13th Jun 2014 12:05
LONDON (Alliance News) - Cap-XX PLC Friday said that discussions on licensing its supercapacitor technology for automotive applications are now at an advanced stage, but it warned that it will post a pretax loss due to delayed shipments.
The supercapacitor designer said that it expects the talks to lead to it securing licensing revenues during its next financial year.
The company also said that it has continued to focus on the management of its cash resources, which stood at AUD2.7 million on December 31. As a result, it said that the company has enough resources to meet its operational requirements for the year ending June 30, 2015, when it expects to have secured the automotive licensing agreement.
Cap-XX said has booked strong revenues in the last two months after it solved some technical issues in January and February. It said certain delayed shipments will now be dispatched in the first quarter of its new financial year.
As a result, Cap-XX said it expects to report sales for the year in the order of AUD4 million, a slight increase from AUD3.6 million the previous year. However, it said that due to the delays, it now expects its pretax loss to be around AUD2.7 million.
The company said that, with production now running at normal levels, it is confident that trading for the next year will meet current market expectations.
Cap-XX shares were up 7.3% to 3.675 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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