Xaar plc ("Xaar"), the inkjet printing technology group headquartered in Cambridge, announces its audited results for the year ended 31 December 2006.
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.
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