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Ilika (AIM:IKA), the advanced cleantech materials discovery company, is pleased to report substantial growth in joint development and contract research revenues, together with an increase in the level of grant funding for own research and development, in the financial year ended 30 April 2011.

Total revenues including other operating income increased to approximately £1.9 million (unaudited), 48% ahead of the previous year’s total revenues, with committed revenues including other operating income for the first half of 2011/2012 already exceeding £0.7m (H1 2010/2011: £0.15m).

Losses before tax for the year improved slightly, compared with last year’s reported loss of £3.26m. Cash balances remain strong, totalling £2.8m at 30 April 2011.

Commenting on these results, Graeme Purdy, Ilika’s Chief Executive, said:

“We are pleased to have met the targets we set out at the time of our IPO a year ago. We have successfully demonstrated our capabilities to a number of world leading multinational corporations in the year, embarking on commercial projects with three new customers, whilst continuing to extend and deepen longer standing relationships.

“Significant progress has been made in the development of products building on previous work undertaken with our partners. Specific examples include:

1) Our fuel cell programme with ITRI to deliver a cheaper fuel cell with a substantially reduced requirement for precious metals. Interest from partners in the automotive sector remains strong and we expect performance testing to take place during the current financial year.

2) Our programme of scaling up a more energy efficient and safer hydrogen storage product from materials originally developed together with Shell. With one of our manufacturing partners, Sigma Aldrich, we have been successful in increasing levels of hydrogen storage capacity at the prototype testing scale. This gives us further confidence of achieving first commercialisation of our material in 2012.

“Our expansion of business development activities has also ensured that there is a broad pipeline of new opportunities and the spend on R&D equipment has provided the capacity to secure these opportunities. We can therefore look forward to continuing the growth that we have achieved this year.”

Ilika expects to announce its audited full year results for the year ended 30 April 2011 on or around 15 July 2011.