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Xaar expects interim revenue to fall; set to meet full-year forecasts

3rd Aug 2023 12:13

(Alliance News) - Xaar PLC on Thursday said it expects a lower half-year revenue, while profit is set to fall in line with its forecasts.

The Cambridge, England-based inkjet printing technology firm said revenue for the six months ended June 30 is expected to be GBP34.7 million, down 5.2% from GBP36.6 million a year prior.

Adjusted pretax profit is expected to fall in line with its expectations due to successful factory reorganisation, offset by the sale of GBP1.8 million of non-core intellectual property assets, Xaar said.

Adjusted pretax profit in the first half of 2022 was GBP1.4 million.

Xaar added that its net cash position at June 30 fell by 42% to GBP7.3 million from GBP12.6 million a year ago.

Looking ahead, the company said it expects to deliver its full-year forecasts.

Chief Executive Officer John Mills said: "We remain focused on the delivery of our strategy and taking advantage of the significant opportunities we have that will drive profitable growth. Our products continue to generate strong interest from customers, demonstrating our leadership in printing highly viscous fluids with all the sustainability benefits they can deliver. We have positive momentum, a growing product pipeline and look forward to continuing to accelerate our strategy and performance in the second half and into 2024."

Shares in Xaar were down 2.7% at 180.09 pence each in London on Thursday about midday.

By Sabrina Penty, Alliance News reporter

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