We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ilika Plc | LSE:IKA | London | Ordinary Share | GB00B608Z994 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.50 | 1.67% | 30.50 | 29.00 | 32.00 | 31.25 | 29.50 | 30.00 | 914,154 | 08:31:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Coml Physical, Biologcl Resh | 702k | -7.3M | -0.0459 | -6.64 | 48.49M |
From Apr 2019 to Apr 2024
TIDMIKA
RNS Number : 2817B
Ilika plc
09 January 2018
Ilika plc
('Ilika,' the 'Company,' or the 'Group')
Half-year Report
Ilika (AIM: IKA), a pioneer in solid-state battery technology and materials innovation, announces its unaudited half yearly report for the six months ended 31 October 2017.
Operational Highlights
-- Exchanged detailed Stereax(R) performance data with over 60 potential OEM partners -- Shipped sample batteries to 10 potential OEM partners for detailed technical evaluation -- Three of these have progressed to development and deployment partnerships:
o Advanced a development programme to integrate a Stereax(R) battery in a miniature medical implant product (value to Ilika of GBP700,000 over 18 months from March 2017)
o Commenced a development programme to integrate a Stereax(R) battery with a photovoltaic energy harvesting solution from Lightricity (ex-Sharp) (value to Ilika of GBP320,000 over two years from July 2017)
o Secured a deployment programme with Titan Wind Energy, China's largest wind turbine manufacturer, to use Stereax(R) M250 batteries to power strain sensors for turbine blade condition monitoring (value to Ilika of GBP400,000 over two years from March 2018)
-- Continued to implement the Stereax(R) roadmap to achieve increased capacity per footprint and miniaturisation requirements
-- Executed the following materials development programmes:
o plasmonic lenses and Heat Assisted Magnetic Recording (HAMR) materials with Seagate
o battery materials with Johnson Matthey
o game changing energy materials with Toyota and
o aerospace alloys in collaboration with partners including Rolls Royce, GKN and BAE Systems.
-- Expanded proprietary IP with patents granted in USA for core-shell catalysts for fuel cells -- ISO 9001Certification achieved in December 2017
Financial Summary
-- Total revenue for the period GBP1.0m (H1 2016: GBP0.3m) -- Loss per share 2p (H1 2016: 3p per share) -- Cash balance at period end GBP3.9m (H1 2016: GBP7.1m)
Commenting on the results Graeme Purdy, CEO of Ilika, said: "In the first half of the year Ilika has delivered a series of Stereax(R) development and deployment partnerships which are driving revenue growth and enhancing insight into the addressable sectors for its technology. The progress being made towards the commercialisation of Stereax technology is illustrated by the increased number of Stereax(R) samples sent to a diverse range of potential OEM partners for evaluation. Ilika is well-positioned to generate value from its globally-recognised reputation for expertise in solid-state materials and battery technology and is seeing increased corporate interest consistent with greater activity in the global battery sector."
Ilika plc Graeme Purdy, Chief Executive Steve Boydell, Finance Director +44 (0)23 8011 1400 NUMIS Securities Limited Paul Gillam/Oliver Cardigan/James Black +44 (0) 20 7260 1000 Walbrook PR Ltd +44 (0)20 7933 8780 or ilika@walbrookpr.com Paul McManus Mob: +44 (0)7980 541 893 Paul Cornelius Mob: +44 (0)7827 879 460 Lianne Cawthorne Mob: +44 (0)7584 391 303
Joint Chairman's and CEO's Statement
Review of Period
Ilika has continued to pursue its strategy of developing and commercialising its proprietary solid-state batteries, underpinned by its technology platform for the high throughput development of materials for the energy, electronics and aerospace sectors.
Stereax(R) solid-state battery technology
Ilika has been active in the development of solid-state battery technology since 2008, when it commenced a collaboration with Toyota, principally to develop materials suitable for use in batteries for hybrid vehicles. During that collaboration, Ilika and Toyota filed joint patent applications protecting relevant materials and processes for the development and manufacture of solid-state batteries. The key advantages of solid-state batteries relative to standard lithium-ion batteries are:
-- Non-flammable -- 6 x faster charging -- 4x longer charge retention -- 2x increased energy density, making them half the volume for a given electrical charge -- 1/10(th) the leakage current.
Ilika identified that these benefits make solid-state batteries particularly suitable for powering wireless sensors, which are the end-nodes for the "Internet of Things" (IoT). While analysts' estimates vary, we believe there are about 15 billion sensors already deployed, with the majority of these sensors hard-wired either to the grid, or to larger batteries, for example those used to power consumer electronics devices. Sensors can also be powered by primary (disposable) batteries. The number of sensors being deployed is growing rapidly and many of the important use-cases involve sensors in environments where it is expensive or inconvenient to connect them with cables. Also, in the trillion-sensor scenario, where sensors become ubiquitous, we understand the use of disposable coin cells becomes unsustainable. Ilika's solution is to combine its rechargeable Stereax(R) technology with miniature energy harvesters such as small photovoltaic panels (that convert light to electricity), thermoelectric devices (that convert heat to electricity) and piezoelectric devices (that convert movement to electricity).
Ilika's Stereax(R) battery technology is differentiated from other solid-state batteries through its choice of materials and its use of an efficient evaporation process that is capable of higher deposition rates than other solid-state routes. This results in the following benefits relative to previous solid-state battery designs:
-- Ability to stack cells in a continuous process prior to encapsulation, increasing the energy capacity per footprint of battery
-- Less encapsulation required -- High temperature resilience
Within the IoT market, there are many segments which are addressable with Ilika's technology. The unique benefits of Stereax(R) batteries make them particularly useful for medical implants and industrial IoT applications. Miniature Stereax(R) batteries can enable medical devices in a way that is currently not possible with conventional lithium-ion batteries. Their compact, high energy density, high power characteristics make them useful for a range of medical implant applications covering blood pressure monitoring to neuro-stimulation. Industrial IoT, or Industry 4.0 as it is sometimes referred to, requires batteries that can reliably operate at elevated temperatures above those for which standard lithium-ion batteries are rated.
In discussion with its potential partners, Ilika has defined a development roadmap for its Stereax(R) batteries. The Stereax(R) M250 product was launched in 2016 and in 2017 this was followed up with the launch of the P180, designed for use in hostile environments. Further Stereax(R) product launches are expected in 2018. Ilika has entered into in excess of 60 application discussions with potential OEM partners around the world. In addition, Ilika has sent samples of batteries to 10 potential partners for their detailed evaluation and validation. Three of these discussions have now progressed to development and deployment partnerships, which are discussed in the commercial section below.
The Stereax products that Ilika is marketing to its partners are defined by a licensing package including the following:
-- Battery architecture design -- Detailed definition of the materials composition and properties -- Manufacturing process description -- Sample battery devices -- IP portfolio
Over the past few months Ilika has been approached by a number of significant commercial partners interested in collaborating with Ilika to expand its product development roadmap to include larger capacity batteries suitable for use in consumer electronics, domestic storage of energy and electric powered vehicles. In order to address these applications, Ilika is developing manufacturing processes suitable for forming battery materials in quantities which facilitate energy storage on a scale several orders of magnitude larger than that achievable using current vacuum deposition methods. The Stereax roadmap is now showing this technical innovation, which has the code-name "Goliath". Further information will be forthcoming on this development path in future updates.
Commercial Progress
Ilika's intention is to license its technology to OEM partners using the model that has become standard in the semiconductor industry, based on license fees and royalties. Using its pilot line, Ilika has produced samples of its M250 and P180 batteries, which it has used to provide initial quantities of product to seed the market for OEM's. Licensing may also involve the use of 3(rd) party foundries working under contract to OEM's.
Ilika has continued to pursue a three-phase strategy for the commercialisation of its battery technology:
-- Optimisation of the battery architecture for specific applications -- Validation and integration of the batteries into application systems -- Technology transfer and licensing for manufacture
The development of the published Stereax roadmap is demonstration of the implementation of the first phase of this strategy. The second phase commenced in 2017, as demonstrated by the three development and deployment programmes announced in the course of the year:
1. The optimisation of Stereax technology for miniature medical implants announced in March 2017 which is a GBP700k development programme.
2. Integration of Stereax with photovoltaic harvesters for transport applications in a two-year programme with Lightricity (ex-Sharp), which started in July 2017.
3. Deployment of Stereax in sensors to measure strain for condition monitoring in wind turbine blades. This programme will start in March 2018 and is a collaboration with Titan Wind Energy, China's largest wind turbine manufacturer.
These three programmes can be seen as lead indicators of the areas into which Stereax technology will be licensed as part of the third phase of commercialisation.
Materials Development Portfolio
Ilika continues to support an active portfolio of materials development projects, which are carried out in collaboration with OEM partners. These programmes are a usually done on a shared-IP basis. The project fees make a significant contribution towards covering Ilika's overheads.
Energy materials
In February 2017 Ilika commenced the latest in a series of projects with the Toyota Group. This latest project is being carried out with the Toyota Research Institute and its partners in the USA. The project involves the use of materials modelling, machine learning and Ilika's automated materials synthesis and testing techniques.
In August 2016, Ilika announced that it is taking part in a three-year project to develop protected anodes for lithium sulphur batteries. Led by Johnson Matthey and including Williams Grand Prix Engineering Ltd, the University of Oxford and the University of Warwick. The aim of the project is to discover new electrolyte composition options which will provide enhanced performance 'pouch cells' that can be made with existing cell fabrication methods. The pouch cells being developed in this project are for large scale renewable energy storage applications that require high capacity and low-cost batteries.
Electronic materials
In February 2017 Ilika announced a second project with Seagate to develop photonic materials and processes for hard drives. This follows on from the two-year project with Seagate and the University of Southampton, which commenced in February 2016, with the aim of providing a demonstration of 2D materials for Hard Disk Drive applications. Materials with superior nanophotonic properties are being developed to achieve improved hard drive performance and reliability.
Aerospace Alloys
Ilika has continued in its role of leading two aerospace alloy programmes. The first is focussing on superalloy compositions for gas turbine engines with better thermal efficiency than current alloys. The alloys are designed to increase gas turbine performance, reducing CO(2) emissions and noise levels at take-off. This is a collaboration with the University of Cambridge, Diamond Light Source and Rolls Royce.
The second project is the development of self-healing alloys in collaboration with Reliance Precision Engineering, University of Sheffield, GKN and BAE Systems. This project aims to develop alloys suitable for additive manufacturing processes and to develop a metallic manufacturing process that takes advantage of the flexibility of additive manufacturing and the precision of subtractive manufacturing.
Outlook
In the second half of the current financial year Ilika expects to continue to deliver strong revenue growth relative to the previous year. Ilika is focussed on the scale up of its Stereax technology. An important milestone in this process has been the award of ISO 9001 certification to the Company.
In addition, Ilika's pipeline of potential OEM partners, who are actively evaluating Stereax batteries, demonstrates that the Company is drawing ever closer to licensing this technology. Ilika is well-positioned to exploit the global trend towards solid-state battery technology and is one of the few global players with an established technology position in this field. Underpinning this is Ilika's foundation of high throughput materials innovation, which continues to attract OEM collaboration partners and support revenue growth.
Graeme Purdy, CEO
Mike Inglis, Chairman
Ilika plc
Consolidated statement of comprehensive income for the six months ended 31 October 2017
Hot Features
Premium
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Oct 2017 31 Oct 2016 30 Apr 2017
Notes GBP GBP GBP
------------------------------------- ------ -------------- -------------- --------------
Turnover 1,004,112 328,639 1,050,667
------------------------------------- ------ -------------- -------------- --------------
Revenue 413,572 54,807 311,946
UK grants 590,540 273,832 738,721
------------------------------------- ------ -------------- -------------- --------------
Cost of sales (531,024) (220,101) (574,272)
Gross profit 473,088 108,538 476,395
Administrative expenses
------------------------------------- ------ -------------- -------------- --------------
Administrative expenses (1,897,903) (2,030,138) (3,863,411)
Share-based payment charge (269,627) (278,326) (547,347)
------------------------------------- ------ -------------- -------------- --------------
2,167,530 2,308,464 4,410,758
Operating loss (1,694,442) (2,199,926) (3,934,363)
Financial income 8,654 5,822 23,844
Loss before tax (1,685,788) (2,194,104) (3,910,519)
Taxation 198,308 217,268 370,274
Loss for period/total comprehensive
income attributable to owners
of parent (1,487,480) (1,976,836) (3,540,245)
Loss per share
Basic and diluted 2 (0.02) (0.03) (0.05)
-------------- -------------- --------------
The results from the periods shown above are derived entirely from continuing operations.
Consolidated balance sheet as at 31 October 2017
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Oct 2017 31 Oct 2016 30 Apr
2017
Notes GBP GBP GBP
------------------------------------ ------- ------------- ------------- -------------
ASSETS
Non-current assets
Intangible assets 2,980 9,088 2,581
Property, plant and equipment 543,653 405,573 451,560
------------- ------------- -------------
Total non-current assets 546,633 414,661 454,141
------------- ------------- -------------
Current assets
Trade and other receivables 1,015,866 674,539 1,116,367
Current tax receivable 528,309 240,274 330,000
Other financial assets - bank
deposits 3,268,648 1,406,305 2,900,000
Cash and cash equivalents 601,499 5,665,033 2,510,884
------------- ------------- -------------
Total current assets 5,414,322 7,986,151 6,857,251
------------- ------------- -------------
Total assets 5,960,955 8,400,812 7,311,392
------------- ------------- -------------
Issued capital and reserves attributable
to owners of parent
Issued share capital 789,911 789,911 789,911
Share premium 23,179,756 23,179,756 23,179,756
Capital restructuring reserve 6,486,077 6,486,077 6,486,077
Retained earnings (25,424,258) (22,912,018) (24,206,405)
------------- ------------- -------------
Total equity 5,031,486 7,543,726 6,249,339
------------- ------------- -------------
LIABILITIES
Current liabilities
Trade and other payables 779,469 707,086 912,053
Provisions 150,000 150,000 150,000
------------- ------------- -------------
Total liabilities 929,469 857,086 1,062,053
------------- ------------- -------------
Total equity and liabilities 5,960,955 8,400,812 7,311,392
------------- ------------- -------------
Consolidated cash flow statement for the six months ended 31 October 2017
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Oct 2017 31 Oct 2016 30 Apr 2017
GBP GBP GBP
------------------------------------------- ------------- ------------- -------------
Cash flows from operating activities
Loss before taxation (1,685,788) (2,194,104) (3,910,519)
Adjustments for:
Amortisation 2,755 6,507 13,014
Depreciation 99,798 99,926 192,331
Equity settled share based payments 269,627 278,326 547,347
Profit on disposal of plant, property
and equipment - (30,129) (30,783)
Net financial income (8,654) (5,822) (23,844)
------------- ------------- -------------
Operating cash flow before changes
in working capital, interest and
taxes (1,322,262) (1,845,296) (3,212,454)
Decrease/(increase) in trade and
other
receivables 100,501 (119,850) (598,672)
Increase /(decrease) in trade and
other payables (132,584) (41,043) 163,925
------------- ------------- -------------
Cash utilised by operations (1,354,345) (2,006,189) (3,647,201)
Tax received - 315,000 415,274
------------- ------------- -------------
Net cash flow from operating activities (1,354,345) (1,691,189) (3,231,927)
Cash flows from investing activities
Interest received 8,653 5,822 23,844
Sale of property plant and equipment - 30,129 40,129
Purchase of intangible assets (3,154) - -
Purchase of property, plant and equipment (191,891) (106,175) (253,913)
Increase in other financial assets (368,648) (1,406,305) (2,900,000)
------------- ------------- -------------
Net cash used in investing activities (555,040) (1,476,529) (3,089,940)
Cash flows from financing activities
Proceeds from issuance of ordinary
share capital - 6,300,000 6,300,000
Cost of share issue - (464,661) (464,661)
------------- ------------- -------------
Net cash from financing activities - 5,835,339 5,835,339
------------- ------------- -------------
Net (decrease)/ increase in cash
and cash equivalents (1,909,385) 2,667,621 (486,528)
Cash and cash equivalents at the
start of the period 2,510,884 2,997,412 2,997,412
Cash and cash equivalents at the
end of the period 601,499 5,665,033 2,510,884
============= ============= =============
Consolidated statement of changes in equity (unaudited)
Share premium Capital
account restructuring Retained
Share capital reserve earnings Total
GBP GBP GBP GBP GBP
--------------------- ---------------- -------------- --------------- -------------- --------------
As at 30 April
2016 663,911 17,470,417 6,486,077 (21,213,507) 3,406,898
Issue of shares 126,000 6,174,000 - - 6,300,000
Expenses of share
issue - (464,661) - - (464,661)
Share-based payment - - - 278,326 278,326
Loss and total
comprehensive
income - - - (1,976,836) (1,976,836)
-------------- --------------
As at 31 October
2016 789,911 23,179,756 6,486,077 (22,912,017) 7,543,727
Share-based payment - - - 269,021 269,021
Loss and total
comprehensive
income - - - (1,563,409) (1,563,409)
-------------- --------------
As at 30 April
2017 789,911 23,179,756 6,486,077 (24,206,405) 6,249,339
Share-based payment - - - 269,627 269,627
Loss and total
comprehensive
income - - - (1,487,480) (1,487,480)
As at 31 October
2017 789,911 23,179,756 6,486,077 (25,424,258) 5,031,486
Share capital
The share capital represents the nominal value of the equity shares in issue.
Share premium account
When shares are issued, any premium paid above the nominal value is credited to the share premium reserve.
Retained earnings
The retained earnings reserve records the accumulated profits and losses of the Group since inception of the business.
Capital restructuring reserve
The capital restructuring reserve arises on the accounting for the share for share exchange. It represents the difference between the value of the issued equity instruments of Ilika Technologies Limited immediately before the share for share exchange and the equity instruments of Ilika plc along with the shares issued to effect the share for share exchange.
Notes to the consolidated financial statements
1. Accounting policies
Basis of preparation
The interim financial statements, which are unaudited, have been prepared on the basis of accounting policies consistent with International Financial Reporting Standards ("IFRSs") adopted by the European Union. The accounting policies are the same as applied in the Group's latest financial statements.
The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all the disclosures in IAS 34 'Interim Financial Reporting'. Accordingly, whilst the interim financial statements have been prepared in accordance with IFRS they cannot be construed as being in full compliance with IFRS.
The financial information for the year ended 30 April 2017 does not constitute the full statutory accounts for that period. The Annual Report and Accounts for 30 April 2017 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Accounts for 2017 was unqualified and did not include references to any matters which the auditors drew attention by way of emphasis without qualifying their report and did not contain statements under Section 498(2) or 498(3) of the Companies Act 2006.
Going concern
The financial statements are prepared on a going concern basis which the directors believe continues to be appropriate. The Group meets its day to day working capital requirements through existing cash resources which, at 31 October 2017, amounted to GBP3.9m. The directors have prepared projected cash flow information for the period ending twelve months from the date of their approval of these financial statements. On the basis of this cash flow information the directors believe that the Group will be able to continue to trade for the foreseeable future.
2. Loss per share
Loss per ordinary share have been calculated using the weighted average number of shares in issue during the relevant financial periods. The weighted average number of equity shares in issue and the earnings, being loss after tax, are as follows:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Oct 2017 31 Oct 2016 30 Apr 2016
Number Number Number
----------------------------------- ------------- ------------- -------------
Weighted average number of equity
shares 78,991,110 67,144,371 73,122,617
GBP GBP GBP
----------------------------------- ------------- ------------- -------------
Loss, being loss after tax (1,487,480) (1,976,836) (3,540,245)
The loss attributable to ordinary shareholders and weighted average number of ordinary shares for the purpose of calculating the diluted earnings per ordinary share are identical to those used for basic earnings per share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of IAS 33.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DVLFBVFFXBBE
(END) Dow Jones Newswires
January 09, 2018 02:00 ET (07:00 GMT)
1 Year Ilika Chart |
1 Month Ilika Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
