Nanoco confident about future after a year of significant progress

LONDON (ShareCast) - (ShareCast News) - Nanomaterial developer Nanoco said the year ended 31 July was a period of significant progress in its technology commercialisation and business development. The group saw its revenues grow to £2m from £1.4m last year, which came from the payment made by Down Chemical, its partner for display applications, and from sales of trial quantities of quantum dots from the company's production facility in Runcorn to display customers.

During the year, Nanoco moved from AIM to the main market of the London Stock Exchange (Other OTC: LDNXF - news) after a £20m gross fundraising. It also established a lighting division.

Nanoco has a net cash of £24.3m compared with £9.35m same time last year.

Looking ahead, the company said it remains confident of achieving further progress in the commercialisation of its technologies during the current financial year and beyond.

Shares (Berlin: DI6.BE - news) were down 1.76% to 69.75p on Wednesday at 12:02.