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LONDON (Alliance News) - CAP-XX Ltd Tuesday reported a narrowed pretax loss in its recently-ended financial year, as it achieved growth in sales and it improved its gross margin following the implementation of its cost reduction programme.
CAP-XX, the Australian manufacturer of thin, flat supercapacitors and energy management systems, said that its pretax loss in the year ended June 30 narrowed to AUD1.9 million from AUD2.5 million the year before, as revenue grew 10% to AUD4.4 million from AUD4.0 million.
The company said that gross margin, on a like-for-like basis, increased to 30.6% from 13.6% following "significant progress" in the cost reduction programme, adding that it has identified further cost saving opportunities which will further improve margins and enhance product competitiveness.
"The past year has been transformational for CAP-XX. We are very excited by the opportunities we see for our supercapacitors in the automotive markets and the Internet of Things. We are looking forward to an exciting year," Chief Executive Anthony Kongats said in a statement.
Shares in CAP-XX were trading down 6.6% at 5.89 pence Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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