Markets respond positively to news from battery firm Ilika

AIM-listed solid state battery manufacturer Ilika (LON:IKA) saw its shares advance 5.17% to 30.50p (as of 13:15 BST) after it announced that revenues rose by 26% during the year ended 30th April. The company’s pre-tax loss narrowed to £2.3 million, relative to £2.9 million during the prior year.

Chairman Keith Jackson commented: “This year has seen Ilika exploiting its technical know how to establish a multi-million pound programme for automotive traction batteries, supported by the UK Faraday Battery Challenge funding stream, to enable green transportation. Additionally, Ilika’s micro battery technology has now reached record levels of energy density for perpetual, fit and forget, power which cannot be addressed by existing cell technology. Along with its prototype and pilot manufacturing line Ilika is forming partnerships to scale battery manufacture for industrialisation. The growth in Ilika’s research and development project funding is reflected in nearly 30% turnover growth and stronger than expected year end cash balance. This strong technical and commercial progress forms a solid foundation for continued progress in the coming year“.