(Alliance News) - Xaar PLC on Thursday said it has stopped investing in Thin Film platform as its revenue is set to fall sharply in 2019.
Xaar shares were 9.0% lower in London in morning trade at 45.80 pence each.
The industrial inkjet technology company reported stable trading in 2019, with revenue of GBP46 million, down 28% from GBP63.5 million posted for 2018.
During the year, Xaar said it has ceased further developmental investment in the Thin Film platform, with costs now at the minimum level to satisfy existing customer requirements. The company said it is exploring the possibility of monetisation of this technology.
Group cash balances - including cash held for investment in Xaar 3D - were GBP25.4 million at the end of 2019, the company said.
"The business is consolidating its strategy around the three business areas of printhead supply, product print and 3D and the board expects to update shareholders on plans and prospects when we announce preliminary results," Xaar said in its statement Thursday.
The company plans to report its 2019 results on March 24.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Xaar (XAR)