Nanoco Group PLC has postponed its full-year results announcement due to the immediate appointment of Dmitry Shashkov as CEO.
- Shashkov brings over 20 years of experience in the electronics and biomedical sectors, promising strong leadership.
- The announcement of Shashkov’s appointment marks a strategic shift as Nanoco evaluates its business and assets.
- Financial forecasts for FY24 remain unchanged, with revenues expected to meet consensus predictions.
- The delay in results is attributed to strategic reviews, leadership transition, and recent contract developments.
Nanoco Group PLC, a leader in the development of cadmium-free quantum dots and nanomaterials, announced a delay in its annual financial report following Dmitry Shashkov’s immediate appointment as CEO. Shashkov replaces Brian Tenner, who will remain with the company during the transition. This leadership change is seen as a pivotal moment for Nanoco as it reassesses its business strategy and assets.
Dmitry Shashkov, previously CEO of CPS Group, brings substantial expertise from the electronics and biomedical industries, including semiconductors and medical devices. His leadership previously led to significant growth and profitability at CPS Group. Shashkov expressed enthusiasm for joining Nanoco, citing the company’s technology and the team’s drive and commitment to maximizing shareholder value.
Chris Richards, Nanoco’s non-executive chairman, praised Shashkov’s appointment, highlighting his ability to drive business transformation and shareholder value. Richards also acknowledged Brian Tenner’s contributions, particularly regarding the Samsung litigation settlement and securing Nanoco’s first commercial order. Tenner’s continued presence is expected to aid in a seamless transition for Shashkov.
Nanoco plans to announce its full-year results on November 20, 2024, later than initially scheduled due to ongoing strategic evaluations and the CEO transition. Despite these changes, Nanoco maintains confidence in meeting its FY24 financial forecasts, with expected revenues of £7.9 million and adjusted EBITDA of £0.6 million.
The leadership transition at Nanoco signals a new strategic phase without altering financial expectations.
