Cap-XX Ltd on Monday said its loss narrowed in the first half of its current financial year, following the resolution of a legal case.
The Sydney-based manufacturer of supercapacitors for portable electronic devices said its pretax loss narrowed to A$1.7 million, around £860,000, in the six months that ended December 31, from A$3.4 million the year before.
This was primarily driven by legal expenses reducing to A$11,006 during the six-month period, from A$1.6 million a year prior, as a result of the resolution of a dispute on legacy licence fees.
Revenue grew 4.3% to A$2.4 million from A$2.3 million, while general & administrative expenses increased to A$1.4 million from A$1.1 million.
Cap-XX noted that this would be its last set of results that did not reflect ‘the positive impact of partnerships’ with Swiss technology company Schurter AG and Minnesota, US-headquartered electronic component distributor DigiKey.
‘Cap-XX continues to focus on transforming the business to optimise operations and secure sustainable growth,’ the firm said.
Shares in Cap-XX were up 1.8% at 0.12 pence each in London on Monday afternoon. The stock has fallen 80% in the last twelve months.
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