Nanoco Group, a leading U.K. nanomaterials company, has announced that its revenue for fiscal 2023 more than doubled compared to the previous year. The company reported £5.6 million ($7.2 million) in revenue for the year ended July 31, up from £2.5 million the previous year.

While Nanoco did not disclose specific figures, it stated that its underlying adjusted earnings before interest, taxes, depreciation, and amortization were in line with expectations. In fiscal 2022, the company reported an adjusted EBITDA loss of £2.1 million.

The significant growth in revenue is expected to be driven by the proceeds from Nanoco's litigation settlement with Samsung. Earlier this year, the company secured a $150 million settlement with Samsung for the alleged infringement of its intellectual property. This settlement is anticipated to have a positive impact on Nanoco's future performance.

"The litigation proceeds allow us to drive the organic business forward while underpinning our firm commitment to return up to £40 million of cash to shareholders in early 2024," stated Chairman Christopher Richards.

As of the end of the reporting period, Nanoco had £8.2 million in cash reserves.

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