22nd Jan 2015 10:02
LONDON (Alliance News) - Ilika PLC Thursday said its pretax loss widened in the first half of its financial year, although it made a cash inflow compared with an outflow a year earlier, and it ended the half with a much-improved cash balance.
The company, which is developing solid state battery technology, reported a pretax loss of GBP1.6 million for the six months to October 31, compared with a loss of GBP1.5 million a year earlier, as revenue fell to GBP606,328 from GBP612,999 and administrative expenses rose.
However, the company, which was recently granted two patents covering methods for producing sold state batteries, said its loss per share fell to 2 pence, from 3p, while it booked a net cash inflow of GBP0.1 million compared with an outflow of GBP1.7 million a year earlier. It ended the half with a cash balance of GBP7.3 million, up from GBP1.4 million a year earlier.
Ilika started 2014 by announcing that it had discovered a simple methodology for producing a stacked solid state battery that was likely to lead to significant out-licensing opportunities. It believes its technology could eventually end up making larger solid state batteries than currently available with mainstream applications like in consumer electronics.
In July 2014 it said it had achieved a 25 times increase in battery size, making the batteries on a footprint relevant for commercial applications in wireless sensor networks and wearables.
"Commercial interest has been strong from the leading players in sensor network technology as well as global OEM's, which are investing heavily in wearable technology. The remainder of this year will see our efforts focused on producing prototypes for our commercial partnerships," Chief Executive Graeme Purdy said Thursday.
Ilika shares were down nearly 2.0% at 90.20 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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