Nanoco Widens Fiscal Year Pretax Loss; Brings Forward Revenue Guidance

LONDON--Nanoco Group PLC (NANO.LN), a maker of quantum dot semiconductors, Tuesday reported a widened pretax loss, which it attributed to higher costs, but said it will start generating sales from a plant in South Korea sooner than expected.

Sales in the year to July 31 rose to GBP2.03 million ($3.12 million) from GBP1.43 million. The loss before tax widened to GBP10.9 million from GBP9.06 million. The increase "reflected increased research and development plus additional staff costs and a one-off cost of GBP0.9 million ... in relation to the move to the main market," Nanoco said.

Nanoco said that the commissioning of the plant in South Korea, built by Nanoco's partner Dow Chemical Co. (DOW) to manufacture quantum dots for use in the display industry, is "proceeding well".

"Customer sampling from the plant, which was initially expected to start in Q3 CY 2015, is now expected to begin in the very near term," the company said.

"As a result we expect recurring income in the second half of our current financial year rather than in Q4 CY 2015," it added.

Nanoco also said it signed a follow-on joint development agreement with Osram Licht AG (OSR.XE), with which it has been working under joint development agreements since 2011 to develop advanced LED lighting technology.

Write to Ed Ballard at [e-mail]

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(END) Dow Jones Newswires

October 13, 2015 02:37 ET (06:37 GMT)

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