Business
Result of AGM and Chairman's AGM statement
Result of AGM and Chairman's AGM statement.
About this update from Cap-xx Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 4259Q\n CAP-XX Limited\n 27 October 2021\n \n \n \n \n 27 October 2021\n \n \n CAP-XX Limited \n \n \n (\"CAP-XX\" or \"the Company\")\n \n \n Result of AGM and Chairman's AGM statement\n \n \n \n \n \n The Board of CAP-XX announces that all resolutions put to shareholders at the Company's Annual General Meeting held earlier today were duly passed.\n \n \n CAP-XX's Chairman, Pat Elliott, also made the following statement in relation to the Company's activities: \n \n \n \"After being in a four-month lockdown since the 26th of June, I am pleased to report that Sydney, and our new factory in Seven Hills, came out of lockdown on the 18th of October. Despite the impact on manning and production our Q1 sales have again been strong, up 25% on the same period last year. \n \n \n The sales order book remains strong, and the Company remains on track to meet market expectations. Demand from customers for products made at Seven Hills continues to grow, as more former Murata customers place orders especially as their stocks prior to Murata's exit are running down. We remain confident that over 75% by value of these former Murata's customers will be retained.\n \n \n Further, demand for thin prismatic supercapacitors from IoT markets is growing. In addition to the sales orders already we have received, we are seeing strong enquiry levels for supercapacitors for IoT sensors, drones, microgrids and metering.\n \n \n During lockdown (from the beginning of the current financial year) we have continued to increase output and yield at Seven Hills and reject rates in Q1 were approximately half those of the preceding quarter.\n \n \n Operationally we are actively looking to add more technicians to accelerate the pace of improvement and product development at Seven Hills, along with the commissioning the DMH production line to produce even thinner supercapacitors sought by IoT and electronic users. Production from our contract manufacturer, Nationgate, is now recovering strongly, as Malaysia also comes out of COVID lock down. Nationgate has been adding staff to its CAP-XX production line which has increased output by over 25%.\n \n \n We have installed a new enterprise resource planning system which has gone live and is designed to enable CAP-XX to cater for significant growth. We expe...