TIDMNANO
RNS Number : 9560V
Nanoco Group PLC
07 December 2023
7 December 2023
NANOCO GROUP PLC
("Nanoco", the "Group", or the "Company")
AGM Statement & Trading Update
Trading remains in line with the Board's expectations for
FY24
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other specific
nanomaterials emanating from our technology platform, will hold its
Annual General Meeting ("AGM") later this morning. Details of the
arrangements were included in the Notice of Meeting issued on 13
November 2023.
The Company also today issues a trading update for the period to
30 November 2023 ("the Period").
Trading update - transitioning to a commercial production
company
We have now delivered the last of four important strategic
milestones set by the Board in 2022. In November 2023, we fulfilled
Nanoco's first ever commercial production orders with the shipment
of two different materials for use in infra-red sensing
applications. The initial use case is expected to be for a low
volume application measured in millions of units, whilst demand is
then expected to grow gradually, enabling Nanoco to become
self-financing during CY25.
We had previously already delivered the validation of our IP
with the US Patent Office; a successful conclusion to the Samsung
litigation; and the validation of at least one of our nanomaterials
for commercial use.
On 7 November 2023, we announced an extended and deeper
collaboration with our Asian Chemical Customer for the development
of a novel, second generation material for use in infra-red
sensing. This material will achieve even higher levels of
performance, enable new potential applications, and help to secure
Nanoco's pipeline of product development for a number of years to
come. We are also in advanced discussions for a further development
agreement of a new material with another major customer.
At our Runcorn site, work is underway to fit out a significant
new device facility which will extend the range of services we can
offer customers as well as accelerating the development of new
materials, financed by the retained funds from the litigation
earmarked for investment.
Overall trading remains in line with the Board's expectations
for FY24. The return of capital process remains on track for early
2024.
Board update - Non-Executive Director recruitment on track
The Board previously announced its intention to recruit a new
Non-Executive Director with deep sector specialism in
commercialising new technologies in relevant electronics markets.
The Nominations Committee has reviewed an extensive list of highly
qualified candidates, followed by short list interviews and a
number of individual candidate visits to our Runcorn site.
The recruitment process is now nearing its completion and we
expect to update shareholders shortly. The high quality of
candidates and their appetite to join us demonstrates the clear
credibility of Nanoco's strategy and ability to build a robust
position as a supplier in global electronics supply chains.
Brian Tenner, Nanoco's CEO, commented:
" Nanoco is now a fully funded new technology business that has
already gained commercial traction for two of our products. We have
strong and validated IP covering a range of applications and the
financial wherewithal not just to defend that IP, but also to
continue funding our leading edge R&D to create additional
valuable IP.
" O ur customers' global reach , proven credibility, and
ambitions for this technology, emphasise the opportunities for
Nanoco. Alongside the intended return of capital in 2024, the Board
is confident that the Group will deliver increases in shareholder
value in the medium term."
- Ends -
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO +44 (0)1928 761 404
Liam Gray, CFO & Company Secretary
Peel Hunt (Joint Corporate Broker):
Paul Gillam +44 (0) 20 7418 8900
James Smith
Turner Pope Investments (Joint Corporate Broker):
Andrew Thacker +44 (0) 20 3657 0050
James Pope
MHP : +44 (0) 203 128 8100
Reg Hoare
Matthew Taylor
Christian Harte
nanoco@mhpgroup.com
FORWARD LOOKING STATEMENTS
This announcement (including information incorporated by
reference in this announcement) and other information published by
Nanoco may contain statements about Nanoco that are or may be
deemed to be forward looking statements. Such statements are
prospective in nature. All statements other than historical
statements of facts may be forward looking statements. Without
limitation, statements containing the words "targets", "plans",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "projects" or "considers" or other
similar words may be forward looking statements.
Forward looking statements inherently contain risks and
uncertainties as they relate to events or circumstances in the
future. Important factors such as business or economic cycles, the
terms and conditions of Nanoco's financing arrangements, tax rates,
or increased competition may cause Nanoco's actual financial
results, performance or achievements to differ materially from any
forward looking statements. Due to such uncertainties and risks,
readers are cautioned not to place undue reliance on such forward
looking statements, which speak only as of the date hereof. Nanoco
disclaims any obligation to update any forward looking or other
statements contained herein, except as required by applicable
law.
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials.
Nano-materials are materials with dimensions typically in the range
1 - 100 nm. Nano-materials have a range of useful properties,
including optical and electronic. Quantum dots are a subclass of
nano-material that have size-dependent optical and electronic
properties. The Group produces quantum dots and other
nano-materials. Within the sphere of quantum dots, the Group
exploits different characteristics of the quantum dots to target
different performance criteria that are attractive to specific
markets or end-user applications such as the Display, Sensor and
Electronics markets. An interesting property of quantum dots is
their absorption spectrum. Nanoco's HEATWAVE(TM) quantum dots can
be tuned to absorb light at different wavelengths across the
near-infrared spectrum, rendering them useful for applications
including image sensors. Another interesting property of quantum
dots is photoluminescence: the emission of longer wavelength light
upon excitation by light of a shorter wavelength. The colour of
light emitted depends on the particle size. Nanoco's CFQD(R)
quantum dots are free of cadmium and other toxic heavy metals, and
can be tuned to emit light at different wavelengths across the
visible and infrared spectrum, rendering them useful for a wide
range of applications including displays, lighting and biological
imaging.
Nanoco was founded in 2001 and is headquartered in Runcorn, UK,
with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues
to build out a world-class, patent-protected IP portfolio generated
both by its own innovation engine, as well as through
acquisition.
Nanoco is listed on the Main Market of the London Stock Exchange
and trades under the ticker symbol NANO. For further information
please visit: www.nanocotechnologies.com
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END
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(END) Dow Jones Newswires
December 07, 2023 02:00 ET (07:00 GMT)
Nanoco (AQSE:NANO.GB)
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