(Alliance News) - Cap-XX Ltd on Thursday said higher administratice and legal expenses drove its half year loss to widen, despite a revenue climb.
Shares in CAP-XX fell 22% to 0.74 pence each in London on Thursday afternoon.
The Sydney-based manufacturer of supercapacitors for portable electronic devices said that revenue jumped by 40% to AUD2.3 million, or around GBP1.2 million, in the half-year ended December 31, from AUD1.6 million the year before.
However, pretax loss widened to AUD3.4 million from AUD2.6 million. This was due to a rise in expenses, with general and administrative costs growing by 18% to AUD1.3 million from AUD1.1 million the year before. Legal expenses doubled to AUD1.6 million from AUD727,918.
Adjusted earnings before interest, tax, depreciation and amortisation loss widened to AUD1.1 million from AUD966,000 the previous year.
Chair Pat Elliott and Chief Executive Lars Stegmann said: "The legal costs and unexpected expenses in relation to the departure of the former CEO and investment in new product developments have result in our adjusted Ebitda remaining negative and the company's cash position being tight. However, the board is managing the company's cashflows carefully."
By Sabrina Penty, Alliance News reporter
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Cap-xx (CPX)