LONDON (ShareCast) - Ilika’s shares climbed after the advanced cleantech materials discovery group said it won contracts with two of the world’s largest aerospace companies.

The firm will provide structural materials and coatings. Ilika said the fuel economy of aircraft can be achieved through the use of lighter, stronger airframe materials as well as by applying coatings to reduce drag.

The aerospace sector is a new market for Ilika. The company said the industry is a strong fit due to the high level of demand for materials innovation required to drive forward improvements in aeroplane fuel economy.

"Ilika's proprietary materials platform has shown itself to be very relevant to the aerospace sector,” said Chief Executive Officer, Graeme Purdy.

“The contracts we have secured will make a contribution to this year's revenue and we are looking to build on these initial commercial engagements to make a significant impact in the aerospace supply chain, supported by the ATI, going forward."

Shares were up 4.35% to 24p at 14:30 on Monday.

RD

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