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Interim Results

Nanoco says it is essential sales begin as expected

04 April 2017 09:36

Nanoco has posted a wider H1 pretax loss of £6.4m, from a loss of 6.3m, for a period that it described as one of good progress, but noted it was essential sales commenced as expected.

CEO Michael Edelman said Nanoco had continued to make good progress in its first half.

"We were particularly encouraged by the positive feedback and significant interest shown in Nanoco's CFQD quantum dots at CES by major display manufacturers, customers, partners and the financial community," he said.

"In response to growing global interest in our technology, we and our partners have been making further enhancements to our manufacturing processes, ensuring the Group is fully prepared to fulfil commercial orders, which are anticipated in the near future.

Edelman said said Nanoco was engaged with more near-term commercial opportunities than at any time in its history, so it was frustrating not to be able to report significant revenues to date.

He added that it was essential that sales commenced as expected.

"This activity, combined with our cash position and careful management of our cost base, means we look forward to the future with confidence."

Nanoco was in talks with nine OEMs regarding 14 projects and expected several to become sales.

In a worst-case scenario, Nanoco said its cash would run out in Q1 2018 without cost reductions.

At 9:36am: (LON:NANO) Nanoco Group PLC share price was -6.37p at 29.63p

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