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11 Mar 2019 07:00
Xaar plc
Trading Update
Xaar plc ("Xaar", "the Company", or "the Group"), a world leader in industrial inkjet technology, provides an update in advance of its forthcoming preliminary results:
The underlying trading results for the year to 31 December 2018 are in line with previous expectations announced on 28 December 2018 before the provisions detailed below. Revenue for the Group is expected to be £63.5 million and net cash was £27.9 million at year end.
Following a comprehensive review of consolidated Group results for the year to 31 December 2018, we expect to increase inventory and debtors provisions by £7 million subject to audit conclusion. The previously reported delays in ramp of new product volumes in China have resulted in an unfavourable working capital aging profile, and as a result provisions are being taken on the basis of prudency in line with standard accounting practice. The integration issues experienced leading to the delays are now behind us and sell-through is expected to increase. Furthermore, the minimum volume commitments from our supplier have now been met.
The Company will announce its preliminary results on 21 March 2019 at which time it will also provide an update on its review of strategic options for more extensive partnering in the Printhead business unit.
Enquiries:
Xaar plc | +44 (0)1223 423 663 |
Doug Edwards, Chief Executive Officer Shomit Kenkare, Chief Financial Officer |
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Tulchan Communications | +44 (0)20 7353 4200 |
James Macey White David Ison
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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
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