Last checked at 16 Jan 2020 07:00
Xaar plc
Scheduled Trading Update
Xaar plc ("Xaar"), a world leader in industrial inkjet technology, provides its scheduled trading update:
Trading in the second half of 2019 was broadly in line with the first half. As a result, the Group expects to report revenues of approximately £46 million for the year ended 31 December 2019.
Further to our interim results statement in September 2019, we have ceased further developmental investment in the Thin Film platform and have completed the restructuring of our Printhead Business. Costs in Thin Film are now at the minimum level to satisfy existing customer requirements and in respect of IP, to explore the possibility of monetisation of the technology.
On 4 December 2019 we were pleased to announce completion of further investment from our partner Stratasys in Xaar 3D. Net cash received by the Group was £12 million, of which £5.6 million is for the exclusive use of Xaar 3D. Stratasys now holds a 45% share in Xaar 3D and has an option to acquire the balance of the shares within three years.
Group cash balances (including cash held for investment in Xaar 3D) were £25.4 million at 31 December.
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 on 24 March 2019.
Enquiries:
Xaar plc | +44 (0)1223 423 663 |
John Mills, Chief Executive Officer |
|
Tulchan Communications | +44 (0)20 7353 4200 |
James Macey White
| |
About XaarXaar is a world leader in the development of digital inkjet technology. Our technology drives the conversion of analogue printing and manufacturing methods to digital inkjet which is more efficient, more economical and more productive than the traditional methods which have been in use for years. We design and manufacture printheads as well as systems for product decoration and industrial 3D Printing which use our inkjet technology. We are the only truly independent inkjet technology company with over 25 years of know how. We offer unrivalled inkjet expertise including technology and printhead design and development, and manufacture highly customised product decoration systems and industrial 3D Printing for volume manufacturing. Our unique technologies and products are the leading enabler for innovation and for driving supply chain efficiencies for many industries. Additional information about Xaar is available at www.xaar.com