Trading Statement-COVID-19 & Preliminary Statement

RNS Number : 2844H

Xaar PLC

23 March 2020

 

Xaar plc

Trading update and revised date for full year results 

Xaar plc ("Xaar" or the "Group"), the leading inkjet printing technology Group, announces a confirmation of previous guidance and a revised date for the presentation of full year results.

Full year results

Preliminary financial statements for the 12 months ended 31 December 2019 were scheduled to be released 24 March 2020.

The FCA has strongly requested all listed companies observe a moratorium on the publication of preliminary financial statements for at least two weeks.

In compliance with this request, Xaar will not be releasing preliminary financial statements, but will publish full audited financial statements within four months of the financial year end, subject to any further guidance from the FCA.

Trading update

Xaar continues to make good progress with its strategy and re-iterates the preliminary guidance for 2019:

The Group expects to report revenues for its continuing operations of £49.4 million for the year ended 31 December 2019.

Group cash balances (including cash held for investment in Xaar 3D) were £25.3 million at 31 December 2019.

COVID19 - Update

The health, safety and security of our employees is our upmost priority and appropriate actions have been taken to our operational procedures to mitigate risk.

The Group's trading performance in 2020 to date has been in line with expectations. No orders have been cancelled, however we are mindful of the rapidly changing environment in which the business is operating.

While the full implications of COVID-19 on the financial performance for the current financial year are difficult to determine at this stage, the Board remains confident in the long-term prospects of the Group.

Enquiries:

Xaar plc	[phone]
John Mills, Chief Executive Officer Ian Tichias, Chief Finance Officer
Tulchan Communications	[phone]
James Macey White Giles Kernick Hollie Ralston

About Xaar
Xaar 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. Information about Xaar is at  www.xaar.com

 

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