Xaar - recovering after China setback
Xaar plc ("Xaar"), the inkjet printing technology group headquartered in Cambridge, announces its audited results for the year ended 31 December 2006.
Cambridge, announces its audited results for the year ended 31 December 2006.
KEY POINTS :
* Results reflect temporary setback in China during mid-year and
subsequent full recovery.
* The financial results for the year were:
o Turnover was #42.2m (2005: #42.8m);
o Adjusted profit before tax* was #7.9m (2005: #10.5m);
o Reported profit before tax was #6.9m (2005: #10.0m);
o Basic earnings per share were 7.9p (2005: 11.6p); and
o Net cash and cash equivalents at 31 December 2006 were #12.4m (2005:
* Investment in capital equipment, including the new manufacturing plant
in Huntingdon, Cambridgeshire, was #7.3m during the year. The Huntingdon
plant commenced production in January 2007, on time and on budget.
* Following a takeover approach from Danaher Corporation announced in
November 2006, discussions were ended in February 2007.
* Proposed annual dividend per share increased 33% to 2.0p (2005: 1.5p).
* stated before non-recurring costs associated with the approach from Danaher
Corporation of #0.3m (2005: #nil) and cost of share options of #0.7m (2005:
On outlook, Chairman, Arie Rosenfeld stated :
"We continue to see industrial inkjet as a key enabling technology in both
printing and industrial markets and, as a market leader, we intend to remain at
the forefront of that development and growth.
"The actions we have taken during the past year have created a robust platform
for future growth for your company. Sales of our established products provide
Xaar with a sound and profitable base on which to build incremental sales of
Platform 2 and Platform 3 products in the years to come."
For further information, please contact:
Ian Dinwoodie, Chief Executive; or today: 020-7367-8888
Nigel Berry, Group Finance Director and Deputy Chief Executive thereafter:
Xaar is a world leader in the development of digital inkjet technology