23rd Jan 2020 11:55
(Alliance News) - Ilika PLC on Thursday reported a widened interim loss despite a 50% jump in revenue and said that it aims to continue to deliver revenue growth in the second half of financial 2020.
Shares in the battery manufacturer were down 19% at 35.95 pence each on Thursday in London.
For the six months to October 31, Ilika reported a pretax loss of GBP1.6 million versus GBP1.5 million loss in the same period the year before.
Revenue grew to GBP1.5 million from GBP1.0 million. The growth was attributed to an an increase in sales in the company's Stereax miniature battery product as well as an increase in UK grants to GBP1.3 million from GBP727,514 the year prior.
First half administrative expenses increased to GBP2.1 million from GBP1.8 million, with share-based payment charges falling to GBP119,348 from GBP180,164.
Looking ahead, Ilika said it intends to intensify the commercial scale-up of its Stereax technology in the second half in order to continue to deliver revenue growth.
The company also said it has progressed its development of its large format Goliath batteries for electric vehicles, stating that further technical progress is expected as the funded Goliath development proceeds. The total grant support offered to date for the Goliath programme is GBP5 million, Ilika said.
In September, Ilika opened a new large format battery facility, the Goliath pilot line in addition to launching the third Goliath alliance - called project Granite - with Jaguar Land Rover.
"In the second half of the current financial year, Ilika expects to continue to deliver revenue growth relative to the previous year as its funded Goliath development programmes proceed and commercial revenues from Stereax sales have a positive impact," said Ilika Chief Executive Graeme Purdy.
By Ife Taiwo; [email protected]
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