Ilika PLC’s (LON:IKA) focus on internal development has resulted in a drop in revenues for the year ended April, down from £1.1mln to £0.6mln.
The materials development group reported a loss for the year of £3.5mln, up from the £2.7mln at the end of last year.
Revenues include a grant of £0.45mln from Innovate UK, which relates to work in conjunction with the University of Cambridge, Diamond Light Source and Rolls Royce to develop new superalloy compositions for gas turbine engines.
The group committed an increased proportion of its operational resource to the internally funded battery development programme in the year and therefore generated lower revenue from customers than in the prior year.
Spending on research and development pushed up administrative costs from £3.6mln to £3.8mln.
“I have been very encouraged to see the technical progress and increased commercial focus at Ilika,” said chairman Mike Inglis.
Inglis said the definition of a clear solid state battery roadmap and the launch of the Stereax M250 were important milestones for the group.
“Underpinning this product development has been a continued deployment of Ilika's high throughput platform on a focussed portfolio of materials development opportunities. I am looking forward to further progress in the year to come."