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UPDATE 1-Nanoco's full-year loss widens on higher costs, lower contracts

Oct 14 (Reuters) - Nanoco Group Plc said its full-year loss widened as some of its joint development agreements ended in 2013, and it spent more on the commercialisation of its quantum dots technology.

Oct 14 (Reuters) - Nanoco Group Plc said its full-year loss widened as some of its joint development agreements ended in 2013, and it spent more on the commercialisation of its quantum dots technology.

Shares in the company fell as much as 8.7 percent in morning trade on the London Stock Exchange on Tuesday.

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Nanoco, a University of Manchester spin-out company, said it was in various stages of development process with a number of display makers from South Korea, Japan, United States, China and Taiwan for televisions, monitors and tablets.

Loss for the year ended July 31 increased to 9.06 million pounds ($14.6 million) from 5.04 million pounds. Revenue more than halved to 1.4 million pounds from 3.9 million pounds.

The AIM-listed company said last month it expected commercial production of its quantum dots, used to make vibrant screen displays, to begin in the first half of next year at a plant in South Korea being built by its partner, Dow Chemical Co.

Nanoco said it expected initial commercial orders for quantum dots to be manufactured and delivered from its Runcorn, Cheshire facility until Dow's commercial production plant comes on line in the first half of 2015.

Nanoco's cadmium-free quantum dots are sought by makers of screen displays, LED lighting and solar panels.

Nanoco shares were down 5.3 percent at 116 pence at 0811 GMT. ($1 = 0.6226 British pound) (Reporting by Aashika Jain in Bangalore; Editing by Gopakumar Warrier)

Reuters
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Reuters
Published on:
October 14, 2014
Source url:
http://feeds.reuters.com/~r/reuters/USenergyNews/~3/b_z4myALB9k/story01.htm
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