Nanoco Group PLC, a leading name in nanotechnology, delays its financial results announcement following CEO transition.
- Dmitry Shashkov has been appointed as the new CEO, succeeding Brian Tenner effective immediately.
- The appointment marks a significant strategic milestone as Nanoco evaluates its trading business and assets.
- Shashkov brings over 20 years of leadership experience in the electronics and biomedical fields.
- The revised announcement date for the financial results is set for 20 November 2024.
Nanoco Group PLC, a distinguished entity in the field of nanotechnology particularly known for its pioneering work with cadmium-free quantum dots, has announced a delay in its financial year results. This postponement coincides with Dmitry Shashkov’s immediate commencement as CEO, succeeding Brian Tenner.
Shashkov, who takes on this pivotal role, brings with him an impressive background of over two decades in leading technological enterprises across electronics and biomedical sectors. His prior experience includes spearheading the CPS Group of companies where he notably tripled revenues and quadrupled profitability, culminating in a strategic acquisition.
In a statement reflecting his enthusiasm about joining Nanoco, Shashkov expressed his admiration for the company’s technological prowess and high-volume manufacturing capabilities. He also highlighted the commitment observed among the employees and the board’s strong support for developing new strategic directions aimed at maximising shareholder value.
Chris Richards, the non-executive chairman, endorsed Shashkov’s appointment, citing his successful history in driving business transformation and enhancing shareholder value. Richards also formally acknowledged Brian Tenner’s substantial contributions, including resolving significant litigation and securing the company’s inaugural commercial order.
The delay in results, now expected on 20 November 2024, is attributed to the need for comprehensive disclosures owing to recent strategic evaluations and a terminated contract with a European client. It is worth noting that this shift in timelines is not anticipated to negatively impact the company’s anticipated financial metrics for FY24, aligning with revenue and earnings forecasts. Cash reserves are projected at £20.3 million.
Consensus forecasts for FY24 revenue stand at £7.9 million with an adjusted EBITDA expected to be approximately £0.6 million, based on analyses from Cavendish and Edison.
Nanoco’s strategic leadership transition seeks to align its operations with future goals while maintaining financial stability.
