Nanoco Group PLC, the Cheshire-based specialist in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, has announced that it will delay announcing its full-year results as Dmitry Shashkov joins as as CEO with immediate effect.
Shashkov will succeed Brian Tenner who, as announced on 25 July 2024, will step down from the board but remain with the company during a period of handover and assistance. The appointment is a key milestone for Nanoco as it continues its strategic evaluation of its trading business and assets.
The new CEO has an outstanding track record as a leader of technology companies. He has over 20 years of experience managing businesses in the electronics and biomedical fields, with technical expertise in metals and other advanced materials as well as significant exposure to semiconductors, flat panel displays (FPD), Photovoltaic (PV), Light Emitting Diode (LED), and medical device industries.
Most recently, Dmitry was the CEO of CPS Group of companies (later part of Exyte) from 2020 to 2024, which was focused on high-tech equipment for semiconductors and life science facilities.
Under his leadership, the revenues of the business tripled and the profitability increased four-fold, before it was successfully sold to a strategic investor.
Shashkov said: “I am truly excited to join the Nanoco team. I was impressed with Nanoco’s technology, high-volume manufacturing capabilities, as well as the breadth and depth of their IP. More importantly, in my initial interactions with Nanoco employees I saw great desire to succeed and great energy to make things happen.
“Likewise, I saw Nanoco’s Board highly committed to maximizing shareholder value and highly supportive in developing a new direction for the Company. I am looking forward to working with the Nanoco team and Board to move the company forward”
Chris Richards, non-executive chairman of Nanoco, added: “Dmitry’s proven track record in leading materials science-based businesses, driving shareholder value through transformational business development, make him the ideal candidate to take Nanoco forward.
“At the same time, I would like to thank Brian Tenner on behalf of the board for his significant efforts during his tenure, notably the settlement of the litigation with Samsung and working to secure the company’s first ever commercial order. We are glad that he and his expertise and experience will remain available to us in ensuring an orderly handover to Dmitry, and in assisting advisers with respect to the corporate options available to us.”
The Group now expects to announce its results for the year ended 31 July 2024 on 20 November 2024. The revised date is later than previously notified and is due to ongoing work to complete the necessary disclosures in the annual report and accounts which have arisen due to the previously announced end of contract with a European customer, the board’s review of the group’s strategy as announced on 3 October 2024, and the announcement today of Dmitry as the new CEO.
These events are not expected to affect Nanoco’s FY24 consolidated financial statements, and the Company confirms that it continues to expect to report FY24 revenue and earnings in line with consensus forecasts, and cash reserves as at 31 July 2024 of £20.3m. The consensus revenue forecast for FY24 is £7.9m, and consensus adjusted EBITDA forecast for FY24 is £0.6m, with both being the average of forecasts from Cavendish and Edison.
