Runcorn nano-material firm Nanoco Group plc said on Tuesday it continues to review strategic options “including the potential sale of the operating business” and it is “driving this process to its conclusion and expect to announce its results post year end.”
The firm said: “Following an extensive reach out process, we remain in discussions with several parties, assessing options which will deliver the best value for shareholders and wider stakeholders.”
Nanoco reported that its revenue decreased to £7.6 million in the year to July 31 from £7.9 million in the prior year “due to the previously announced cancellation of the contract with the European Customer in 2024.”
Adjusted EBITDA improved to £1.5 million from £1.2 million.
Period end reported cash fell to £14 million from £20.3 million.
“During the year we completed the on-market (share) buyback, fulfilling our commitment to return £33 million to shareholders,” said the firm.
Nanoco Group CEO Dmitry Shashkov said: “This has been a year of transition at Nanoco. We have reinvigorated the leadership team, and strategy, invested in our business development and continued to gain commercial traction.
“In parallel, we have continued to run the CDX process, engaging with a number of parties who have shown interest in a potential acquisition of the trading subsidiary.
“We now have two large Asian chemical customers who have a focus on commercialising QD enabled sensor technology in high volume markets.
“The market adoption of this technology into consumer electronics would instantly make Nanoco cash generative, and we believe our technology is the most advanced in this area. We continue discussions with other companies in this market to provide additional services and products.
“We have also made progress in other markets, establishing contacts, presenting our capabilities, and discussing commercial opportunities with other customers, for both products and services.
“We believe in our strategy, and are focused on proving the value inherent in the business, and look forward to further updating shareholders on our progress in due course.”