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CAP-XX Limited (LON:CPX) shares rose on Tuesday as the maker of supercapacitors and energy management systems delivered narrowed losses amid a rise in the size of its order book.
In its results for the year to June 30, the AIM-listed company reported an adjusted net loss of A$2mln, narrowed from A$2.8mln in the prior year, while revenues from continuing operations increased 12% to A$3.6mln.
Cap-XX said that its sales order book at the end of the period had more than doubled in value since the same time last year, adding that an expansion project for the production lines of its Ex-Murata dual cell supercapacitor was on schedule and within its a$5.3mln budget.
A new facility is also in the final stages of commissioning, the firm said, with tested supercapacitor products to be available for shipment to customers before the end of the current calendar year. Cap-XX added that the aggregate level of customer enquiries “well exceeds the full capacity of these production lines”, with the top ten prospects exceeding 9mln units per annum.
Looking ahead, the firm said its major focus “continues to become profitable and cashflow positive as soon as possible” by leveraging the successful commissioning of the newly installed Murata production equipment to facilitate increased product sales.
“We are pleased to be able to report excellent progress as we approach completion of the Murata production lines expansion project, against a highly challenging international business environment”, Cap-XX chief executive Anthony Kongats said in a statement.
“Meanwhile, we have succeeded in improving CAP-XX’s underlying trading performance, growing sales and doubling the orderbook. We look forward to the future with increasing confidence”, he added.
Shares in Cap-XX rose 2.4% to 4.3p in early trading.
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