LONDON (ShareCast) - Nanotechnology company Nanoco said it remains confident in the future despite widening its losses for the full year ended on 31 July 2014.
The firm has invested throughout the year on the commercialisation of its quantum dots technology, which resulted in losses before tax almost doubling to £9m compared to £5m in the year before.

Revenue, which included no commercial product sales, declined to £1.4m in the year ended in July from £3.9m in the year before, while losses per share also increasing to 3.38p against 1.58p. This was due to the end of some contracts in the previous year.

The cash position at year-end of £12.2m was in line with expectations.

Nanoco said it made progress in light-emitting diode (LED) general lighting, solar power and in its early stage work in bio-imaging.

Chairman Anthony Clinch said: "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."

Liberum analysts said they understood that major customer Dow Chemicals "remains on target" for commercial shipments in the first half of the new financial year, with royalty payments to Nanoco expected in the second.

"We expect strong demand from TV and tablet manufacturers for Nanoco's cadmium-free quantum dots in coming years, along with the introduction of the technology in LED lighting."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE