Business
Results for the year ended 30 June 2013
Results for the year ended 30 June 2013.
About this update from Cap-xx Limited
[{"type":"text","content":"\n \nRNS Number : 3191P CAP-XX Limited 01 October 2013 \n \n\n \n1st October 2013\n \nCAP-XX Limited\n(the \"Company\")\n \nAudited Results for the year ended 30 June 2013\n \nCAP-XX Limited, a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems, is pleased to announce its audited results for the year ended 30 June 2013.\n \nKey highlights\n \n· Sales revenue of AUD$3.6 million (2012: AUD$3.5 million) reflected a 3% year on year increase, generated from CAP-XX's traditional markets of handheld and portable devices. This improvement was due to a 6% year on year volume increase, whilst the average selling price reduced by 3%;\n· Product Gross Margin (GM) increased to 30.2% (2012: 21.4%) due to improvements in manufacturing yields;\n· The reduced operating loss of AUD$2.3 million (2012: AUD$2.9 million) reflects the increased GM and reduction in operating expenditure;\n· Cash reserves at the end of June were AUD$1.1 million. Post the year end the Company successfully completed a £1.6 million share placement. A R&D tax rebate from the Australian Tax Office of AUD$1.0 million (2012: AUD$1.1 million) is forecast to be received in December 2013;\n· Interest in the CAP-XX technology for automotive and the surface mountable markets continues to increase; and \n· The operational cost reduction program remains on track with the new plant being commissioned and cheaper raw materials deployed. The full benefit of the savings is expected to be realised before the end of the current financial year.\n \nAnthony Kongats, CEO of CAP-XX said:\n\"The past year has seen us move into mass production for our first volume automotive application of our traditional supercapacitor, while Murata has launched its second generation product range based our technology license. Since the commissioning of our prototype production line earlier in the year we have achieved initial sales to automotive manufacturers and their Tier-1 component suppliers of our large automotive supercapacitor. Our manufacturing cost reduction plan is on target to reach its 30% target and is already producing...