(Alliance News) - Xaar PLC on Friday said 2023 profit and revenue is in line with its most recent guidance.
Back in November, the Cambridge, England-based industrial inkjet manufacturer said it expected adjusted pretax profit of between GBP2.5 million and GBP3 million for 2023, compared to GBP2.8 million in 2022.
However, due to "challenging" trading conditions in the second half, it said it expects annual revenue of between GBP70 and GBP72 million, slightly behind 2022's GBP72.8 million.
Cash at December 31 was "slightly better than expected" at GBP7.1 million.
Looking ahead, Xaar's 2024 outlook remains unchanged. It expects "weaker" demand during the final quarter of 2023 to continue into the new year, which could result in lower full-year revenue and adjusted profit than previously expected.
Shares in Xaar were untraded at 110.00 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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Xaar (XAR)