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(Alliance News) - Shares in supercapacitor maker Cap-XX Ltd fell Friday after the company reported a sharp drop in annual profit and revenue.
Shares in Lane Cove, Australia-based Cap-XX were 11% lower at 3.87 pence in London on Friday.
For the year ended June, pretax loss deepened 12% to USD2.8 million from USD2.5 million the year prior. This was after revenue fell 35% to USD3.2 million from USD4.9 million the year before.
"It has been a very busy year, and ultimately a successful year for the company," Chief Executive Anthony Kongats said. "We look forward to making further announcements regarding the company's progress in due course."
During the period, Cap-XX signed licence deals with TDK Corp and Cornell Dubilier Electronics Corp for the use of some of its patents. Further licensing deals are currently under negotiation.
In the first quarter of the new financial year ending June 2020, cylindrical cell super-capacitor revenue has continued to grow.
By Ahren Lester; ahrenlester@alliancenews.com
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