The Group’s nano-material platform technology supports opportunities across a wide range of markets and end-user applications.
The company reported excellent progress in the execution of material development and supply agreements with an undisclosed US company, £2.6 million received in milestone payments and fees from these contracts during the year, and development of new manufacturing facilities in Runcorn, UK.
On the Display side, R&D activity changed focus during the year to improve dot performance in line with ever-increasing technical requirements of the display industry. Nanoco is working with Wah Hong to provide film to a Taiwanese display panel maker targeting the gaming monitor niche.
On the Lighting side, Nanoco continues to explore a number of specialist applications in the UK and US, specifically targeting commercial vertical farms for vegetables and sports turf.
Nanoco anticipates a significant increase in billings to £6.5 million (2017: £1.1 million), as revenue and other operating income more than doubled to £3.5 million ($4.6 million) from 2017, which was £1.6 million.
“The last year has clearly shown the benefits of Nanoco’s technological leadership, with some potentially very attractive commercial opportunities emerging in the short term,” Dr. Christopher Richards, Nanoco’s chairman, said. “The rapid re-deployment of our internal resources to focus on emerging and attractive nanomaterials opportunities demonstrates our agility and the strength of the Group’s technology platform, which allows us to respond quickly to our existing customers and to new unmet needs and opportunities that are emerging.
“Our challenge is to execute and deliver on those opportunities within the constraints of our current resource base.,” Dr. Richards added. “While there are still hurdles to overcome and a degree of uncertainty to be navigated, the Group is currently actively engaged in potentially transformative technological and commercial activities. The Board is therefore confident about the relevance of our technology and excited about the prospects for the Group in both the short and the long term.”