4th Dec 2015 08:54
LONDON (Alliance News) - Solid-state battery technology company Ilika PLC on Friday said its focus on its battery development programme will result in lower revenue and a wider operating loss for the first half of its financial year.
Ilika said it is currently focusing its efforts on manufacturing micro-battery prototypes designed to power wireless sensors for applications in the Internet of Things market and is continuing to allocate resources to this work.
As a result of this focus, revenue for the six months to the end of October is expected to halve to GBP300,000 from GBP600,000 a year earlier, result in an operating loss of GBP1.8 million, compared to GBP1.6 million.
In addition, spending on the development work meant its cash and cash equivalents at the end of October fell to GBP4.5 million from GBP7.2 million.
The group will publish its interim results on January 12, 2016.
"The hard work invested by our operational team in manufacturing and characterising prototype batteries this year has been reinforced by positive feedback from potential commercial partners. The feedback from those partners builds confidence that our technology will be in a strong position to address significant commercial opportunities going forward," said Chief Executive Graeme Purdy.
Shares in Ilika were down 2.7% to 72.00 pence early Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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