11th Jul 2019 12:14
(Alliance News) - Ilika PLC on Thursday said it is set for continued progress in its recently commenced financial year after reporting a narrowed loss and double-digit revenue growth for financial 2019.
Ilika specialises in the development of new materials for energy and electronics applications.
The company reported revenue of GBP2.6 million for the year to the end of April, up 24% compared to GBP2.1 million a year ago, resulting in a narrowed pretax loss of GBP2.7 million from GBP3.3 million.
Combined cost of sales and administrative expenses were GBP5.0 million in the year, which is up from GBP4.9 million a year prior and is associated with the increased direct costs as a result of the higher level of commercial and grant-supported programmes. The largest component of expenses is wages and salaries, Ilika noted.
"Ilika's micro battery technology has now reached record levels of energy density for perpetual, fit-and-forget power which cannot be addressed by existing cell technology," said Chair Keith Jackson. "Along with its prototype and pilot manufacturing line, Ilika is forming partnerships to scale battery manufacture for industrialisation."
Jackson added: "This strong technical and commercial progress forms a solid foundation for continued progress in the coming year."
Ilika shares were 5.2% higher on Thursday in London at 30.50 pence each.
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