- Nanomaterial manufacturer Nanoco Group posted a first-half loss after rising revenue was offset by R&D and administrative expenses.

Pre-tax losses for the six months through January amounted to £3.1m, compared to losses of £4.8m on-year.

Revenue rose to £3.2m, up from £0.2m on-year.

'Significant progress was made in the first half of the financial year, during which we hit all key milestones for our US customer,' chief executive Michael Edelman said..

Edelman said the company had also launched a major re-allocation of resources to focus on near-term revenue opportunities and increased its R&D resources directed at further enhancing the performance of its products for commercial applications.

'Towards the end of the period, we agreed a significant contract extension with the US customer that covers the provision of commissioning and stress testing services to December 2019,' he added.

'The new extension reflects Nanoco's improving capabilities as an operating partner.'

'The group's contracted orders fully underpin the board's expectations for the full year.'

'We are also pursuing potential upsides from material sales and other potential commercial engagements'.

'These significantly improved financial results are a welcome step forward.'

'At the same time, we also continue to carefully manage our cost base and cash resources.'

'The group is gaining improved visibility of future cash flows which increases our scope to deliver further improvements in financial performance going forward.'

Story provided by