LONDON (Alliance News) - Supercapacitors manufacturer CAP-XX Ltd on Wednesday said its interim pretax loss widened as revenue was hit by order delays.
CAP-XX said its pretax loss for the financial half year to the end of December was AUD1.3 million, compared to AUD873,104 a year earlier.
Revenue declined 27% year-on-year to AUD1.6 million from AUD2.3 million, hit by orders being deferred and by an increased lead time on new projects scaling up to full volume.
CAP-XX said it was pleased with its performance despite the fall in sales and said it was working on reducing costs in its manufacturing process. It also expects a number of sales opportunities to come through, which would increase volumes, and said licensing activity should boost its 2016 results.
Shares in the company were down 18% to 4.05 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Cap-xx (CPX)