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Ilika PLC on Wednesday posted a doubled annual loss as turnover fell sharply.
In its financial year that ended April 30, pretax loss widened to £8.1 million from £3.8 million a year ago. Turnover plunged to £496,103 from £2.3 million, as revenue dropped to just £30,878 from £230,453 and UK grants fell by three quarters to £465,225 from £2.0 million.
Meanwhile, the Romsey, England-based solid-state battery technology company said it secured a lease on a 1,600 square metre property for manufacturing Stereax, its thin-film batteries that power implantable medical devices and industrial wireless sensors. Ilika added that the installation of its Stereax manufacturing line is on time and budget.
Ilika said that the commercial opportunity for its technology across large markets will provide a strong platform for future growth.
Ilika shares fell 8.2% to 46.80 pence each in London on Wednesday morning.
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