Nanoco Group PLC 2024 Annual Report

RNS Number : 4851N

Nanoco Group PLC

25 November 2024

 

FOR IMMEDIATE RELEASE

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR").

25 November 2024

NANOCO GROUP PLC

("Nanoco" or the "Company")

 

2024 Annual Report

Nanoco confirms that its Annual Report and Accounts for the financial year ended 31 July 2024 (the "Document") has been made available to shareholders. Shareholders opting out of electronic communication will receive a paper copy of the Document.

Pursuant to Listing Rule 6.4.1, copies of the Document have also been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.morningstar.co.uk/uk/NSM. The Document is also available on the Company's website at www.nanocotechnologies.com and from the Company's registered office at the Science Centre, The Heath Business and Technical Park, Runcorn, WA7 4QX.

The Group released Unaudited Group Preliminary Results for the year ended 31 July 2024 on 20 November 2024 due to work continuing on the year end audit which is now complete. As part of this process, the Company commissioned an external valuation exercise of the value of its investment in its subsidiaries, within which the Group's intellectual property resides. The valuation report received by the Company supports the carrying value of £46 million as reported in the Company's balance sheet contained in the Group's Annual Report and Accounts for the year ended 31 July 2024.

Commenting on the external valuation exercise, Dmitry Shashkov, CEO of Nanoco, said:

"While we are pleased that the independent valuation exercise has confirmed the Board's view that there is significant value in the Company's intellectual property, it is important to be clear that this is an accounting exercise based on accounting methodologies. Realising this value for shareholders will depend on a number of factors, producing a range of outcomes and valuation scenarios. As previously advised, following the settlement with Samsung we are working hard to ensure that we protect this valuable IP against potential infringers while exploring other strategic options."

Nanoco Group plc: Christopher Richards, Chairman Dmitry Shashkov, CEO Liam Gray, CFO & Company Secretary	[phone]
Cavendish Capital Markets Limited (Financial Adviser and Corporate Broker): Ed Frisby / George Lawson (Corporate Finance) Tim Redfern / Charlie Combe (Corporate Broking) Jasper Berry (Sales)	[phone]
CDX Advisors (Financial Adviser): Steven Foland Steve Month Patrick Foley	[phone]
Sodali & Co (Public Relations) Elly Williamson Pete Lambie [e-mail]	[phone]

The person responsible for arranging for the release of this announcement on behalf of Nanoco is Liam Gray, Chief Financial Officer.

FORWARD LOOKING STATEMENTS

This announcement (including information incorporated by reference in this announcement) and other information published by Nanoco may contain statements about Nanoco that are or may be deemed to be forward looking statements.  Such statements are prospective in nature.  All statements other than historical statements of facts may be forward looking statements.  Without limitation, statements containing the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or "considers" or other similar words may be forward looking statements.

Forward looking statements inherently contain risks and uncertainties as they relate to events or circumstances in the future.  Important factors such as business or economic cycles, the terms and conditions of Nanoco's financing arrangements, tax rates, or increased competition may cause Nanoco's actual financial results, performance or achievements to differ materially from any forward looking statements.  Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof.  Nanoco disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law.

Notes for editors:

About Nanoco Group plc

Nanoco (LSE: NANO) is a nanomaterial production and licensing group, specialising in the production of its patented cadmium free quantum dots (CFQD®) and other patented nanomaterials for use in the electronics industries. Founded in 2001 and headquartered in Runcorn, UK, Nanoco continues to build out a world-class, patent-protected IP portfolio alongside its existing scaled up production facilities for commercial orders.

Nanomaterials are materials with dimensions typically in the range 1 - 100 nm. Nanomaterials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nanomaterial that have size-dependent optical and electronic properties. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Sensor, Electronics and Display markets. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals, and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of display applications. Nanoco's HEATWAVE™ quantum dots can be tuned to absorb light at different wavelengths across the near-infrared spectra, rendering them useful for applications including cameras and image sensors.

Nanoco is listed on the Main Market of the London Stock Exchange, holds the LSE's Green Economy Mark, and trades under the ticker symbol NANO. For further information please visit: www.nanocotechnologies.com

 

 

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