotional activity outside the major scheduled sale events.

Sosandar said it has robust net cash of £7m, reflecting timing of inbound stock for the autumn/winter collection and capital expenditure for Sosandar’s roll-out of own stores.

Trading in October across all channels has started strongly, with revenue ahead of last year. The company said its FY25 revenue expectations have been moderated to £40m, although pre-tax profit expectations are unchanged.

Sosandar said it continues to benefit from its strong third-party partnerships, including Next and Marks & Spencer in the UK, adding its partnership with The Iconic in Australia has also started well. 

Ali Hall and Julie Lavington, co-CEOs said: “The opening of our first three own stores marks a key point in the company’s development, as we move towards becoming a true multi-channel retailer.

“We have hit the ground running with strong footfall and conversion, and have also seen a demonstrable uplift in traffic to our website in the areas where our stores are located.”

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Pebble

Pebble Group, the Trafford Park-based corporate promotions specialist, said today that it has given notice to withdraw from trading on the OTCQX Best Market in the United States (OTCQX).

It is expected that the group’s ordinary shares will cease to trade on the OTCQX with effect from October 22, 2024.#

The group’s ordinary shares began trading on OTCQX on April 20, 2023, but there has been limited trading since that date.

There is no change to the admission or trading of the company’s ordinary shares on AIM.