Business
Pre-close Trading Update and Notice of Results
Pre-close Trading Update and Notice of Results.
About this update from Cap-xx Limited
[{"type":"text","content":"\n\nDissemination of a Regulatory Announcement that contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.\n \n2 August 2023\nCAP-XX Limited\n(\"CAP-XX\" or \"the Company\")\n \nPre-close Trading Update and Notice of results\n \nCAP-XX Limited, a world leader in the design and manufacture of thin, prismatic supercapacitors and energy management systems, announces a pre-close trading update in respect of the financial year ended 30 June 2023.\nRevenue is expected to be A$4m and adjusted EBITDA* is expected to be (A$1.2m) after excluding A$2.2m in exceptional items relating to legal expenses and provisions for patent protection litigation, and executive severance charges. Year-end cash reserves were A$2.6m including the proceeds of the capital raise which took place in May 2023. Revenue for the second half of FY2023 was impacted by some orders anticipated to be shipped in June 2023 being delayed to Q1 of FY2024.\nQuarterly sales improved throughout the financial year but at a level slightly lower than originally expected. An increased focus on strengthening the relationship and focus on the customer is expected to see revenue and sales opportunities continue to grow into FY2024.\nThe sales pipeline reporting is being reviewed to improve the accuracy, reliability and insight of known opportunities. This new approach is being supported by a modest investment in sales reporting software. The ongoing aim is to establish an updated sales structure which will increase the CAP-XX footprint in the majority of global regions. This will include servicing emerging markets such as India and Southern Africa, whilst increasing coverage in the known markets of Europe and the USA. CAP-XX is also increasing its interaction with the electronic component distributor Digikey which will give CAP-XX an improved interface with new customers.\nBefore the end of the current calendar year, CAP-XX will present its new product roadmap which includes the 3V version, DMH as well as a surface mountable device (SMD) version. Furthermore, CAP-XX is developing evaluation boards which will assist customers and internal sales during the design-in phase.\nAlthough the market remains relatively volatile, with ongoing geo-political impacts coupled with economic headwinds such as...