- Nanomaterials developer Nanoco posted a deeper annual loss after its revenue slumped following the cancellation of a key contract.

Pre-tax losses for the year through July amounted to £6.0 million, compared to losses of £5.5 million year-on-year. Revenue fell 46% to £3.9 million.

Nanoco had in April terminated a formal sale process after it didn't produce an attractive bid.

'The group has delivered a number of notable successes in a year that started inauspiciously with the decision by the US customer not to sign a new contract when the current one ended in December 2019,' chairman Christopher Richards said.

'The challenges were exacerbated by running a formal sales process in parallel with normal business activities, followed by the onset of the Covid-19 pandemic.'

'These combined challenges would have been formidable for any business and I am proud of how the small Nanoco team responded.'

'The board remains convinced of the strong merits of our broad-based platform technology.'

At 8:00am: [LON:NANO] Nanoco Group PLC share price was -0.17p at 13.53p

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