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(Sharecast News) - Xaar said it was on track to return to profitable growth after the inkjet printer head group's adjusted annual loss narrowed sharply.
The adjusted pretax loss for the year to the end of December from continuing operations shrank to £0.6m from £3.9m a year earlier as revenue rose 23% to £59.3m. Xaar swung to a statutory annual profit of £1m from a £4.3m loss a year earlier.
Xaar said the results were boosted by an adjusted profit in the second half of the year. Xaar has been trying to revive its business while coping with the Covid-19 crisis. It has been improving products and speeding up delivery to customers. The company bought FFEI, a maker of digital inkjet systems and digital life science technology, in July to accelerate its progress.
Chief Executive John Mills said: "The business was profitable in the second half of 2021, and we carry positive momentum and a strong order book into 2022. We have invested in working capital which provides confidence in our ability to maintain supply to customers throughout the year.
"Market conditions remain uncertain but our progress and strong performance during the challenging conditions of the past two years demonstrates our resilience and the continued demand for our products. We remain on track to return the business to profitable growth and look forward with confidence."
Xaar shares rose 1.7% to 247p at 09:09 GMT. The shares have gained 37% in 2022.
