REG - CAP-XX Limited - Pre-close trading update

CAP XXAnnouncement

07/07/2022 07:16

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RNS Number : 6522R  CAP-XX Limited  07 July 2022

 

7 July 2022

CAP-XX Limited

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

Pre-close trading update

 

CAP-XX Limited, a world leader in the design and manufacture of thin,
prismatic supercapacitors and energy management systems, announces a trading
update in respect of the financial year ended 30 June 2022.

The Company is pleased to announce that revenues and adjusted EBITDA* for the
year ended 30 June 2022 are, subject to clearance by CAP-XX's independent
auditors, expected to be in line with current market expectations. Product
sales are up 39% by value on the previous year and total revenue up 31% on the
previous year at A$5.6m.  Adjusted EBITDA* is expected to be a loss of
(A$699K), after excluding A$2.4m in legal fees associated with the AVX and
Maxwell court cases. EBITDA for FY22 is expected to be a loss of (A$3.1m) when
the A$2.4m in legal fees are included.

Both court cases are progressing favourably and the Board, under advice from
our lawyers, remains confident of the Company's prospects of securing a
favourable outcome. This has enabled the Board  to secure litigation funding
 which is expected to be in place to  cover the legal fees in FY23. Legal
fees associated with these cases in FY22 were approximately A$2.0m higher than
previously forecast as the cases moved closer to resolution and legal fees
were incurred sooner than expected.

The Board is encouraged by the outlook for FY23 and beyond and expects to see
continued strong growth in product sales. This growth is being driven by
increasing customer demand for DMF and DMT products, cylindrical
supercapacitors and traditional supercapacitor products made in Malaysia. In
addition new products, such as LICs together with the expansion of our
distribution channels are expected to increase sales.  Commissioning of the
DMH line is expected to be completed around the middle of 2023, as time and
resources allow, and subject to customer demand.

Cash reserves as at the end of June 2022 were approximately A$1.6m

The Company's results for the year ended 30 June 2022 are expected to be
released on 29 September 2022.

* Adjusted EBITDA excludes the Company's legal expenses associated with its
patent infringement actions.

 

 

For further information contact:

 CAP-XX Limited                                        +61 (0) 2 9428 0139

 Anthony Kongats (CEO)

 Kreab (Financial PR)                                  +44 (0) 20 7074 1800

 Robert Speed

 Allenby Capital (Nominated Adviser and Joint Broker)  +44 (0) 20 3328 5656

 David Hart / Alex Brearley (Corporate Finance)

 Tony Quirke (Sales and Corporate Broking)

 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 thin,
flat 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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