Trading Update & Notice of Results

RNS Number : 9031E

Ilika plc

11 November 2020

 

Ilika plc

("Ilika" or the "Company")

Trading Update

& Notice of Half-year Results

Ilika (AIM: IKA), a pioneer in solid-state battery technology, is today providing an update on trading for the six months ended 31 October 2020.

Financial Highlights

Trading in the first half of the year has been broadly in-line with our expectations in accordance with our assessment of the financial impact of COVID-19 restrictions, which resulted in the three-month shutdown of the Stereax pilot line between March and June 2020. Despite the restrictions, revenue recognition for the period was 1.3m (H1 2019: 1.5m). The EBITDA loss for the period remained unchanged relative to the EBITDA loss for the same period last year at £1.0m (H1 2019: loss of £1.0m). Cash and cash equivalents at the period end were 12.4m (H1 2019: 1.9m).

Operating Highlights

Stereax ^Ò

Following the successful conclusion of our over-subscribed £15m equity placing in April 2020, the Company is  now implementing the manufacturing scale-up plans for Stereax^Ò, Ilika's miniature solid-state batteries designed for industrial wireless sensors in hostile environments and medical implants. This involves selecting a fabrication facility (FAB) into which the Company will install key equipment for its proprietary cell manufacturing process. The Company is well advanced with that selection process and still expects to finalise details by the end of 2020 with key tools, which have already been ordered, expected to be installed in the first half of FY22 and manufacturing commencing by the second half of FY22. This will result in a 70x increase in Stereax production capacity by the end of 2021.  In order to manage this process the Company has made a key hire, Paul Marron, Technology Transfer Director.

Goliath Programme

The Company's continued collaborations with its Faraday Battery Challenge partners have resulted in a steady increase in the Goliath large format cell performance. The plans for the scale-up of the Goliath programme progressed in September 2020 with the announcement of the framework agreement with the UK Battery Industrialisation Centre, or UKBIC. Ilika's Goliath pre-pilot line in Romsey is a prototyping facility with a capacity of 1 kWh/week, which we intend to increase to 10 kWh/week by 2022 with the support of further grant funding. Beyond that, the UKBIC will facilitate the production of 5MWh/week, enabling the launch of the first Goliath-powered commercial products.

Notice of Results

Ilika expects to announce half-year results for the six months ended 31 October 2020 on Thursday 14 January 2021.

Analyst Briefing

The management team will be hosting a remote analyst briefing on the day, 14 January 2021, at 9.30am. Analysts who wish to attend should contact Lianne Cawthorne at Walbrook PR on [phone] or email  [e-mail]  to register.  

 

Investor Presentation

An investor presentation will be held on the day, 14 January 2021, at 4.30pm and will be hosted through the digital platform, Investor Meet Company. Investors can sign up to Investor Meet Company for free and add to meet Ilika plc via the following link: https://www.investormeetcompany.com/ilika-plc/register-investor

 or for more information please contact Walbrook PR at [e-mail]. 

Ilika's CEO Graeme Purdy,stated,"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."

For more information contact: Ilika plc	www.ilika.com
Graeme Purdy, Chief Executive	Via Walbrook PR
Steve Boydell, Finance Director
Liberum Capital Limited	Tel: [phone]
Andrew Godber, Cameron Duncan, William Hall, Nikhil Varghese
Walbrook PR Ltd	Tel: [phone] / [e-mail]
Tom Cooper	Mob: [phone]
Lianne Cawthorne	Mob: [phone]
Nick Rome	Mob: [phone]

Notes to editor and corporate video:

Please click link here to view latest corporate video and overview:

https://www.ilika.com/latest-news/ilika-investor-update-november-2020

Ilika plc (LON: IKA) is a pioneer in solid-state battery technology with their innovative Stereax micro batteries designed for Industrial IoT and MedTech markets, and their Goliath large format batteries for the electric vehicle and consumer electronics markets. Stereax battery technology offers compelling advantages over conventional lithium ion batteries, including smaller footprint, high energy density, non-toxic materials, faster charging, increased cycle life, low leakage and reduced flammability. Stereax solid-state batteries are also customisable in shape and form, stackable and operational at high temperatures.

 

END

 

 

MSCFFSFUSESSEIF