Nanoco's record results despite Apple cancellation
Nanoco Group is set to reveal its best financial figures to date, despite the cancellation of a major contract, reported to be with Apple.
The results, which will be published next month, will show revenues of £7.3m for the year, which is more than double the previous financial year. It is also “slightly ahead" of market expectations, due to early delivery of a “major services contract.”
The Manchester-based group is a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials. These are found in televisions, AR, VR, mobile and smart watch displays.
Billings for the year totalled £9.6m, which included £2.4m to complete its new production facility in Runcorn.
"Over the last year we provided exceptional customer service in meeting all technical milestones and delivering a new Runcorn production facility that now gives us the capability to manufacture nano materials on a large scale for use in diverse electronics applications,” stated Michael Edelman, Chief Executive of Nanoco.
“This strong operational performance contributed to the best financial results in the Company's history. We have also made major enhancements in the performance of our CFQD® Quantum dots, and continued to develop our IP portfolio, with over 100 new patents granted or applied for during the year.
"Clearly the news that the current major work programme will not be extended after it expires on 31 December 2019, for reasons unconnected to the performance of our materials or the new production facility, was extremely disappointing for the whole Nanoco team and our stakeholders. However, we remain focused on completion of the current contract deliverables whilst broadening our efforts to seek out other potential new customers in the electronics and display sectors.
"The completion of the new Runcorn facility and the waiver of the contract liability leaves the Group with a significantly expanded asset base and production capability across a wider range of market sectors. We are working hard to take advantage of this new capability, alongside our display opportunities, in the new financial year."
It was released from an obligation to repay £4.25m of capital funding for Runcorn by a still unnamed US company.