Cap-XX 'encouraged' by recent trading, looks to future with 'increasing confidence'

Supercapacitors manufacturer Cap-XX said on Thursday that it was "encouraged" by the group's recent performance and was looking to the future with "increasing confidence".

Cap-XX said revenues for the year ending 30 June were expected to be approximately 15% higher year-on-year and somewhere between AUD $4.1m and AUD $4.2m. The firm also anticipates posting an unadjusted underlying loss of roughly AUD $2.1m-2.2m - a narrowing of the prior year's loss AUD $4.2m.

"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," said Cap-XX.

The AIM-listed group also stated its sales order book had continued to grow and was currently 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.

Cap-XX also added that it was continuing to pursue its litigation against Maxwell Technologies, a wholly-owned subsidiary of Tesla, which was progressing as per the Delaware Court schedule, whilst other licencing and patent infringement actions were also ongoing, with a further update anticipated during the second quarter of the coming trading year.

As of 1005 BST, Cap-XX shares were up 2.91% at 7.92p.