15th Jan 2014 10:57
LONDON (Alliance News) - Materials discovery company Ilika PLC said it had made significant progress in the development of its solid state battery technology, as it saw revenues rise and pretax loss narrow in the half-year ended October 31 Wednesday
The company posted revenue of GBP571,498, up from GBP391,801 in the previous year. Gross margin rose to GBP39%, up from 24%. The company said that it had continued to make progress in developing and licensing its intellectual property and is currently managing original equipment manufacture trials with its low cost fuel cell catalyst and cell growth polymer surface products.
It posted a pretax loss of GBP1.5 million, narrowed from GBP1.9 million in the previous year, benefited by the higher revenue and lower administrative expenses.
January 9, after the period end, Ilika announced that it had found a method to produce its stacked solid-state cell battery and was actively pursuing commercial partnerships to bring the product to market as soon as possible.
A solid-state battery is a battery in which both the electrodes and electrolyte are solid-state materials.
"This opens the door to rapidly growing opportunities to power wireless sensors and ultimately address the world's largest battery markets for consumer electronics through early adoption by the defence sector," said Chairman Jack Boyer in a statement.
Ilika said it was committed to deploying its cash prudently to drive towards profitability whilst supporting its solid state battery programme.
Shares in Ilika were trading down 2.1% at 34.75 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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