CAP-XX (LON:CPX) reduced losses and boosted sales in the year to June 30 as the roll-out of its Thinline range of super-capacitors gathered pace.
Sales rose 10% to A$4.4mln from A$4mln the previous year as losses narrowed to A$1.8mln from A$2.5mln.
Take-up from customers and developers since the launch of the word’s thinnest super-capacitor, used in portable and small-scale electronic devices, has been good, the company said.
On a like-for-like basis, gross margin increased to 30.6% in the year to June 30 from 13.6% the year before, after significant progress in cost cutting.
Patrick Elliott, chairman, said: “Management have identified further operational savings which are scheduled to be brought to account in the second half the current financial year which should further improve margins as well increasing the competitiveness of the CAP-XX product.”
Super-capacitors extend battery life and enable increased download capacity for portable devices and can be used on their own or to accompany recharging systems and coin cell batteries.
Elliott said: “The company has received numerous requests from application designers of ultra-thin applications such as wearable devices, fitness and health monitors, smart watches and drug delivery systems.”
During the year, CAP-XX signed a memorandum of understanding (MoU) with a North American automotive components company, which it expects to update the market on during the next three months.
CAP-XX will supply the North American truck market with its large automotive super-capacitors, and once testing has been completed, it expects to start selling in the second half of this financial year.