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- Sales Revenue of A$5.0 million (2015: A$4.4 million) reflected a 12% year on year increase.
- Gross Margin (GM) increased to 52% (2015: 31%) on a like-for-like basis, reflecting significant progress in the transformation of the Company.
- Good progress in monetization of intellectual property and the sale of small and large supercapacitors.
- Completed the sale of a non-exclusive licence with AVX with upfront licence fees and guaranteed royalty payments spread over the first three years.
- AVX product launched in September 2016 with first quarter royalty payment received.
- The Company benefited from a sharp increase in royalties from Murata, up 117% following a 106% rise in the previous year.
- Achieved first design win for the new Thinline product range for a small credit card for customer delivery in 2017. A thinner 400 micron product is under development.
- Significant operational cash savings realised and the Company has identified further cost savings, which should incrementally improve gross margin and enhance future product competiveness.
- During FY16, the Company expanded its development efforts for automotive applications both in terms of new customers and product.
- Cash reserves at the end of June were A$0.3 million. A$1.7 million was received from AVX following the year end. R&D tax rebate from the Australian Tax Office of A$1.5 million ((2014: A$1.1 million) is also expected to be received in October 2016.