(‘Ilika,’ the ‘Company,’ or the ‘Group’)
Interim results for the six months ended 31 October 2010
CONTINUED PROGRESS WITH ENERGY DEVELOPMENTS, INCLUDING CONTRACT RENEWALS, AND INCREASED BUSINESS DEVELOPMENT ACTIVITY IN US AND ASIA
Ilika (AIM: IKA), the advanced cleantech materials discovery company, is pleased to present its unaudited interim results for the six months ended 31 October 2010 following its successful float on AIM on 14 May 2010 which raised £4.4 million (net).
Revenues up 37.4% to £607,271 (H1/09: £441,936)
Total revenue including grants up 32.6% to £755,459 (H1/09: £569,855)
Gross profit up 64.8% to £137,345 (H1/09: £83,316)
Operating loss up 6.5% to £1,899,870 (H1/09: £1,784,469)
Loss before tax up 5.8% to £1,883,913 (H1/09: £1,780,205)
Loss per share down 64.8% to 4.97p (H1/09: 14.1p)
Renewal of contract with a leading vehicle manufacturer to develop high performance novel battery materials, extending the effective life of lithium-ion cells through more efficient chemical reactions.
Further positive progress with a platinum-lean transport fuel cell in joint development with a major vehicle manufacturer.
Award of grant from the UK Carbon Trust to progress testing and scale-up commercialisation of palladium-based electrocatalysts as part of the Company’s development of new fuel cell technologies.
Award of contract with the UK Ministry of Defence’s Defence Science and Technology Laboratory to develop new thermoelectric materials with applications in the fields of fuel efficiency and microprocessor cooling.
Altrika (a subsidiary of the Company) awarded grants by the UK government’s Technology Strategy Board to develop the spray formulation of CryoSkin® for the treatment of paediatric burns and scalds and also, to apply its epidermal regeneration polymer for the treatment of serious skin wounds in partnership with the Reconstruction of Appearance and Function Trust (RAFT) Institute and the University of Cardiff.
A leading business development consultancy appointed in the US to develop new business opportunities in the US aerospace and defence sectors.
Relationship with Blue Rise Partners in Japan extended to include securing opportunities in the bio-medical sector whilst continuing business development opportunities in the electronics and energy sectors.
Since the period end the Company has continued to see strong progress across all three areas of its activities (energy, electronics and biomedical) and anticipates making further announcements in due course. Ilika is committed to expanding its European and Asian activities and anticipates further business development opportunities in Asia on the back of the region’s manufacturing-led recovery. The North American market also offers considerable opportunities for materials discovery and development and the Company continues to pursue new opportunities there. To date the Company has further committed revenues and grant income of approximately £750,000 which it expects to recognise before 30 April 2011.
Commenting on the results Ilika’s Chairman, Jack Boyer, said:
“Ilika has continued to make solid progress on all fronts with a 37% increase in commercial revenues (excluding grants), which demonstrates the strength of our business and the increasing recognition of our capabilities. Chief Executives of large corporations all over the world are under pressure to deliver the next generation of competitive products and our technology helps them to accelerate that process.”
“To that end, we have made excellent progress in executing our expansion strategy, especially in the key growth markets of Asia and North America. Utilisation of the Company’s existing R&D equipment grew to 65%, leaving ample capacity for the Company to focus on new opportunities to grow the business. We are well placed to secure these opportunities and look forward to achieving further growth in the current year and beyond.”
For more information contact:
Graeme Purdy, Chief Executive
Steve Boydell, Finance Director
+44 (0) 23 8011 1400
Nomura Code Securities Limited
Phil Walker / Christopher Golden
+44 (0) 20 7776 1200
Pelham Bell Pottinger
Archie Berens / Olly Scott
+44 (0) 20 7861 3232