LONDON (ShareCast) - Advanced materials developer Ilika has lifted revenues by 55 per cent in the first half as it expanded its customer base from five to nine companies.

The AIM-listed company gained a more balanced geographical spread, with Europe now representing 45% of revenue and Japan down from 70% a year ago to 45%. A new area for the company is aerospace, with Ilika having entered into “initial relationships with two of the world's largest aerospace companies”.

The company said technical development of its two principal products is substantially complete, with the focus now being on market introduction.

Trials with global manufacturers (OEMs) have begun for its low-cost fuel cell catalyst and a trial with a further automotive OEM will begin in the first quarter of 2014. The other product, a polymer used for cell growth, is being out-licensed to life science companies on the Ilika’s behalf and could result in modest licensing revenue in the medium term.

Cash at the period end stood at £1.4m, with house broker Numis maintaining its full year revenue estimate of £2.2m, implying second half revenue of £1.6m.

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