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(Alliance News) - Supercapacitor maker CAP-XX Ltd said Monday Covid-19 has not yet had any significant impact on operations amid solid performance.
Much of the focus in the six months to December was on the acquisition of Japanese business Murata Manufacturing Co Ltd's supercapacitor production assets.
Murata's assets are to be shipped to CAP-XX's Sydney manufacturing facility. The firm said Monday "excellent" progress has been made with the project on track.
During the half, New South Wales-based CAP-XX delivered revenue of AUD1.9 million, around GBP951,00, up 21% on the year before, while the pretax loss narrowed to AUD1.0 million from AUD1.6 million.
"Late last year, we announced the acquisition of Murata's supercapacitor production assets. Since then we have completed the necessary capital raising and moved forward with the next stage of this project," said Chief Executive Anthony Kongats.
"The project remains on track and within budget and we are confident that the production lines will be recommissioned to start shipments to customers in the first quarter of the next financial year. We are also pleased to report the rest of the business continues to perform well."
Looking ahead, CAP-XX said the impact on trading so far from the Covid-19 pandemic has been minimal, though some customer orders and their suppliers have been affected.
Shares were down 23% on Monday afternoon in London at 2.05 pence each.
By George Collard; georgecollard@alliancenews.com
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