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REG - Ilika plc - Half-year Results

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RNS Number : 0093U  Ilika plc  21 January 2025

21 January 2025

Ilika plc

('Ilika,' the 'Company,' or the 'Group')

 

Half-year Results

 

Delivering key milestones on the commercialisation roadmap for Stereax &
Goliath

 

Ilika (AIM: IKA), a pioneer in solid-state battery technology, announces its
unaudited half-year report for the six months ended 31 October 2024.

 

Commercial Acceleration:

During the period, significant progress has been made with both Ilika's
thin-film StereaxÒ miniature solid- state batteries (SSBs) for powering
medical devices and industrial wireless sensors in specialist environments,
and its large-format Goliath cells for electric vehicles (EVs) and compact
cordless appliances.

 

Graeme Purdy, CEO of Ilika, said:

 

"Ilika made significant progress with both our Stereax and Goliath product
lines, during the period. On Stereax, we have been working closely with
Cirtec, our manufacturing partner, to implement production equipment at their
US facility. We are excited by the commercial opportunities in miniature
medical devices, building on Cirtec's established position as a leading
strategic outsourcing partner of complex medical devices and, crucially, we
expect Stereax product revenues to commence this year.

 

"We have also made rapid progress with Goliath, successfully delivering
against our ambitious technology roadmap and achieving two key milestones in
the past six months. Furthermore, we have increased the energy capacity 5x
since releasing our first prototypes to customers in the summer of 2024. Our
Goliath battery helps EV designers address consumer concerns through its
clearly differentiated safety features, enabling cost reduction and increase
in range. We look forward to building on the commercial relationships we have
established by releasing further prototypes in 2025."

 

 

Stereax (Medical Device Applications)

Substantially completed the installation of Ilika's key equipment required to
manufacture Stereax cells at Cirtec Medical's expanded cleanroom facility in
Lowell, MA, US; cathode manufacturing initially remaining at Ilika's UK
facility as a sub-contract service to Cirtec.

Ongoing cooperation between Ilika and Cirtec to commission equipment and run
trial batches of batteries to fully qualify the Stereax manufacturing process.

Progressing with plans for production runs to deliver commercial M300 samples
in 2025.

Promoting Stereax, in cooperation with Cirtec, to a growing number of Active
Implantable Medical Device (AIMD) applications.

Supporting portfolio of 21 customers with their development plans and launch
schedules, capitalising on integration opportunities with Cirtec's platform
technology portfolio.

 

Goliath (EV Applications)

Commenced commercial testing of 1(st) generation P1 prototype batteries in a
customer-sponsored programme, allowing customers to validate Goliath's
performance characteristics.

Shipped first batch of P1 prototype Goliath batteries to a Tier 1 customer.

Released third-party validated safety data and confirmed achievement of D5
development milestone demonstrating significant improvements relative to
commercially available EV batteries, with resulting benefits in vehicle
weight, cost and extended range.

Continued execution of the Faraday Battery Challenge, an £8.2m grant-funded
HISTORY project to integrate high silicon content electrodes into Goliath, in
collaboration with BMW and Fortescue Zero.

Trialled production-intent equipment at vendor sites and at Ilika's pilot
facility.

Continued scale-up supported by Automotive Transformation Fund's £2.7m
grant-supported SiSTEM project, in which Ilika is collaborating with MPac plc,
UK Battery Industrialisation Centre (UKBIC) and Tata Sons subsidiary Agratas.
This will result in the addition of a 1.5 MWh/a assembly line to Ilika's
automated pilot line capability.

Continued interaction with automotive and consumer appliance customers
including original equipment manufacturers (OEMs) and Tier 1 suppliers
globally, resulting in a pipeline of evaluation agreements with 21 companies.

 

Financial Summary:

·    Total revenue for the period of £1.0m (H1 2023/24: £1.3m),
including grant funding of £0.9m (H1 2023/4: £1.3m) and £0.1m relating to
Goliath commercial activity (H1 2023/4: £0m)

·    EBITDA loss, excluding share-based payments, of £1.9m (H1 2023/24:
£1.9m loss)

·    Cash & Cash equivalents at period end of £10.1m (H1 2023/24:
£13.2m)

·    Successful £2.3 million (gross) fundraising to support the Goliath
roadmap and Stereax commercialisation.

 

Post Period End:

Confirmed completion of the Goliath D6 milestone which produced a 10Ah Goliath
battery, a 5x increase in capacity relative to its P1 prototypes which were
released to customers in summer 2024.

 

Outlook:

Commence recognition of Stereax product revenues in CY2025, with a signed
licensing agreement in place with Cirtec.

Progress Goliath roadmap to the completion of the Minimum Viable Product (MVP)
by the end of 2025, after reaching the D7 and D8 development milestones by the
end of the HISTORY programme grant in Q1 2025, underpinning licensing
opportunities.

Manufacture and test 2(nd) generation Goliath prototype (P1.5) for customer
evaluation by summer 2025. Prototype to be based on the D7 development point,
with a capacity of 10Ah, which can be used as a building block of EV battery
modules.

Complete the capacity increase of pilot production facility to 1.5 MWh/a
enabled by an automated cell assembly line from MPac to accommodate automotive
requests for quotation ('RFQ') with 3(rd) generation P2 prototypes by the end
of 2025.

Capitalise on commercial interest and government grant support, which is
expected to intensify as the Goliath product continues to mature.

 

Analyst Briefing

The management team will be hosting a hybrid analyst briefing at 9.30am this
morning. For futher details analysts should contact: FTI Consulting
at ilika@fticonsulting.com.

 

Investor Presentation

An investor presentation will be held at 4.30pm this afternoon via Investor
Meet Company. Investors can sign up to Investor Meet Company for free and add
Ilika plc via the following
link: https://www.investormeetcompany.com/ilika-plc/register-investor
(https://urldefense.proofpoint.com/v2/url?u=https-3A__www.investormeetcompany.com_ilika-2Dplc_register-2Dinvestor&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=1OI9eWQUVfVpxZXWzxX2tPcSAmxw5YMa3-DImHWnbkA&m=22nIVAzynQ78VnYQ8pNvYLoiaC3r3JGnA0Gjs0X1HfI&s=GFcaJdt_WBmGcV6u2cZxJzgNoqqkh-ky8V45ELknGH8&e=)
. For more information, please contact FTI Consulting
at: ilika@fticonsulting.com.

 

 

 

Enquiries:

 

 Ilika Plc                                             www.ilika.com (http://www.ilika.com/)
 Graeme Purdy, Chief Executive

                                                     Via FTI Consulting
 Jason Stewart, Chief Financial Officer

 Cavendish Capital Markets Limited (Nomad and Broker)  +44 (0)131 220 9772
 Peter Lynch

                                                     +44 (0)131 220 9771
 Neil McDonald

 FTI Consulting (Comms Advisors)                       ilika@fticonsulting.com

 Ben Brewerton

 Elizabeth Adams

 Dwight Burden

 

About Ilika plc - https://www.ilika.com (https://www.ilika.com/)

 

Ilika specialises in the developing and commercialisation of solid-state
batteries. The Company's mission is to rapidly develop leading-edge IP,
manufacture and license solid-state batteries for markets that cannot be
addressed with conventional batteries due to their safety, charge rates,
energy density and life limits. The Company achieves this by using
ceramic-based lithium-ion technology that is inherently safe in manufacture
and usage, higher thermal tolerance and easier to recycle which differentiates
our products from existing batteries.

 

The Company has two product lines. Its Stereax batteries which are designed
for powering miniature medical implants, industrial wireless sensors and
specialist Internet of Things (IoT) applications and the Goliath large format
batteries designed for EV cars and cordless appliances.

 

 

CEO's Statement

 

Principal Activities

 

Ilika continues to rapidly develop its leading-edge intellectual property
(IP), as it moves towards manufacturing at pilot scale and licensing Solid
State Batteries (SSBs) for high performance markets. We use ceramic-based
lithium-ion technology, which differentiates our products from existing
batteries by offering competitive energy density and charge times, while being
inherently safe and easier to recycle.

 

Ilika has two product lines: miniature Stereax® SSBs for powering medical
devices and industrial wireless sensors in specialist environments, and large
format Goliath SSBs for EVs and cordless appliances.

 

Review of Period

 

Stereax SSBs

Ilika's miniature Stereax cells are differentiated from other solid-state
technology through its efficient, low temperature evaporation process that is
capable of higher manufacturing rates than other miniature solid-state routes.

 

Stereax's benefits include :

 

·    Lower cost of manufacture;

·    Can be charged and discharged more times through use of silicon
anodes;

·    Less packaging;

·    High temperature resilience; and

·    Lower manufacturing carbon footprint.

 

 

These unique benefits make Stereax batteries ideal for medical implants and
industrial applications. Miniature Stereax batteries can enable solutions in a
form factor not currently achievable with conventional lithium-ion batteries.
Their compact, high energy-density, high power characteristics allow for use
in a range of medical implant applications covering blood pressure monitoring
to neuro- stimulation. Industrial automation, or Industrial Internet of Things
(IIoT), requires low maintenance batteries with a long lifetime, often in
situations that require operation at temperatures exceeding the safety rating
for standard lithium-ion batteries (typically 60 degrees Celsius).

 

Stereax Manufacturing and Commercialisation

 

Commercial production runs of M300 samples are expected in 2025 generating
initial commercial revenues for Stereax.

 

This crucial milestone for Ilika stems from the successful initial batches of
Stereax M300 batteries that were shipped to customers from its UK pilot
manufacturing facility in May 2023. This led to the August 2023 agreement with
Cirtec for a ten-year manufacturing licence to produce the Stereax range of
mm-scale batteries at Cirtec's facility in Lowell, Massachusetts, US. Cirtec
is an industry-leading strategic outsourcing partner of complex medical
devices including minimally invasive and active implantable devices.

 

Ilika has been working with Cirtec to install and commission the Stereax
machine sets at Cirtec's Lowell facility. The installation was substantially
completed in the summer of 2024. There is ongoing cooperation between Ilika
and Cirtec to commission the equipment and run trial batches of batteries to
fully qualify the Stereax manufacturing process with production runs to
deliver commercial M300 samples planned in 2025. Both companies are promoting
Stereax for a growing number of Active Implantable Medical Device (AIMD)
applications, supporting a portfolio of 21 current Stereax customers. Demand
from applications such as smart orthopaedics, orthodontics, neurostimulation
and smart contact lenses has created opportunities in the medical device
sector, which is the sector generating the strongest demand. Commercial ramp
up in this space usually takes three to five years, depending on the
regulatory classification of the device.

 

Once economies of scale are achieved, Ilika and Cirtec are anticipating being
able to address larger volume applications in specialised sectors of
Industrial IoT.

 

Large Format Goliath SSBs

 

Ilika's Goliath cells have the potential to enable longer range electric
vehicles with battery packs that last longer and can be recycled more easily.

 

Goliath cells are differentiated from other solid-state prototype cells
through the Company's choice of materials, cell architecture and manufacturing
process for its cathode, electrolyte and anodes. Different developers have
selected distinct combinations of these materials to achieve an outcome
suitable for their target markets and Ilika has chosen materials that deliver
these distinct advantages in the EV sector.

 

Ilika's initial target market for Goliath in automotive is the higher
performance sector, which is less cost- sensitive than higher volume segments
and where enhanced vehicle range commands a premium price. To address this
market, Ilika is driving forward its Goliath development programme. Following
the achievement of its D4 technical milestone in November 2023 and shortly
thereafter achieving lithium-ion energy density parity in December 2023, Ilika
confirmed in May 2024 that it had commenced commercial testing of its P1
prototype batteries in a customer-sponsored programme. The P1 prototype is an
intermediate milestone on Ilika's roadmap to its minimum viable product (MVP)
in 2025. The P1 Goliath prototype is a solid-state pouch cell made from
readily available materials including a lithium-nickel-manganese- cobalt oxide
(NMC) cathode and a silicon anode.  Ilika shipped its first batch of P1
prototype Goliath batteries  to a Tier 1 customer, in July 2024.

 

In October 2024, Ilika confirmed it had met its D5 development milestone and
released a set of third-party validated safety data demonstrating significant
improvements relative to commercially available EV batteries, with resulting
benefits in vehicle weight, cost and extended range.

 

Throughout the period, Ilika continued execution of the Faraday Battery
Challenge 24-month, £8.2m grant-funded HISTORY project to integrate high
silicon content electrodes into Goliath, steered with input from BMW and
Fortescue Zero.

 

Ilika also continued the scale-up of its pilot line capability, supported by
the Automotive Transformation Fund 16-month, £2.7m grant-supported SiSTEM
project, in which Ilika is collaborating with Mpac plc, UK Battery
Industrialisation Centre (UKBIC) and, since April 2024, Tata Sons subsidiary
Agratas. Associated with this project, Ilika trialled production-intent
equipment at vendor sites and at its pilot facility.

 

These technical activities underpinned Ilika's continued interaction with a
portfolio of automotive and consumer appliance original equipment
manufacturers (OEMs) and Tier 1 suppliers globally, resulting in a pipeline of
evaluation agreements with 21 companies. Ilika is currently implementing a
plan to increase the capacity of its pilot production facility using
automation and larger scale items of equipment, such as the automated assembly
line being built by MPac, to provide larger volumes of evaluation cells to
customers. Ilika is targeting an installed capacity of 1.5 MWh/a to allow it
to scale production volumes and mature its technology to the level required to
respond to automotive requests for quotation (RFQ) by the end of 2025.

 

Ilika's experience working with automotive partners has shown that the
industry expects suppliers to have reached what it defines as A-Sample
readiness to respond to RFQs. Beyond 1.5 MWh/a, at B- and C-Sample readiness
and volumes, Ilika will continue to work with manufacturing partners such as
UKBIC to scale to higher levels of production capacity on equipment that could
be used for mass production.

 

Goliath Funding

Ilika has financed its Goliath technology development programme with equity
funding supplemented by grant funding from the Faraday Battery Challenge (FBC)
and the Advanced Propulsion Centre (APC). In the first half of the current
financial year, Ilika's development efforts have been supported specifically
by the FBC 24-month, £8.2m grant-funded HISTORY project, steered with input
from BMW and Fortescue Zero, to integrate high silicon content electrodes into
Goliath. Since October 2023, Ilika's scale-up work has been supported by the
Automotive Transformation Fund 16-month, £2.7m grant-supported SiSTEM
project, in which Ilika is collaborating with Mpac plc and UKBIC.

 

In May 2024, Ilika had a successful £2.3 million (gross) fundraising to
support the Goliath roadmap and Stereax commercialisation.

 

As the Goliath technology matures, Ilika continues to interact with a
portfolio of 21 automotive and consumer appliance OEMs globally, in both
grant-supported and commercially funded collaborations.

 

Outlook

 

2025 should represent a significant year for Ilika with a number of milestones
with both our Stereax and Goliath product lines.

 

By the end of 2025, we expect to have generated initial commercial Stereax
revenues through our licensing agreement with Cirtec. With Goliath, this
calendar year should see us develop the production capacity to enable us to
respond to formal RFQs from automotive OEMs with our 3(rd) generation P2
prototype batteries.

 

Overall, it is clear that commercial interest and government grant support is
intensifying as we continue to develop our product lines. The Ilika team is
well-positioned to capitalise on this interest and has the commercial skills
to execute on the opportunity.

 

 

 

Graeme Purdy, CEO

Ilika plc

 

 

Consolidated statement of comprehensive income for the six months ended 31
October 2024 (unaudited)

 

                                                                                     Unaudited          Unaudited          Audited

                                                                                     Six months ended   Six months ended   Year

                                                                                     31 Oct 2024        31 Oct 2023        ended

                                                                                                                           30 Apr 2024
                                                                              Notes  £ 000's            £ 000's            £ 000's

 Turnover                                                                            982.1              1,335.0            2,090.6
 Revenue                                                                             72.7               6.4                20.1
 UK grants                                                                           909.4              1,328.6            2,070.5

 Cost of sales                                                                       (429.0)            (924.8)            (1,081.9)

 Gross profit                                                                        553.1              410.3              1,008.7
 Other Operating Income                                                              -                  77.4               532.4
 Administrative expenses
 Administrative expenses                                                             (3,354.2)          (3,280.2)          (7,397.8)
 Share-based payment charge                                                          (292.0)            (292.0)            (383.1)
                                                                                     (3,646.2)          (3,572.2)          (7,780.9)

 Operating loss                                                                      (3,093.1)          (3,084.5)          (6,239.8)

 Financial income                                                                    236.9              180.6              507.0

 Financial expense                                                                   (12.8)             (20.4)             (33.0)

 Loss before tax                                                                     (2,869.0)          (2,924.3)          (5,765.8)
 Taxation                                                                            650.0              337.6              952.4

 Loss for period/total comprehensive income attributable to owners of parent

                                                                                     (2,219.0)          (2,586.7)          (4,813.4)

                                                                                     £                  £                  £
 Loss per share
 Basic and diluted                                                            2      (0.01)             (0.02)             (0.03)

 

The results from the periods shown above are derived entirely from continuing
operations.

 

 

 

 

 

 

 

 

 

Consolidated balance sheet as at 31 October 2024 (unaudited)

 

                                                                          Unaudited          Unaudited          Audited

                                                                          Six months ended   Six months ended   Year

                                                                          31 Oct 2024        31 Oct 2023        ended

                                                                                                                30 Apr 2024
                                         Notes                            £ 000's            £ 000's            £ 000's
 ASSETS
 Non-current assets
 Intangible assets                                                        4,127.4            3,358.0            3,721.0
 Property, plant and equipment                                            3,651.9            3,932.4            3,758.6
 Right-of-use assets                                                      465.3              367.1              569.6
 Total non-current assets                                                 8,244.6            7,657.5            8,049.2

 Current assets
 Trade and other receivables                                              3,141.3            1,847.2            2,304.2
 Current tax receivable                                                   1,176.2            1,676.1            526.4
 Other financial assets - bank deposits                                   4,288.3            5,000.0            4,180.9
 Cash and cash equivalents                                                5,839.7            8,236.0            7,764.4

 Total current assets                                                     14,445.5           16,759.3           14,775.9

 Total assets                                                             22,690.1           24,416.8           22,825.1

 Issued capital and reserves attributable to owners of parent
 Issued share capital                                                     1,674.7            1,590.6            1,591.4
 Share premium                                                            67,201.9           64,935.1           64,953.5
 Capital restructuring reserve                                            6,486.1            6,486.1            6,486.1
 Retained earnings                                                        (54,598.3)         (50,535.8)         (52,671.4)
 Total equity                                                             20,764.4           22,476.0           20,359.6

 LIABILITIES
 Current liabilities
 Trade and other payables                                                 1,143.0            1,168.1            1,590.7
 Lease liabilities                                                        288.7              205.7              288.7
 Total current liabilities                                                1,431.7            1,373.8            1,879.4

 Non-current liabilities
 Lease liabilities                                                        244.5              317.5              336.6
 Provisions                                                               249.5              249.5              249.5

 Total non-current liabilities                                            494.0              567.0              586.1

 Total liabilities                                                        1,925.7            1,940.8            2,465.5

 Total equity and liabilities                                             22,690.1           24,416.8           22,825.1

 

 

 

 

 

 

Consolidated cash flow statement for the six months ended 31 October 2024
(unaudited)

 

                                                                            Unaudited          Unaudited          Audited

                                                                            Six months ended   Six months ended   Year

                                                                            31 Oct 2024        31 Oct 2023        ended

                                                                                                                  30 Apr 2024
                                                                            £ 000's            £ 000's            £ 000's
 Cash flows from operating activities
 Loss before taxation                                                       (2,869.0)          (2,924.3)          (5,765.8)
 Adjustments for:
 Amortisation                                                               19.6               20.8               41.7
 Depreciation                                                               859.9              919.5              1,694.4
 Equity settled share-based payments                                        292.0              292.0              383.1
 Profit on disposal of plant, property and equipment                        5.0                -                  14.8
 Net financial expense/ (income)                                            (224.1)            (160.2)            (474.0)
 Operating cash flow before changes in working capital, interest and taxes  (1,916.6)          (1,852.2)          (4,105.8)
 Decrease/(increase) in trade and other

 receivables                                                                (837.0)            91.3               (365.6)
 Increase /(decrease) in trade and other payables                           (447.7)            (103.0)            319.6
 Decrease in provisions                                                     -                  -                  -
 Cash utilised by operations                                                (3,201.3)          (1,863.9)          (4,151.8
 Tax received                                                               -                  (77.4)             1,687.1
 Net cash flow from operating activities                                    (3,201.3)          (1.941.3)          (2,464.7)

 Cash flows from investing activities
 Interest received                                                          236.9              180.6              507.0
 Purchase of intangible assets                                              (406.3)            (435.4)            (819.3)
 Purchase of property, plant and equipment                                  (673.4)            (324.4)            (842.5)

 Sale of Property, Plant and equipment                                      -                  -                  7.8
 Increase in other financial assets                                         (107.4)            (4,227.3)          (3,408.2)
 Net cash used in investing activities                                      (950.2)            (4,806.5)          (4,555.2)

 Cash flows from financing activities
 Proceeds from issuance of ordinary share capital                           2,477.0            (1.5)              17.7
 Cost of share issue                                                        (145.3)            -                  -
 Capital element of finance leases repaid                                   (92.1)             (95.3)             (301.4)
 Lease Payments interest                                                    (12.8)             (20.4)             (33.0)
 Net cash from financing activities                                         2,226.8            (117.2)            (316.7)

 Net (decrease)/ increase in cash and cash equivalents                      (1,924.7)          (6,865.0)          (7,336.6)

 Cash and cash equivalents at the start of the period                       7,764.4            15,101.0           15,101.0
 Cash and cash equivalents at the end of the period                         5,839.7            8,236.0            7,764.4

 

 

 

 

 

 

Consolidated statement of changes in equity (unaudited)

 

                                          Share premium account  Capital

                          Share capital                          restructuring reserve   Retained earnings

                                                                                                             Total
                          £ 000's         £ 000's                £ 000's                 £ 000's             £ 000's
 As at 30th April 2023    1,590.6         64,936.6               6,486.1                 (48,241.1)          24,772.2
 Share-based payment      -               -                      -                       292.0               292.0
 Issue of Shares          -               (1.5)                  -                       -                   (1.5)
 Loss and total

 comprehensive income     -               -                      -                       (2,586.7)           (2,586.7)
 As at 31 October 2023    1,590.6         64,935.1               6,486.1                 (50,535.8)          22,476.0
 Share-based payment      -               -                      -                       91.1                91.1
 Issue of shares          0.8             18.4                   -                       -                   19.1
 Loss and total

 comprehensive income     -               -                      -                       (2,226.7)           (2,226.7)
 As at 30th April 2024    1,591.4         64,953.5               6,486.1                 (52,671.4)          20,359.5
 Share-based payment      -               -                      -                       292.0               292.0
 Issue of shares          83.3            2248.4                 -                       -                   2,331.7
 Loss and total

 comprehensive income     -               -                      -                       (2,218.9)           (2,218.9)
  As at 31 October 2024   1,674.7         67,201.9               6,486.1                 (54,598.3)          20,764.3

 

Share capital

The share capital represents the nominal value of the equity shares in issue.

 

Share premium account

When shares are issued, any premium paid above the nominal value is credited
to the share premium reserve.

 

Retained earnings

The retained earnings reserve records the accumulated profits and losses of
the Group since inception of the business.

 

Capital restructuring reserve

The capital restructuring reserve arises on the accounting for the share for
share exchange.  It represents the difference between the value of the issued
equity instruments of Ilika Technologies Limited immediately before the share
for share exchange and the equity instruments of Ilika plc along with the
shares issued to effect the share for share exchange.

 

 

Notes to the consolidated financial statements

 

1.    Accounting policies

 

Basis of preparation

 

The interim financial statements, which are unaudited, have been prepared on
the basis of accounting policies consistent with International Financial
Reporting Standards ("IFRSs") adopted by the European Union. The accounting
policies are the same as applied in the Group's latest financial statements.

 

The interim financial statements do not include all of the information
required for full annual financial statements and do not comply with all the
disclosures in IAS 34 'Interim Financial Reporting'. Accordingly, whilst the
interim financial statements have been prepared in accordance with IFRS they
cannot be construed as being in full compliance with IFRS.

 

The financial information for the year ended 30 April 2024 does not constitute
the full statutory accounts for that period. The Annual Report and Accounts
for 30 April 2024 have been filed with the Registrar of Companies. The
Independent Auditors' Report on the Annual Report and Accounts for 2024 was
unqualified and did not include references to any matters which the auditors
drew attention by way of emphasis without qualifying their report and did not
contain statements under Section 498(2) or 498(3) of the Companies Act 2006.

 

 

Going concern

 

The financial statements are prepared on a going concern basis which the
directors believe continues to be appropriate. The Group meets its day to day
working capital requirements through existing cash resources which, at 31
October 2024, amounted to £10.1m, including cash in hand at the bank (£5.8m)
and cash held on long term deposit shown as a financial instrument (£4.3m).
The directors have prepared projected cash flow information for the period
ending twelve months from the date of their approval of these financial
statements. On the basis of this cash flow information the directors believe
that the Group will be able to continue to trade for the foreseeable future.

 

2.    Loss per share

 

Loss per ordinary share have been calculated using the weighted average number
of shares in issue during the relevant financial periods. The weighted average
number of equity shares in issue and the earnings, being loss after tax, are
as follows:

 

                                           Unaudited          Unaudited          Audited

                                           Six months ended   Six months ended   Year

                                           31 Oct 2024        31 Oct 2023        ended

                                                                                 30 Apr 2024
                                           Number             Number             Number

 Weighted average number of equity shares  166,124,565        158,580,748        159,036,098

                                           £ 000's            £ 000's            £ 000's

 Loss, being loss after tax                (2,219.0)          (2,586.6)          (4,813.4)

 

The loss attributable to ordinary shareholders and weighted average number of
ordinary shares for the purpose of calculating the diluted earnings per
ordinary share are identical to those used for basic earnings per share. This
is because the exercise of share options and warrants would have the effect of
reducing the loss per ordinary share and is therefore not dilutive under the
terms of IAS 33.

 

 

- Ends -

 

 

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