Nanoco Group issued its year end trading update ahead of the announcement of its final results for the year to July 31, 2023 in October.
Among the financial highlights for the year, the company has more than doubled its revenues, compared to FY22 to £5.6m, in line with board expectations, used just over £62m of moneys received in its litigation with Samsung to pay advisors and funders, and plans to retain around a further $72m, due by February 2024, wholly for the company, after around $3m in Korean tax has been paid.
Unaudited cash position at 31 July 2023 stands at £8.2m, an increase of £2.2m since 31 January 2023.
Nanoco Group PLC (LON:NANO) leads the world in the research, development and large-scale manufacture of heavy metal-free nanomaterials for use in displays, lighting, vertical farming, solar energy and bio-imaging.