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| Date | 12 Sept 2022 |
| Time | 08:25:01 |
| Category | Trading updates |
| ID | 0843Z |
For Immediate Release 12 September 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").
NANOCO GROUP PLC
("Nanoco", the "Company" or the "Group")
Trading Update - FY23 outlook likely to significantly exceed expectations
Directorate Change
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, today announces an improving outlook for revenue for the year ended 31 July 2023 ("FY23") and a change in Non-Executive membership of the Board.
Trading outlook:
The Group has secured robust order intake in recent months. Longer term visibility has been generated by our 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 the major Asian chemical customer that were announced on 6 June as being under discussion have now been agreed.
This robust order intake means that revenue in FY23 is likely to significantly exceed the Board's previous expectations and FY22 revenue by around 20%.
Directorate change:
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.
Commenting on the trading outlook, Brian Tenner, Chief Executive of Nanoco, 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."
Commenting on the directorate change, Chris Richards, Chairman of Nanoco, 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."
- Ends -
For further information, please contact:
Nanoco Group PLC:
Brian Tenner, CEO +44 (0) 161 603 7900
Liam Gray, CFO & Company Secretary +44 (0) 161 603 7900
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 Communications: +44 (0) 203 128 8570
Reg Hoare
Pete Lambie
The person responsible for arranging for the release of this announcement on behalf of Nanoco is Liam Gray, Company Secretary.
MAR
This Announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
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™ 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® 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 Manchester, 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.