Nanoco Group PLC (LSE:NANO), the London-listed supplier of materials used in infrared sensing applications, plummeted in opening exchanges after announcing the loss of a key European customer.
According to Nanoco, the customer’s decision was based on its own strategic priorities and not as a result of concerns with the performance of Nanoco's materials.
Christopher Richards, non-executive chairman of Nanoco, stated: "This is obviously disappointing news and reflects the nature of high technology supply chains for consumer electronics.
“It is noteworthy that our customer has taken these decisions based on its own strategic priorities and not on a lack of belief in, or the performance of, Nanoco's technology.
“Smaller scale opportunities are available for this technology in the short to medium term and we aim to address those niche markets directly and in partnership with other companies.”
Richards highlighted Nanoco’s strong balance sheet and “financial stability to continue this development work and our new business development activities”.
Shares fells 30% to 9.85p.