RE: Positive trading update21 Dec 2023 07:20
CAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, announces the following trading update.
The Company is pleased to report that sales for the first half of the financial year ending 30 June 2024 ("FY24") are expected to be 35% ahead of the prior year comparative period. The increased sales for the period were underpinned by strong product sales in an absence of licencing revenue in the period. Order intake for the first half of FY24 was ahead of the prior year period by over 30%. The Company has maintained a positive book-to-bill ratio (the ratio of orders CAP-XX has received compared to units it has shipped and invoiced), which currently stands at 1.12, following an estimated increase in order backlog of 26% compared to the prior year comparative period.
The strong operating performance follows the operational reorganisation of the sales team and a renewed focus on customer relationship management, together with the recommencement of a number of key projects.
As previously announced, the Company looks forward to proceeding with its current product range, supported by a strong portfolio of current IP, to focus on the key short-term actions to maximise sales and deliver profitability. In addition, the second half of FY24 will include an increase in production of the new DMH product and a contribution from the new distribution network. The patents announced on 7 December 2023 are not expected to drive contribution until the end of calendar year 2024.