A COMPANY specialising in creating high-tech new materials that was founded on technology from Southampton Uni-versity has increased turnover by 37 per cent in the first half of its second year as a public company.

Ilika plc, which offers fast track discovery of new materials for companies like motor giant Toyota, oil firm Shell and chip-maker NXP, reported turnover rose from £607,000 to £835,000 in the six months to October 31 compared with last year.

The trading update said gross profit margins had improved and the company expects to announce reduced operating losses in its interim results, due out in January.

The company said it had landed new contracts with world-leading electronics manufacturers in the US and Asia and is expected to continue to “significantly”

increase revenues in the second half of the year.

It remains confident of meeting expectations for the full year.

Founded in 2004 as a spin-off from the School of Chemistry at Southampton University, Ilika was listed on the London stock market last May in a move valuing the business at £18.7m.

The listing raised £5.2m from a share offering to fund further development of new materials for the energy, electronics and biomedical sectors.