(Alliance News) - Cap-XX Ltd on Wednesday said it expects lower full-year revenue due to shipment delays.
The Sydney-based supercapacitor and energy management system manufacturer said for the financial year ended June 30, it expects revenue of AUD4 million, or GBP2.1 million, down 29% from AUD5.6 million a year prior. This was hurt by a delay in the shipment of orders in the second half of the financial year, Cap-XX said.
Shares in Cap-XX were down 14% at 1.50 pence each in London on Wednesday morning.
Adjusted earnings before interest, tax, depreciation and amortisation is predicted to be AUD1.2 million, compared to an Ebitda loss of AUD2.8 million in financial 2022.
Looking ahead, Cap-XX said it is reviewing its sales pipeline in order to improve the accuracy of its opportunities, but noted that it is confident going into financial 2023.
Chief Executive Officer Lars Stegmann said: "The implementation of our new sales strategy is already raising our local geographic footprint in key markets, improving our customer service levels and project management. I am encouraged that this tailored approach will see a further strengthening of our distribution partner base in the short term and support our objective to profitably build the CAP-XX revenue base in the near term."
By Sabrina Penty, Alliance News reporter
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Cap-xx (CPX)