(Alliance News) - Xaar PLC on Tuesday said trading earlier in the part of the year was in line with pre-pandemic expectations but outlook in the second half is far more unclear.
Shares in Xaar were down 3.6% at 61.60 pence in London in morning trading.
The inkjet printhead supplier said trading in the first four months of 2020 aligned with expectations before the Covid-19 outbreak. This was because, while sales in Europe and North America were weaker, this was offset by Asia where economies were quicker to exit their lockdowns.
So far, Xaar said: "The business has been able to operate efficiently and continue to meet its commitments to customer".
Looking forward, Xaar's short-term order book remains "healthy". Nonetheless, Xaar cautioned that the outlook for the second half of 2020 is murkier and it is too soon to tell what the pandemic's impact will be on 2020 and 2021.
"The group entered the year with a strong balance sheet and net cash and an appropriate level of funding to support its strategy. We have maintained disciplined cost control and strong cash management over the past four months and remain well positioned," said Xaar.
By Anna Farley; annafarley@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Xaar (XAR)