News blog

Ilika

• BY: Andrew Hore |
• POSTED: 21/07/2013 |

Advanced materials developer Ilika has enough cash to last until 2014-15.

Numis has reduced its 2013-14 forecast loss from £3.1m to £2.3m thanks to cost savings by Ilika management. The make-up of the £2.2m of revenues has changed with more coming from contracted development and nothing from licences and royalties. Ilika has already secured £535,000 of these revenues. Net cash is set to fall from £1.9m to £800,000 – reflecting that lower loss and reduced capital expenditure. Ilika recently raised £709,000 at 30p a share from clients of Charles Stanley.

Figures for the year to April 2013 were in line with expectations with revenues halving to £1m and the loss increasing from £2.6m to £3.8m. This year’s costs have been reduced by £445,000.

Ilika will be involved with the £3.3m grant awarded to the University of Southampton, which owns 8% of ilika, for the development of advanced composite materials.

Battery and low cost fuel cell catalyst technologies are the two areas with the most potential but there are other opportunities in areas such as aerospace.

At 25.5p a share, Ilika is valued at £12.3m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2013_46.pdf