Ilika plc
("Ilika" or the "Company")
Energizer Relationship Update
Ilika plc (AIM: IKA), the advanced cleantech materials discovery company, announces that Energizer Battery Manufacturing Inc., has decided not to extend its joint development agreement with Ilika beyond the current phase of the project, which was expected to conclude in January 2013, due to their recently announced enterprise-wide, multi-year cost cutting programme.
This decision will reduce the level of milestone and royalty payments expected from this relationship both in the current financial year and beyond. As a result, revenue from continuing operations for the current financial year to 30 April 2013 is now expected to be 10% below that achieved in the previous financial year to 30 April 2012.
Commenting on the decision, Graeme Purdy, CEO of Ilika, said:"We are clearly disappointed that Energizer has made this significant change of strategic direction and that our development programme has been included within the scope of their wide ranging cost saving measures. We are working hard to identify new partners to commercialize Ilika's expertise in this area, however, given the timelines required to conclude these discussions, the positive benefit to revenue is likely to be seen in our next financial year."
| Ilika plc | www.ilika.com |
| Graeme Purdy, Chief Executive | Tel: 023 8011 1400 |
| Steve Boydell, Finance Director | |
| Numis Securities Limited | Tel: 020 7260 1000 |
| Oliver Cardigan, Nominated Adviser | |
| James Black, Corporate Broking | |
| Walbrook PR Ltd | Tel: 020 7933 8780 |
| Paul McManus | Mob: 07980 541 893 or paul.mcmanus@walbrookpr.com |
| Paul Cornelius | Mob: 07827 879 460 or paul.cornelius@walbrookir.com |
This information is provided by RNS