Interim Trading Update

RNS Number : 9205J

Xaar PLC

07 July 2011

 



FOR IMMEDIATE RELEASE

7 July 2011

Xaar plc

INTERIM TRADING UPDATE

Xaar plc ("Xaar" or the "Group"), the inkjet printing technology group headquartered in Cambridge, presents an update on trading performance for the period ended 30 June 2011.

Trading

Revenue in the first half of 2011 was ahead of the board's expectations, being in excess of £31m (H1 2010: £23.8m, H2 2010; £30.9m).

Sales of Platform 3 ("P3") products (which are still capacity constrained), were stronger than expected due to both productivity gains and the impact of the early stages of the capacity ramp programme.  The critical stages in the capacity ramp are still to be completed as planned during the second half of 2011 and first half of 2012.  Platform 1 ("P1") revenues were below the board's expectations.

Manufacturing output and the P3 capacity expansion programme have been unaffected by the disaster in Japan earlier in the year.

Cash

The Group continues to maintain a strong balance sheet with net cash at 30 June 2011 of £20.6 million (31 December 2010 - £22.0 million, 30 June 2010 - £8.2 million).

Dividend

It is the Board's intention to pay an interim dividend, details of which will be provided at the time of the announcement of the interim results.

Announcement of interim results

The full results for the six months ended 30 June 2011 will be announced, in accordance with Xaar's normal timetable, on 18 August 2011.

Director retirement

After 6 years with Xaar, Phil Eaves, Sales and Marketing Director, has announced his intention to retire in June 2012.  A process has commenced to ensure his successor is in place during Q2 2012.

Ends

CONTACTS

Xaar plc:	01223-423663
Ian Dinwoodie, Chief Executive	www.xaar.com
Alex Bevis, Finance Director
Singer Capital Markets Limited:	020-3205-7626
Shaun Dobson
Bankside Consultants:
Simon Bloomfield	020-7367-8888

 

END

 

 

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