Trading Update

RNS Number : 6036J

CAP-XX Limited

13 June 2014

 



CAP - XX Limited

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

CAP-XX trading update

The Company continues to make good progress on the licensing of its large supercapacitor product for the automotive market.  We are pleased to report that discussions on licensing of CAP-XX's supercapacitor technology for automotive applications are now at an advanced stage, with detailed negotiations currently underway. The board expects these to result in the securing of licensing revenues during the next financial year. In addition, the Company has continued to focus on the management of its cash resources and as at December 31^st 2013, net cash stood at approximately A$2.7m. The Board therefore believes the Company has adequate resources to meet its operational requirements for the year ending June 30^th 2015, by when it expects to have secured an automotive licensing agreement.  

Trading in the last two months has been strong with revenues recovering following the rectification of raw material quality issues, in January and February, which resulted in a deferral of shipments of our small supercapacitor products.  These issues, which were the result of changes in the raw material and in production processes, have been fully addressed, with the result that the majority of delayed shipments will be dispatched during the first quarter of the new financial year.  

As a result of the deferral of shipments into the new financial year, CAP-XX expects to report sales in for the year in the order of A$4m (cf. FY12/13 of A$3.6m). The effect of the deferral of these revenues is that losses before interest and taxation for the year ending June 30th 2014 are expected to be in the order of (A$2.7m).  With production now running at normal levels, the board is confident that trading for the 2015/16 year will meet current market expectations.  

For further information, please contact:

CAP-XX Limited Anthony Kongats (Chief Executive Officer)	[phone]
Cenkos Securities Stephen Keys/Mark Connelly (Corporate Finance)	[phone]
Kreab Gavin Anderson & Company Robert Speed (Financial PR)	[phone]

Notes to editors

About CAP-XX

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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