12th Jan 2016 09:54
LONDON (Alliance News) - Solid state battery developer Ilika PLC on Tuesday reported a slightly widened pretax loss for its first half, as it committed resources to its battery development programme.
For the half year to end-October the company reported a pretax loss of GBP1.9 million, widened from a loss of GBP1.6 million a year before, as revenue fell to GBP253,693 from GBP606,328 and administrative costs rose.
Ilika has been working on the development of solid-state battery technology, meaning batteries that charge faster and hold charge for longer, since 2008 when it started a collaboration with Toyota Motor Corp primarily to develop materials suitable for use in batteries for hybrid vehicles.
The company began pilot production of solid-state batteries in March of last year, and since then has been working on optimising the performance of the equipment and the batteries, and has been sharing performance data for evaluation by commercial partners.
Ilika attributed its fall in revenue and profit in the first half to its increased focus on the battery development programme during the period.
"Our team has made good progress and breakthroughs with this complex technology and has produced working batteries for evaluation by our target OEM partners. This effort has resulted in interactions which have led to the definition of a detailed product roadmap. We now look forward to advancing these designs and stepping up our commercial interactions with our OEM partners," said Chief Executive Graeme Purdy in a statement.
Shares in Ilika were down 7.2% at 63.55 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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