Manchester-based Nanoco announces multi-million pound loss

Nanomaterial developer Nanoco Group plc, which today (October 13) secured a follow-on joint development agreement with German lighting company Osram, has announced a multi-million pound loss for the year ending July 31 2015.

While the Manchester-headquartered technology firm’s revenue for the 12-month period rose by £596k to £2.03m, it made a pre-tax loss of £10.89m, which is £1.82m more than the loss made in 2014.

However, Nanoco has pointed to the timing of revenue receipts, such as payments from strategic and joint development partners, as the “main determinant” of the company’s financial performance.

The company also reported that research and development expenditure rose year-on-year by £662k to £5.59m, while its total payroll costs skyrocketed by more than £1m to £5.62m.

The year to July saw Nanoco increase the size of its team, most of whom are based in its Manchester facility, from 98 to 113. The majority of the hires were for scientific and technical staff.

Elsewhere, the new deal with Munich-based Osram will see Nanoco working to develop LED lighting that uses the tiny semiconductor crystals known as quantum dots.

Under the joint development agreement, the group is hoping to use its technology to transform LEDs, making them more efficiently produce bright, warm light that can reproduce colours accurately.

Michael Edelman, Nanoco’s CEO, said: “We’re delighted to sign this latest joint development agreement with Osram and to continue this exciting work focused on creating LEDs with substantially improved colour performance.

“Lighting is a core target market for our cadmium-free quantum dot technology.”

In addition to its renewed agreement with Osram, Nanoco is working on both general lighting and niche applications, such as the lighting of food in retail settings, with companies in the US, Europe and Asia.

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