Pre-close trading update

RNS Number : 4075B

CAP-XX Limited

10 June 2021

 

 

Dissemination of a Regulatory Announcement that contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 .

10 June 2021

 

CAP-XX Limited

("CAP-XX" or the "Company")

Pre-close trading update

CAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, is pleased to announce an unaudited pre-close trading update for the year to 30 June 2021 .

Revenue for the year ending 30 June 2021 is expected to be approximately 15% higher than the prior year and in the range of A$4.1m to A$4.2 (2020: A$3.6m), with unadjusted EBITDA for the year ending 30 June 2021 expected to be a loss of approximately A$2.1m to A$2.2m (2020: loss A$4.2 m).  These expected sales and EBITDA results are in line with current market expectations.  EBITDA losses for the year ending 30 June 2021 are after expensing the set-up of the new manufacturing facility at Seven Hills, New South Wales and increased spending on new product development and the protection of the Company's IP.

The Company continues to make excellent progress at its new Seven Hills production facility, where capacity and yield of supercapacitor production continues to improve, in line with the Board's expectations.  The Board has been particularly pleased by the high level of retention of former Murata customers which is expected to reach about 75% by value.

The sales order book continues to grow and currently stands some 127% higher than at the end of the 2020 financial year, reflecting a combination of new customer enquiries and repeat orders from former Murata customers. The orderbook reflects continuing strong demand for Internet of Things (IoT) devices, especially from the automotive, locking, portable terminal, smart meter, wearable and wireless sensor device segments.

The Company continues to pursue its litigation against Maxwell Technologies, a wholly owned subsidiary of Tesla Inc, which is progressing as per the Delaware Court schedule, whilst other licencing and patent infringement actions are also progressing, and a further update is anticipated during the second quarter of the coming financial year.

The Directors are encouraged by the recent performance of the Company and view the outlook with increasing confidence.

For further information contact:

CAP-XX Limited

Anthony Kongats (Chief Executive Officer)                                  [phone]

Kreab (Financial PR)

Robert Speed                                                                             [phone]

Allenby Capital (Nominated Adviser and Broker)

David Hart / Alex Brearley  [phone]

Cenkos Securities plc (Joint Broker)

Neil McDonald / Pete Lynch  [phone]

More information is available at www.cap-xx.com

Notes to Editors:

CAP-XX (LSE: CPX) is a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems used in portable and small-scale electronic devices, and to an increasing extent, in larger applications such as automotive and renewable energy. The unique feature of CAP-XX supercapacitors is their very high power density and high energy storage capacity in a space-efficient prismatic package. These attributes are essential in power-hungry consumer and industrial electronics, and deliver similar benefits in automotive and other transportation applications. For more information about CAP-XX, visit www.cap-xx.com

 

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