Ilika trades in line despite Covid-19 outbreak

Solid-state battery technology group Ilika said on Tuesday that its full-year results would meet expectations after having slightly narrowed losses on improved revenues.

Ilika expects to report a 10% sales jump for the year ended 30 April to £2.8m, while losses were set to have contracted from £2.2m to £2.1m.

The AIM-listed group noted that its headquarters in Romsey, where it carries out its large format Goliath development activities, had remained open throughout Covid-19 lockdowns, while many of its data analytics and business discussions also continued remotely, maintaining momentum within the business.

As a result, Ilika stated that it had thus far seen "no material changes" as a result of the pandemic.

Chief executive Graeme Purdy said: "The past year has been significant in advancing our strategy of commercialisation. The capital raising has enabled Ilika to pursue these plans and has provided balance sheet strength to reach expected cashflow break-even.

"We are pleased to report no material changes to the company have resulted from the pandemic and, despite the current environment, plans for Stereax manufacturing remain on track, underpinned by the successful fund raise."

As of 1135 BST, Ilika shares were up 2.73% at 45.20p.