Nanoco upbeat in wake of £20m move to LSE

MANCHESTER-based high tech manufacturer Nanoco is reporting a successful transition from the AIM to the main market of the London Stock Exchange – accompanied by a £20m windfall.

In its pre-close trading statement ahead of its preliminary results for the year ended July 31 – due to be announced in mid-October – the company, which specialises in the development and manufacture of cadmium-free quantum dots for display screens, said it was a year of significant progress.

The company’s commercial relationship with The Dow Chemical Company, Nanoco’s worldwide licensing partner for display applications resulted in a $2m milestone payment from Dow in the first half of the year.

This followed the signing of a customer agreement between Dow and LG Electronics.

Meanwhile, construction of Dow’s mass production plant in Cheonan, South Korea was completed at the end of the year with Nanoco working with 11 original equipment manufacturers in display applications of its technology.

A statement from the company said: “Following the fundraising that accompanied the Company’s move to the main market, Nanoco’s balance sheet remains strong. Nanoco had unaudited net cash of £24.3m at the year end compared with £9.35m at the half year (31 July 2014: £12.1m).

“The board remains confident of achieving further progress in the commercialisation of its technologies during the current financial year and beyond.”