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(Sharecast News) - Supercapacitor and energy management system design and manufacturing specialist CAP-XX issued a positive trading update for its first half on Thursday.
The AIM-traded firm said sales for the period were expected to be 35% higher than the prior year's comparative period, driven primarily by strong product sales, as licensing revenue was absent.
Furthermore, order intake during the first half exceeded the same period in the prior year by more than 30%.
CAP-XX said it maintained a favourable book-to-bill ratio, currently standing at 1.12, reflecting the number of orders received compared to units shipped and invoiced.
That followed an estimated 26% increase in the order backlog compared to the same period in the prior year.
The robust operating performance was attributed to an operational reorganisation of the sales team and an enhanced focus on customer relationship management.
Additionally, the company resumed several vital projects, contributing to its positive performance.
CAP-XX said it was committed to its existing product range, supported by a robust intellectual property (IP) portfolio, focusing on maximising sales and profitability in the short term.
In the second half, the company anticipated increased production of the new DMH product and gains from its new distribution network.
Notably, the patents announced on 7 December were not expected to significantly contribute until the end of the 2024 calendar year.
At 1500 GMT, shares in CAP-XX were up 3.2% at 0.8p.
Reporting by Josh White for Sharecast.com.
