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Technology firm sees 30 per cent rise in turnover
A FAST growing tech firm spun out of Southampton University has reported a 30 per cent rise in turnover to £2m in its second year as a public company.
Ilika, which specialises in the fast-track discovery of hi-tech new materials, is preparing to launch a series of energy and electronics prototypes over the next two years in partnerships with blue chip multi-nationals such as Toyota and Shell.
Ilika reported strong growth in Asia over the past year, particularly in Japan, where it has been working with Toyota since 2008, to develop next generation faster charging and high power batteries for to extend the range of electric cars.
A share offering earlier this year raised £4.6m to help further develop for the British and UK militaries lighter weight portable batteries for soldiers.
The firm also reported strong demand for its Cryoskin technology for the treatment of burns patients in the UK and is preparing to roll the product out to Mexico.
Ilika, which employs 35 staff and |is based on the 45-acre university science park in Chilworth, was founded in 2004 and is now valued at £27m.
Its revenue so far has come from payments from its partner firms and research grants, but the firm is expected to receive significant royalties as its technology is commercialised in multibillion dollar markets in coming years.
Pre-tax losses were reduced by 10 per cent to £2.8m while its cash pile grew to £5.3m.
Analysts said the results were in line with forecasts and expected revenue growth to propel it into profit by the end of 2014.
Ilika’s chairman Jack Boyer said: “As we move into the new financial year we are confident that we’ve firmly established a strong base to continue to grow the business .”