Ilika narrows losses on increased revenues

Solid-state battery developer Ilika said on Wednesday that trading during the six months ended 31 October was in line with its expectations.

Ilika said it expected to report a 50% increase in total revenues to £1.5m for the period, leading to a reduced underlying loss of £1m.

Cash and equivalents at period end were significantly lower than last year's £5.8m figure, at £1.9m.

Throughout the period, the AIM-listed group continued to develop and commercialise its thin-film miniature 'Stereax' solid-state batteries for powering wireless sensors, and continued to progress its large-format 'Goliath' cells for electric vehicles.

Chief executive Graeme Purdy said: "Ilika's ability to act in an agile, speedy manner has been demonstrated by the short time it has taken us to design, outfit and commission our new facility for solid-state large format cells over the summer.

"Our continued commercial progress is a promising reflection of the large pipeline of opportunities we have for both miniature Stereax and Goliath."

Ilika expects to announce its interim results on 23 January 2020.

As of 1030 GMT, Ilika shares were up 1.72% at 29.50p.