8th Sep 2014 09:58
LONDON (Alliance News) - CAP-XX Ltd said Monday that it continues to focus on reaching cash break-even through cost reductions, as it posted a widened pretax loss on the year to the end of June.
CAP-XX designs and manufactures supercapacitors and energy management systems.
CAP-XX posted a pretax loss of AUD2.5 million, widened from a loss of AUD2.3 million in the previous year, as revenue rose to AUD4.0 million from AUD3.6 million, but this was offset by a rise in cost of sales to AUD3.2 million from AUD2.5 million. CAP-XX said that the increase in revenues was primarily due to the strengthening of the US Dollar, and a volume increase of 2% despite the average selling price reducing to 2%.
The company continued its focus on cost savings during the year in an effort to move towards a cash break-even position; this has led to higher savings than initially forecast, the company said.
Trading in the first few months of the new financial year have been "promising," with sales revenue above budget due to the deferral of shipments of its small prismatic supercapacitor products.
CAP-XX said its order book remains strong, and noted that significant projects its is addressed should further boost its order book and product revenue for 2015.
CAP-XX shares were trading flat at 3.60 pence per share Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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