- Nanomaterial manufacturer Nanoco narrowed its annual losses after its revenue more than doubled, though it warned of tougher trading ahead due to the loss of a key US customer.

Pre-tax losses for the year through July amounted to £4.4m, compared to losses of £6.0m on-year.

Revenue rose to £7.1m, up from £3.3m.

The company had cash at the end of July of £7.0m and said it expected to have cash of £6.0m in December when the US customer contract ends.

'Nanoco has delivered a strong performance this year, achieving our best ever financial results in the company's history,' chief executive Christopher Richards said.

'It was clearly disappointing, for reasons wholly unconnected to Nanoco's performance or our materials, that the US customer decided not to continue the current project contract when it expires in December 2019.'

'However, we remain confident in the group's assets, team and capabilities.'

'There are still challenges and uncertainties to be managed and the board remains focused on maximizing shareholder value.'

'Our expanded platform technology continues to be relevant across a wide range of market applications and has created a number of commercial opportunities to pursue.'

'The board therefore remains confident in the value inherent in the business.'

Story provided by