Nanoco Group FY23 likely to significantly exceed Board’s previous expectations by around 20%

Nanoco Group plc (LON:NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other specific nanomaterials emanating from our technology platform, has announced an improving outlook for revenue for the year ended 31 July 2023 and a change in Non-Executive membership of the Board.

Trading outlook:

The Group has secured robust order intake in recent months. Longer term visibility has been generated by our previously announced full year contract with the European electronics customer for development and scale up services. This has since been supplemented with additional purchase orders for development and validation materials.

In addition, other existing customers have continued development programmes with an associated increase in demand for further materials. The additional development work package and material orders with the major Asian chemical customer that were announced on 6 June as being under discussion have now been agreed.

This robust order intake means that revenue in FY23 is likely to significantly exceed the Board’s previous expectations and FY22 revenue by around 20%.

Directorate change:

Henry Turcan, Non-Executive Director and representative of Lombard Odier Asset Management, the Group’s largest shareholder, has informed the Company that he wishes to step down from the Board with immediate effect.

Commenting on the trading outlook, Brian Tenner, Chief Executive of Nanoco, said:

“We continue to deliver steady incremental growth in the provision of development services and small scale volumes of materials for testing, engineering device samples and operational sampling activities by a number of sensing customers pending visibility of potential commercial production orders.

“We are also seeing an increase in enquiries around Nanoco’s unique and patent protected CFQD® quantum dots which may lead to small scale development work in the short term, reflecting the increased validation of, and potential applications for Nanoco’s technologies.”

Commenting on the directorate change, Chris Richards, Chairman of Nanoco, said:

“I would like to place on record our thanks to Henry for his contribution to the Board. He leaves the Board at a time when the Group has funding in place beyond the point in time when the Group expects to become self-financing. We will continue to work with Henry and his colleagues at Lombard Odier, our largest shareholder, and remain grateful for their continuing support. I know they, like us, are extremely excited about the forthcoming trial and the Company’s longer term prospects.”

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