Nanoco, the Manchester based firm which is trying to become an industrial producer of quantum dots, says cost rises have led to a pre-tax loss in the six months to the end of January.
Quantum dots, in case you were wondering, are tiny particles of matter which act as semiconductors. Probably their most exciting application is in energy efficient light bulbs where they could provide a lifespan of around 20 years at much lower power inputs than either conventional incandescent bulbs or the current energy saving varieties. Crucially, they light up instantly, so no stubbing your toe on the way to the bathroom in the middle of the night.
Nanoco is focusing its efforts on Japan, the USA, Korea and Taiwan and has some significant development contracts in place.
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In the first six months of its year, however, the firm only achieved revenues of £1.32 million leading to a loss before tax of £2.36 million (H1 2011: loss of £1.65 million). The group says this reflects the size and timing of joint development payments. It also admits that the cost of sales, admin and patents has eaten into revenues.
Commenting on the results, Dr Peter Rowley, Nanoco's Chairman, said:
"Our transition from a research-based company to a commercially focused, high-tech manufacturing business continues apace. Our existing commercial agreements are proceeding well and we continue in discussions with further potential customers. We are now working to deliver a 1kg batch of green quantum dots to a Japanese customer, attracting a US$2 million milestone payment."
The market wasn't terribly impressed however, the stock was down 6.55% at 11:41. Since the start of the year Nanoco has risen 27.4%.
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