Ilika H1 trading in line with revised expectations

Battery technology group Ilika said on Wednesday that first-half trading had been in line with revised expectations.

Despite being forced to shut down its Stereax pilot line between March and June and a 13.3% dip in revenues to £1.3m, underlying losses were flat year-on-year at £1.0m.

Cash and equivalents surged 552% to £12.4m on the back of its over-subscribed £15.0m equity placing in April.

Ilika also stated it was in the process of implementing manufacturing scale-up plans for Stereax, its miniature solid-state batteries, and added that continued collaborations with its Faraday Battery Challenge partners had resulted in "a steady increase" in the performance of its Goliath large-format cell.

As of 0850 GMT, Ilika shares were up 3.19% at 97.0p.