Nanoco narrows half year losses

Nanoco, which develops quantum dot lighting, reduced half year losses, ramped up revenues and said it continues to make good progress across its business.

Nanoco, which develops quantum dot lighting, reduced half year losses, ramped up revenues and said it continues to make good progress across its business.

The Manchester based firm said loss on ordinary activities before taxation reduced to £1.6m for the six months ended January 31st 2013 from a loss of £2.4m the year before. Basic loss per share was 0.59p compared to 1.00p.

The group, which has signed a worldwide licensing agreement with The Dow Chemical Company in January for exclusive rights to manufacture and market Nanoco cadmium-free quantum dots for the display industry, said revenue for the period increased to £2.5m from £1.3m previously.

Nanoco commented: "Our recent worldwide licensing agreement with The Dow Chemical Company is transformational for Nanoco. It represents a major endorsement of the company's technology, scalability and market potential, and addresses the manufacture of the much larger quantities of our quantum dots that we now expect to be required by the LCD display industry. We expect full commercial production under this agreement to begin in 2014."

"We continue to make good progress across our business and look forward to the future with confidence."

Cash, cash equivalents and deposits at January 31st was £12.5m compared to £15.5m at July 31st.

CJ

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