Xaar is confident about prospects
Xaar plc, the inkjet printing technology group headquartered in Cambridge, presents an update on performance for the six months ended 30 June 2007.
Revenue for the six months to 30 June 2007 was 5% ahead of the same period last year at approximately £23.4m (six months to 30 June 2006: £22.3m) and 18% ahead of the half year to 31 December 2006 (six months to 31 December 2006: £19.9m). In particular, sales to China were up 12% compared to the six months to 30 June 2006 and substantially ahead of the second half of 2006.
The new Platform 2 and Platform 3 printheads continue to generate significant interest and commercial printing products incorporating these printheads are now in limited release with further products under development. Although the timing of the launch of these further products is not yet fixed, the board is encouraged by the level of interest expressed by customers for both these printhead platforms.
As previously indicated, the results for the first half year reflect the early stage costs associated with the new Huntingdon facility. Profit before tax for the period was approximately £3.1m (30 June 2006: £4.8m), after providing for the £1.2m cost (30 June 2006: £nil) for the new Huntingdon facility, amortisation of capitalised R&D of £0.5m (30 June 2006: £0.3m) and the cost of share options at £0.4m (30 June 2006: £0.3m).
The board remains confident about the prospects for 2007 and a further update will be given at the time of release of the group's interim results in September.
Cash at the end of June was approximately £10.0m (30 June 2006: £16.3m, 31 December 2006: £12.4m). This reflects the payment of the final dividend for 2006 of £1.2m and capital expenditure on tangible and intangible assets of approximately £3.3m.
Announcement of interim results
The detailed interim results will be announced in accordance with Xaar's normal timetable on 12 September 2007.
Ian Dinwoodie, Chief Executive
Nigel Berry, Group Finance Director & Deputy Chief Executive
Steve Liebmann or Simon Bloomfield
020-7367-8883 / 07802-888159
This information is provided by RNS
The company news service from the London Stock Exchange
Xaar is a world leader in the development of digital inkjet technology