Romsey's Ilika expects revenues of around £2.1M in fiscal 2024

Romsey-based Ilika said it expects to announce revenues of around £2.1 million for the year to April 30 (2023: £0.7 million) as the firm continues to advance the manufacturing of its Stereax miniature solid-state batteries and its Goliath cells for EVs and cordless appliances.

Unaudited trading for the year to end April has been in line with management expectations, the AIM-listed company said in a stock market statement.

READ MORE: Ilika posts turnover of £0.7 million in fiscal 2023

The company added that it expects to post an earnings before interest, tax, depreciation and amortisation (EBITDA) loss, excluding share-based payments of around £4.5 million (2023: EBITDA loss of £7 million).

Cash and cash equivalents on April 30 this year stood at £11.9 million (April 30, 2023: £15.8 million).
Operational highlights in the period included transferring manufacturing to Cirtec Medical under the licence of Ilika's thin-film Stereax miniature solid-state batteries (SSBs) for powering medical devices and industrial wireless sensors in specialist environments.

Recently, the company also announced that Agratas, a Tata Group global battery business, had joined its SiSTEM grant funded scale up activity.

"In parallel to joining the SiSTEM project, Ilika and Agratas have entered into a 12-month agreement that will facilitate interactions between the companies to support Ilika's journey to its D8 (50Ah, chemistry frozen) development milestone in H1 2025 - which will underpin licencing opportunities, alongside exploring wider collaboration opportunities between the two parties," the company added.

Ilika said it expected to announce its audited full year results for the year on Thursday, July 11 this year.