9th Jul 2020 15:32
(Alliance News) - Ilika PLC on Thursday reported a widened annual loss but is confident it is well positioned for future growth.
In the year ended April 30, the solid-state battery technology's pretax loss widened to GBP3.3 million from GBP2.7 million the year before.
The company's revenue improved to GBP367,003 from GBP345,307. Ilika also secured GBP2.5 million in UK government grants, from GBP2.2 million the year before.
Ilika's total administrative expenses rose to GBP4.6 million from GBP3.9 million.
Chair Keith Jackson said: "This has been an extraordinary year in more than one way, and I feel enormously proud of the way the team has delivered and taken advantage of challenges. The installation of the Goliath large format battery labs was done at great pace, with very little waste and was accompanied with an overhead saving on premises to give us the facilities we require to progress Goliath.
"The Covid-19 lockdown did temporarily limit access to our Stereax pilot line and restrict some of our working but the team quickly set up new work processes and used the limited fallow time to investigate and improve the way they work, so on the safe return to the labs they could be even more effective."
Looking ahead, Ilika said it has funding in place for the next stage of its development, and believes it is "well positioned" to capitalise on the "growing demand" for solid state battery solutions.
"The company remains well placed to fulfil the strategic objectives laid out at March's oversubscribed fundraise with the proposed transfer of Stereax into a third-party fabrication facility. The shift to the make and sell model and the ability to intensify commercial scale up of Stereax added to further progress with Goliath are expected to deliver significant revenue growth opportunities," the company added.
Shares in Ilika were 1.6% higher in London on Thursday at 62.00 pence each.
By Paul McGowan; [email protected]
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