16th Jul 2014 10:19
LONDON (Alliance News) - Ilika PLC Wednesday said it narrowed its losses in its last financial year, supported by revenue growth and administrative costs.
The battery technology company posted a pretax loss of GBP3.1 million for the financial year ended April 30, compared with a loss of GBP3.5 million a year earlier, on the back of lower administrative expenses and higher revenue.
Revenue in the year rose 5% to GBP1.05 million, up from GBP1.00 million the prior year, with a larger amount of revenue generated from European and US-based customers.
The company said it is in discussions with a number of new and existing commercial partners, regarding its stacked solid-state battery, and gave a confident outlook for the year ahead.
"With over GBP600,000 of revenue already secured for 2014 we look forward to the coming year with optimism," said Chairman Jack Boyer in a statement.
Ilika has recently won a number of contracts including a proof-of-concept contract with an existing, undisclosed original equipment manufacturer to provide solid state batteries in wireless sensor network applications, and a three-year grant funded project to develop new alloys for aerospace applications.
The company said it increased the number of its customers last year, and developed a more even spread of commercial engagements between the US, Europe and Asia.
It said it also made significant progress during the year on its two lead programmes - the development of a solid state battery and the development of a low cost fuel cell catalyst.
Ilika shares were up 4.9% at 75.00 pence Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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