Nanomaterials manufacturer Nanoco maintains ‘strong’ balance sheet despite seven-figure loss

Nanoco plc, a developer and manufacturer of nanomaterials, has reported a multi-million pound loss for H1 2016.

During the six months to January 31, the Manchester-based firm made a loss after exceptional items and taxation of £5.24m, in comparison to a loss of £3.15m during the same period a year previous.

Despite the figures, in a report released this morning (April 12) the firm said it considers its balance sheet to be “strong” in terms of cash, cash equivalents and deposits. As of January 31 it stood at £18.3m, up from £9.4m as of January 31 2015.

Further, Nanoco is due to receive £1.9m in R&D tax credit at some point this month.

Over H1 2016, the company said process enhancements at its manufacturing facility in Runcorn, Cheshire, have allowed it to ramp up capacity and target companies such as Original Equipment Manufacturer (OEM) display makers and film converters with its own technology.

The six-month period also saw Nanoco form a new Life Sciences Division to increase its business in the medical diagnostics and medical devices markets.

Elsewhere, Nanoco is expecting to unlock growth after changing its global licensing agreement with The Dow Chemical Company (Dow) to non-exclusive, which could allow the firm to increase its share of the display industry by exploring new routes to market.

The firm’s chairman, Anthony Clinch, said: “We have made substantial progress in the financial year to date. The decision to convert the worldwide licensing agreement with Dow to non-exclusive gives us greater control over the commercialisation of our technology in the display industry.

“We have an exciting strategy in display in which we are now targeting multiple routes to market.”

He continued: “The Dow plant in South Korea is now producing cadmium-free quantum dots for sampling to potential customers.

“We look forward to Dow receiving commercial orders as a result of this customer sampling.”

Speaking further, Anthony said Nanoco is looking forward to the coming months “with confidence”, adding: “We continue to make progress in our other target markets and to build our organisation.”

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