CAP-XX shares surge as it reports on year of development

(ShareCast News) - Supercapacitors and energy management systems designer and manufacturer CAP-XX announces its audited results for the year to 30 June on Tuesday, with sales revenue rising 12% year-on-year to AUD 5m.The AIM-traded firm's gross margin increased to 52% from 31% on a like-for-like basis, which the board said reflected "significant progress" in the transformation of the company.During the year, CAP-XX completed the sale of a non-exclusive licence with AVX with upfront licence fees and guaranteed royalty payments spread over the first three years, with the AVX product launched in September and the first quarterly royalty payment already received.The company said it benefitted from a sharp increase in royalties from Murata, up 117% following a 106% rise in the previous year.It also achieved a first design win for the new Thinline product range for a smart credit card, for customer delivery in 2017, with a thinner 400 micron product under development.CAP-XX made significant operational cash savings over the period, and has also identified further cost savings which should incrementally improve gross margin and enhance future product competitiveness, the board said.Cash reserves at the end of June were AUD 0.3m.A total of AUD 1.7m was received from AVX following the year end, and a research and development tax rebate from the Australian Tax Office of AUD 1.5m, up from AUD 1.1m a year earlier, is expected to be received before the end of the month."We are pleased with the progress made in commercialising our small and large supercapacitor products and the success of our technology licence wins," said CEO Anthony Kongats."[Those wins] have seen new products launched to market by both Murata and AVX and a consequent strengthening of CAP-XX's licence income."We look forward to announcing more progress in 2017."At 0956 BST, shares in CAP-XX were up 4.96% at 5.3p.