Nanoco Group PLC Update re Unaudited Revenues (9461L)

TIDMNANO

RNS Number : 9461L

Nanoco Group PLC

07 October 2016

For immediate release 7 October 2016

NANOCO GROUP PLC

("Nanoco" or the "Company" or "Group")

Update re Unaudited Revenues

Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials, announces the following update on the timing of revenue recognition of licence agreements signed in July 2016.

The upfront licence fees associated with the agreements are to be recognised over the period of Nanoco's contractual support. It is expected that GBP0.5 million will be released to revenue in the year ending 31 July 2017 and GBP0.7 million will be released over the following six years ending 31 July 2023.

Grant income will be presented as "Other income" in the current year.

The Group's accounts for the year ended 31 July 2016, which remain unaudited, are expected to include revenue of GBP0.4 million, other income of GBP0.3 million and GBP1.2 million in deferred revenue on the Group's balance sheet as at 31 July 2016, giving a total of GBP1.9 million.

The Company's cash position is unaffected by these changes in accounting treatment.

For further information, please contact:

 
 Nanoco                           Tel: [phone] 
                                   7900 
 Michael Edelman, Chief 
  Executive Officer 
 David Blain, Chief Financial 
  Officer 
 Caroline Watson, Investor        Tel: + 44 (0) 7799 
  Relations Manager                897357 
 [e-mail] 
 
 Peel Hunt                        Tel: [phone] 
                                   8900 
 Adrian Trimmings 
 George Sellar 
 
 Buchanan                         Tel: [phone] 
                                   5000 
 Mark Court / Sophie Cowles 
  / Stephanie Watson 
 

Notes for editors:

About Nanoco Group plc

Nanoco is a world leader in the development and production of cadmium-free quantum dots and other nanomaterials for use in multiple applications including LCD displays, lighting, solar cells and bio-imaging. In the display market, Nanoco has non-exclusive manufacturing and marketing licensing agreements with The Dow Chemical Company, Merck KGaA and Taiwan's Wah Hong Industrial Corporation. Nanoco also has a strategy of direct sales in display and in its other target markets, including lighting.

Nanoco was founded in 2001 and is headquartered in Manchester, UK. It has production facilities in Runcorn, UK, and a US subsidiary, Nanoco Inc, based in Concord, MA. Nanoco also has business development executives in Japan, Korea and Greater China. Its technology is protected worldwide by a large and growing patent estate.

Nanoco is listed on the main market of the London Stock Exchange and trades under the ticker symbol NANO. For further information please visit: www.nanocogroup.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 07, 2016 02:00 ET (06:00 GMT)