Manchester University spin-out has been seeing its revenue fall this year.
Nanoco, a nanotechnology spin-out of Manchester University, is fighting a falling revenue and rising losses. While its revenue for the financial year ending July 2014 were £1.43m ($2.27m), down from £3.93m, pre-tax loss rose from £5m to £9m.
Nanoco, which listed on London Stock Exchange’s Aim in 2009, currently has a market value of £265m but its stock has been fluctuating wildly since July. It crashed to £0.86 a share, then recovered to shoot up to a £1.50 a share at the end of September before dropping off again £1.15 as of time of writing (October 14, 2014).
Nanoco develops metal-free nanomaterials on an industrial scale, which can be used in displays, lighting, bio-imaging and solar energy. The company blames lower joint development revenues for its bad finances, as well as higher payroll and operational costs caused by expanding into the display market.
The company is optimistic about its future however and has signed a partnership with Dow Chemical Company, which will construct the world’s first large-scale cadmium-free manufacturing plant.
Anthony Clinch, chairman at Nanoco, said: “Dow’s recent announcement that it would begin construction of the world’s first large-scale cadmium-free quantum dot manufacturing plant using our technology marked a major milestone in the commercialisation of our quantum dots, which have the compelling competitive advantage of being cadmium-free. Commercialisation of our technology in the display market remains our primary focus but we also continue to make significant progress in all applications. We look forward with confidence to the year ahead, during which time we expect to announce further material progress.”
