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17 Oct 2018 | 10:32

CAP-XX losses widen as costs rise

Supercapacitors manufacturer Cap-xx said Wednesday pre-tax losses widened as rising costs weighed on margins.

For 12 months to 30 June 2018, pre-tax losses widened to A$2.62m from A$1.66m a year earlier while revenue rose 18% to A$4.9m.

The rise in revenues were offset by an uptick in costs from research and development targeted at product development, an increase in production capacity and the commissioning and streamlining of production processes.

Operational expenditure increased by 8% from A$5.0m to A$5.4m.

Products sales were up 19% on the previous year, supported by design wins and the penetration of new markets especially for internet of things applications, the company said.

The company signed its new non-exclusive licence agreement with the TDK Corporation of Japan.

'We are delighted to have successfully concluded our negotiations with TDK and anticipate closing further license opportunities during the current financial year, said Anthony Kongats, CEO of CAP-XX.

'With market interest in supercapacitors for a wide range of applications increasing, we are very encouraged by the widening of our licence portfolio and the increase in direct sales opportunities.'

At 10:32am: (LON:CPX) CAPXX Ltd share price was -0.75p at 11p

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