25 May 2012

Nanoco raises £15m to boost expansion

28/01/2011 Ben Jaglom

Nanoco Group (NANO), a maker of cadmium-free quantum dots has announced a successful placing to raise £15 million.

The AIM-quoted concern placed a total of 16.7 million shares at a price of 89p a share, with gross proceeds of approximately £15 million raised through its broker Merrill Lynch.

The proceeds will be used to bolster the Manchester-headquartered venture's manufacturing programme. Yesterday saw Nanoco announce that it would be developing two new production lines at its facility in Runcorn, Cheshire.

Founded in 2001 to develop and commercialise quantum dot technology, Nanoco joined AIM last May.

For the year to July 2011 analysts at Merrill Lynch are forecasting pre-tax losses of £3.6 million (2010: loss of £1.6 million) on sales of £2.5m, with a swing into the black of £4.1 million on turnover of £16 million pencilled in for 2012.

Last recommended by Growth Company Investor at 77p in 2009, the shares have since gained 20.8 per cent, currently trading at 93p.

Having made some steady progress, we think the shares are worth holding on to for the time being. Hold

Tags: AIM market, Cadmium free, Michael edelman, Quantum dots

Sector: Technology Hardware & Equipment

Companies: Nanoco

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