24th Mar 2014 11:38
LONDON (Alliance News) - Cap-XX Ltd Monday posted a narrowed pretax loss in the half-year ended December 31, 2013, as sales volumes rose and it saw currency translation benefits from the stronger US dollar.
The company designs and manufactures thin-form supercapacitors which extend the life of batteries.
The company posted a pretax loss of AUD1.6 million, narrowed from a pretax loss of AUD1.8 million in the previous year, as revenue rose to AUS2.2 million from AUS1.8 million but was offset by higher sales costs. The narrowed pretax loss was a result of increased sales volumes and currency translation benefits from a strong US dollar, said Cap-XX.
The company said its average sale prices had dropped by 4%, although sales volumes rose by 12%.
The company said that operational cost savings were beginning to make a positive impact, and additional cost savings are anticipated over the second-half of the year. Cap-XX had cash reserves at the end of December 2013 of AUD2.7 million, down from AUD2.9 million, including the receipt of a research and development tax rebate from the Australian Taxation Officer of AUS1.0 million.
Cap-XX said that it was confident it would sign at least one licensing deal for its larger supercapacitors in the Automotive market by the middle of 2014.
Cap-XX said it was increasingly confident for its second-half as it saw increased take-up for its small-form supercapacitors from existing and new customers, combined with progress on its cost cutting programmes.
Shares in Cap-XX were trading up 2.2% at 3.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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