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REG - CAP-XX Limited - Chairman’s AGM Statement

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RNS Number : 1446F  CAP-XX Limited  03 November 2022

 

 

3 November 2022

 
CAP-XX Limited

("CAP-XX" or the "Company")

 

Chairman's AGM Statement

 

CAP-XX Limited, a world leader in the design and manufacture of
supercapacitors and energy management systems, announces that at the Company's
Annual General Meeting to be held later today, CAP-XX's Chairman will make the
following statement in relation to the Company's activities:

 

"As reported in the Company's announcement on 29 September this year, the full
year results for the last financial year demonstrated a very strong growth in
sales, with product sales up 44% and Gross Margin up 43%.

 

We also indicated that the current financial year has started somewhat slower
than expected due to several influences including: industry wide supply chain
bottlenecks, especially in China, a global shortage of integrated circuits and
increasing pessimism over the state of the global economy. However, we remain
optimistic about the short term and long term growth prospects of the Company.
Despite the slower than expected start to the year, there are indications that
the order book is starting to bounce back and our outlook for full year
revenue and adjusted EBITDA for the year ending 30 June 2023 remains in line
with market expectations.

 

Sales of the new products manufactured at Seven Hills continue to grow
strongly and we remain confident that over 75% by value of the former Murata
customers will be retained. I am pleased to add that we are now shipping the
first of the Ioxus modules, for a ship propulsion project, which has the
potential to make a significant contribution this year and next.

 

Longer term, we are buoyed by the knowledge that our total known sales
opportunities (what we refer to as our sales pipeline) remain in excess of
US$60m p.a. and without any significant contribution yet from some of the new
product families we have recently launched, such as the Lithium-ion
capacitors, Truck Start and large cylindrical modules and cells.

 

Operations continue to improve, especially at Seven Hills where yield
continues to improve along with gross margin and where we have the ability to
increase DMF and DMT production by a factor of four.

 

The Company continues to carefully control all operating expenses and
discretionary costs to ensure we get to a position of positive cashflow as
soon as possible. Cash reserves at 30 June 2022 were A$1.6m with another
approximately A$2.0m in relation to a R&D tax rebate expected this
calendar year, in line with earlier estimates.

 

Finally, we continue to review the Company's Board structure. We are delighted
with Steen Feldskov's recent appointment as a non-executive director. Mr
Feldskov is already making a great contribution, especially in relation to
making introductions to broaden the Company's distribution channels. The Board
will continue to look for additional non-executive directors who can make a
strong contribution to the Company."

 

For further information contact:

 

CAP-XX Limited

Anthony Kongats (Chief Executive Officer)
           +61 (0) 2 9428 0139

 

Kreab (Financial PR)

Robert Speed
                                    +44 (0) 20 7074 1800

 

Allenby Capital (Nominated Adviser and Joint Broker)

David Hart / Alex Brearley (Corporate
Finance)                            +44 (0) 20 3328
5656

Tony Quirke (Equity Sales)

 

   Cenkos Securities plc (Joint Broker)                           +44 (0) 13 1220 6939

   Neil McDonald / Pete Lynch

 

More information is available at www.cap-xx.com (http://www.cap-xx.com)

 

 

Notes to Editors:

 

CAP-XX (LSE: CPX) is a world leader in the design and manufacture of
supercapacitors and energy management systems used in portable and small-scale
electronic devices, and to an increasing extent, in larger applications such
as automotive and renewable energy. The unique feature of CAP-XX
supercapacitors is their very high-power density and high energy storage
capacity in a space-efficient prismatic package. These attributes are
essential in power-hungry consumer and industrial electronics and deliver
similar benefits in automotive and other transportation applications. For more
information about CAP-XX, visit www.cap-xx.com (http://www.cap-xx.com)

 

 

 

 

 

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