(Alliance News) - Xaar PLC said Thursday that its trading performance for 2020 was in line with management expectations, leading to confidence in future growth and a return to profitability.
For the year, revenue was around GBP48 million, a 2.8% dip from GBP49.4 million the year before. The inkjet printing technology firm's Printhead business performed well, with a rise in new customers and the successful rollout of the ImagineX platform.
In addition, the group said it is making progress with product development and testing in Xaar 3D, despite continued delays related to Covid-19.
Looking ahead, Xaar said that despite the recent national lockdown, the company has maintained its operational performance, with the order book remaining strong with a positive pipeline despite Covid-19 remaining a key risk.
"We are very pleased with performance for the year which is a testament to the efforts of the team in extraordinary circumstances. We are one year into delivering our strategy and it is clearly having a positive impact, notably as existing customers continue to engage, and we are winning new business. We remain excited by the future and will remain disciplined in delivering long-term sustainable growth," said Chief Executive Officer John Mills.
Shares in Xaar were down 8.5% at 149.55 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Xaar (XAR)