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LONDON (Alliance News) - CAP-XX Ltd on Wednesday said its loss widened in its most recent financial year due to increased process & engineering expenses and share based payments expense.
Shares in CAP-XX, which makes supercapacitors, were down 9.8% on Wednesday at 10.60 pence.
The technology manufacturer posted a pretax loss of AUD2.6 million, or GBP1.4 million, for the year to June 30. This is significantly wider than its AUD1.7 million loss recorded the year before.
Share based payments expense had the largest single impact, increasing to AUD920,228 from only AUD282,848.
Process & engineering expenses were a secondary factor, rising to AUD1.2 million from AUD863,307 as the company increased spending to increase production and streamline processes.
Revenue in the financial year grew to AUD4.9 million from AUD4.1 million due to strong product sales and penetration into new markets, as well as increased contribution from licencing.
Cash at the end of June stood at AUD1.9 million, down from AUD3.9 million a year ago.
The company said that its short-term focus is on achieving an operating cash break-even position. It intends to do this through licence deals, as well as joint ventures and direct sales of its products.
"Although much has been achieved in the past, the company expects to see additional progress over the next twelve months and beyond," said CAP-XX.
