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- Advance Nanotek (ANO) has given the market an update on its sales and the coronavirus impact
- The company reported its U.S. sales are up 280 per cent for the 7 months ending January 31st, compared to the same period last year
- However, Advance Nanotek is also experiencing a short term negative impact from the coronavirus,
- This is due to Americans cancelling or postponing travel plans for the upcoming summer
- Additionally, tube suppliers from China have delayed supplies to key manufacturers in Europe and U.S.
- While sales have been up, the company expects the virus outbreak to negatively effect its $30 million sales target for FY20
- On market close, Advance Nanotek is down 7.34 per cent trading at $5.05 per share
Advance Nanotek (ANO) has given the market an update on its sales and coronavirus and revealed its Managing Director will be selling some of his holding.
Advance Nontek is a materials company which develops, manufactures and markets various products including for the sun care and cosmetic sectors.
The company reported its U.S. sales is up 280 per cent for 7 months to January 2020, compared to the same time last year.
Advance Nanotek said it is seeing signs of sales growth from its new distributor in Europe.
A large manufacturer is looking into trialling the company’s XP for large volume sunscreen sales to the United States and Australia. In addition, there is over 35 new customers trialling its zinc powders and dispersions
The company said it is witnessing a short term negative impact from the coronavirus on sales. Americans are cancelling or postponing travel plans for the upcoming summer.
It also said that the tube suppliers from China have delayed supplies to key manufacturers in Europe and U.S.. Advance Nanotek is expecting to have a negative effect on the sales target of $30 million for this financial year.
Managing Director, Geoff Acton will be selling some his shares for a total of $294,000. Geoff is finalising a family settlement matter with some of these transactions.
On market close, Advance Nanotek is down 7.34 per cent trading at $5.05 per share.
