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BUZZ-Nanoco: cuts revenue forecast

Reuters - UK Focus

** Nanoco biggest FTSE Small Cap loser after the nanotechnology co cuts revenue forecast due to lower royalty payments from Dow Chemical (Hanover: DCH1.HA - news)

** Co says an agreement allowing Dow to licence its cadmium-free quantum dot technology has been modified, resulting in lower royalty rates and no earn-out income for Nanoco

** Co partnered with Dow Chemical in 2014

** Prior to the announcement, analysts expected co's FY revenue at 4.99 mln stg vs 2.03 mln stg last yr

** Liberum analysts say change is expected to reduce Nanoco's FY16 sales levels below Liberum's 5 mln stg forecast and could also hurt their forecast for FY17

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** The analysts add Nanoco is potentially a more appealing M&A target than it was under an exclusive supply relationship with Dow

** Stock down 8.7 pct (RM (LSE: RM.L - news) : noor.hussain.thomsonreuters.com@reuters.net)