Ilika up despite H1 challenges

AIM-listed solid-state battery specialist Ilika (LON:IKA) saw its share price climb by 4.19% to 97.94p (as of 14:35 GMT) after providing an update for the six months ended 31st October. The Stereax pilot line was shut down for three month between March and June and revenue recognition for the half year was down by 13.3%, but EBITDA losses remained flat against the prior year.

CEO Graeme Purdy commented: “Despite the operational challenges posed by the restrictions accompanying the COVID-19 pandemic, Ilika has progressed both the implementation of its manufacturing plans for Stereax and continued the development of its Goliath large format cells. The Company has a clear pathway to increased production, revenue generation and cash flow break even, with a focus on a number of exciting target markets. We look forward to maintaining the on-schedule implementation of our plans in the second half of our current financial year and updating the market on our progress.”