Nanoco H1 losses increase but LCD agreement progresses

25th Mar 2014 09:05

Quantum dots developer Nanoco saw half-year losses increase but is increasingly hopeful about potential in the LCD television market after announcing a development agreement with a major electronics manufacturer.The AIM company, which is planning to move up to London's Main Market as soon as possible and also gain a US American despositary receipts listing, said on Tuesday that it has signed a third follow-on phase of a development agreement with a major South Korean electronics company in LCD screens after the successful completion of the second phase. This new phase will focus on the commercialisation of optimised Nanoco quantum dots in this company's displays and it is expected that the company will launch commercial products following this third phase of development work. Quantum dots are tiny fluorescent semiconducting particles that allow more exact colour to be produced in television screens and have many other uses including lighting.During the half year to January 31st revenue fell from £2.5m to £0.68m, reflecting the lumpy nature of milestone payments from joint-development partners, while operating losses swelled from £1.4m to £4.8m. There was £14.5m in the bank at the period end.Shares in Nanoco recovered from initial losses to be down 0.2% at 99.75p at 09:35 on Tuesday.OH