LONDON (ShareCast) - Nanoco, the AIM-listed nanomaterials group, saw annual losses widen during a year of major progress in the commercialisation of its quantum dot technology.

The company, headquartered in Manchester, specialises in cadmium-free quantum dots (CFQDs) which are used in many applications, including LCD displays, lighting and solar cells.

The loss before tax for the 12 months to July 31st increased to £5.04m, compared with a loss of £4.35m the year before, reflecting the costs of additional technical staff and associated operating costs. The firm said that these costs were "necessary" for accelerating the process of completing its CFQD display application.

Revenues meanwhile increased from £2.95m to £3.93m, helped by the significant worldwide licensing agreement with The Dow Chemical Company signed in January.

The agreement is for exclusive rights to manufacture and market Nanoco CFQDs for the display industry for use in LCD TVs, computer screens, tablets and smartphones. Dow has told the firm that commercial production should start during the first half of 2014.

This partnership is "proceeding well and continues to be a major focus for the business," said Chairman Anthony Clinch.

During the financial year, Nanoco also signed follow-on development agreements with Osram (LED general lighting) and Tokyo Electron (solar power), both of which are said to be progressing well.

"We look forward to building on a year of solid progress in the commercialisation of our technology and view the future with confidence," Clinch said.

The stock was up 1.75% at 159.75p in early trading on Monday.

BC

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