Ilika on course

Ilika - a pioneer in materials innovation and solid-state battery technology - is on course to meet analyst expectations for the 100% growth in materials development revenue relative to last year.

The company says it remains focused on developing and licensing its solid state battery Intellectual Property in line with its roadmap. Commercialisation activity increased in the six months to the end of October and Ilika has continued to deploy the majority of its operational resource on its battery development programme, whilst the materials development programmes in its portfolio have also progressed to plan.

The major materials development programmes in the period have been plasmonic lenses with Seagate and aerospace alloys, in collaboration with partners including Rolls Royce, GKN and BAE Systems.

The financial results are expected to show total revenue for the period of £330k (H1 2015: £254k) and an operating loss for the period, excluding share based payment charge, of around £1.9m (H1 2015: £1.8m). As a result of the placing in October, cash and cash equivalents at the period end were £7.1m (H1 2015: £4.5m). The company will announce half-year results for the six months ended 31 October on 9 January.

The company also said it has received notifications of intent to award three new grants, two of which involve solid state battery integration programmes, amounting to an aggregate revenue value to the Company of £1.4m over two years.

All three programmes are expected to start in this current financial year and will be carried out in partnership with globally-recognised OEMs. In addition, Ilika has received a notification of intent to award a commercially-funded materials development programme from an existing customer to a value of around $1m over 12 months. This is also expected to start in this current financial year. Further announcements regarding these programmes will be made in due course.

And the company says it has received Notices of Allowance in the US in respect of two patent applications covering its vapour deposition process for solid state battery materials and also, metal oxide supports for fuel cell catalysts.

Chief executive Graeme Purdy said: "The intensive commercial discussions we have had with partners in the first half of the year are maturing and we are making progress with the implementation of our licensing model. We are seeing the expected upturn in development revenues and commencing these new programmes within the timelines expected, will ensure the Company meets analyst expectations for the 100% growth in materials development revenue relative to last year."