Cleantech materials company reports rising revenues

Ilika, an advanced cleantech materials discovery company, has announced a trading update for the six months ended 31 October 2011.

According to a statement, turnover from operations for the period is 37 per cent ahead of the comparative period for last year at £835k, with total revenues (including grant income) up 37 per cent to £1.038m.

Gross profit margins are said to have improved during the period and the company expects to announce reduced operating losses for the first half.

The balance sheet remains strong with cash and cash equivalents of £1.2m at the period end, and this has been strengthened post-period end with additional cash receipts of more than £0.4m.

The company’s expansion of business development activities has resulted in new contracts with electronics manufacturers in the US and Asia and is expected to continue to contribute significantly to increased revenues in the second half of the year.

The company continues to see strong progress across all three areas of its activities — energy, electronics and biomedical — and remains confident of meeting expectations for the full year.

Ilika, which invents, tests and selects materials in the laboratory that can be scaled up for everyday commercial use, will announce interim results for the six months ended 31 October 2011 in January 2012.