17th Feb 2025 14:43
(Alliance News) - Cap-XX Ltd on Monday said its loss narrowed in the first half of its current financial year, following the resolution of a legal case.
The Sydney-based manufacturer of supercapacitors for portable electronic devices said its pretax loss narrowed to AUD1.7 million, around GBP860,000, in the six months that ended December 31, from AUD3.4 million the year before.
This was primarily driven by legal expenses reducing to AUD11,006 during the six-month period, from AUD1.6 million a year prior, as a result of the resolution of a dispute on legacy licence fees.
Revenue grew 4.3% to AUD2.4 million from AUD2.3 million, while general & administrative expenses increased to AUD1.4 million from AUD1.1 million.
Cap-XX noted that this would be its last set of results that did not reflect "the positive impact of partnerships" with Swiss technology company Schurter AG and Minnesota, US-headquartered electronic component distributor DigiKey.
"Cap-XX continues to focus on transforming the business to optimise operations and secure sustainable growth," the firm said.
Shares in Cap-XX were up 1.8% at 0.12 pence each in London on Monday afternoon. The stock has fallen 80% in the last twelve months.
By Emily Parsons, Alliance News reporter
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