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25 Jan 2019 | 07:57

Nanoco extends contract with key US customer

Nanomaterial manufacturer Nanoco Group said it had signed a contract extension to deliver additional services and materials to an undisclosed US company.

Nanoco had in February 2018 announced the signing of a material development and supply agreement with the same company.

Since then, it had has successfully completed a number of technical milestones as well as substantially completing the expansion of its Runcorn facility.

'Following on from the progress to date, the US Company has now extended the scope of work required from Nanoco,' it said.

The contract extension ran from January 2019 to December 2019, during which time Nanoco would carry out stress testing and process optimization on a new production facility.

The majority of revenue was expected to be earned during the period of the agreement, with limited deferrals, and with no contingent or milestone-based payments.

Successful delivery of the contract would underpin the company's expectation that it would double its revenue in the year through July, 2019.

'The contract extension also underpins the board's current expectations for operating results and cash flows,' Nanoco said.

'The group remains in active discussion on additional potential commercial agreements with a number of parties that could create upside to these expectations,' it added.

Story provided by StockMarketWire.com
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