LONDON (ShareCast) - (ShareCast News) - CAP-XX has reported a 9% increase in sales revenues to A$1.5m for the six months up to 31 December and compared to the same period of the previous year.
Alongside higher revenues, the AIM-listed Australian company saw a roughly flat cost of sales and an 8% decrease in administrative expenses to A$1.1m for the period, allowing it to cut its red ink by 11% to A$1.7m.

As at 31 December, the supercapacitor developer had cash reserves of A$1.5m, an increase of 150% over the same period in 2016, excluding a research and development tax rebate of A$1.6m received in February.

Anthony Kongats, chief executive of CAP-XX, said: "The current financial year has been another big step up for CAP-XX. The first half saw us win our first high volume order for Thinline, which will enter mass production in the current half, and completion of products for global automotive companies. We have progressed a number of licensing negotiations to an advanced stage and secured record royalty revenues from our current licences."

The order of CAP-XX's new Thinline supercapacitor received its first high value order in August and the company is "optimistic" that some of the current negotiations for further sales will come to fruition.

Meanwhile, the company has also earned a sizeable portion of its revenues from royalty receipts which continue to grow year on year, with the company's supercapacitor producer Murata driving the growth courtesy of a 145% increase compared to the previous year.

As of 0953 GMT, CAP-XX's shares were down 9.79% at 9.90p.

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