Cap-XX Ltd on Thursday said higher administratice and legal expenses drove its half year loss to widen, despite a revenue climb.
Shares in CAP-XX fell 22% to 0.74 pence each in London on Thursday afternoon.
The Sydney-based manufacturer of supercapacitors for portable electronic devices said that revenue jumped by 40% to A$2.3 million, or around £1.2 million, in the half-year ended December 31, from A$1.6 million the year before.
However, pretax loss widened to A$3.4 million from A$2.6 million. This was due to a rise in expenses, with general and administrative costs growing by 18% to A$1.3 million from A$1.1 million the year before. Legal expenses doubled to A$1.6 million from A$727,918.
Adjusted earnings before interest, tax, depreciation and amortisation loss widened to A$1.1 million from A$966,000 the previous year.
Chair Pat Elliott and Chief Executive Lars Stegmann said: ‘The legal costs and unexpected expenses in relation to the departure of the former CEO and investment in new product developments have result in our adjusted Ebitda remaining negative and the company’s cash position being tight. However, the board is managing the company’s cashflows carefully.’
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