Shares of Runcorn nano-material firm Nanoco Group plc fell 24% after it announced that it would not get a follow-on order from a major customer.

Its shares fell to 15p on the London Stock Exchange, their lowest for more than three years.

“The Group no longer expects to receive a further production order for its validated first generation sensing products during FY24,” the company said in a year-end trading update, without naming the customer.

“The Group is working with its customer to understand the range of possible outcomes and any potential impact on Nanoco beyond the end of the financial year.”

It said it would issue a further update with the full year results in October.

As a result of the delayed receipt of second production orders, Nanoco said it now expected full year revenue to be marginally below the consensus forecast of £8.35 million.

It said the impact of the reduction in revenue alongside some small one-off increases in overheads means adjusted EBITDA would likely be towards the lower end of the range of market forecasts, currently ranging from £0.5 million to £1.5 million.

Nanoco said it expects to announce its full year results on 22 October.

Brian Tenner, Chief Executive Officer of Nanoco, said: “We continue to work hard across a range of products, customers and market sectors to deliver the adoption of quantum dot technology. The number of potential applications continues to grow strongly. The majority of our income generating staff remain engaged in paid for development work on new products in sensing and display applications. By investing across a broad range of business development opportunities, we aim to further reduce any dependency on a single customer and to deliver increases in shareholder value in the medium term.”