Ilika plc Trading update (8844P)

TIDMIKA

RNS Number : 8844P

Ilika plc

23 November 2016

Ilika plc

("Ilika" or the "Company")

Trading update

Ilika (AIM: IKA), a pioneer in materials innovation and solid-state battery technology, announces a trading update for the six months ended 31 October 2016.

The Company remains focused on developing and licensing its solid state battery Intellectual Property in line with its roadmap. Commercialisation activity increased in the period 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 GBP330k (H1 2015: GBP254k) and an operating loss for the period, excluding share based payment charge, of around GBP1.9m (H1 2015: GBP1.8m). As a result of the placing in October, cash and cash equivalents at the period end were GBP7.1m (H1 2015: GBP4.5m).

The Company will announce half-year results for the six months ended 31 October 2016 on 9 January 2017.

Post period end events

The Company 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 GBP1.4m 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.

Patent update

The Company 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.

Graeme Purdy, CEO of Ilika, commented: "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."

For more information contact:

 
 Ilika plc                                                                  www.ilika.com 
 Graeme Purdy, Chief Executive                                         Tel: [phone] 
 Steve Boydell, Finance Director 
 
 Numis Securities Limited                                              Tel: [phone] 
 Oliver Cardigan/ Paul Gillam (Corporate 
  Adviser) 
 James Black/ Michael Burke (Corporate 
  Broking) 
 
 Walbrook PR Ltd                               Tel: [phone] or [e-mail] 
 Paul Cornelius                                                        Mob: [phone] 
 Paul McManus                                                          Mob: [phone] 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 23, 2016 02:00 ET (07:00 GMT)