17th Jul 2014 08:15
LONDON (Alliance News) - Digital inkjet printing technology group Xaar PLC Thursday said revenue in the first half to June 30 fell by around GBP7 million, although it expects higher levels of sales in the second half of the year, with full-year revenue of around GBP130 million compared with GBP134.1 million a year earlier.
Cambridge-based Xaar said it expects to report GBP60 million in revenue for the first half, compared with GBP67.2 million a year earlier.
The company said it continues to maintain a strong balance sheet with net cash at June 30 of GBP48.1 million, compared with GBP53.5 million at December 31.
"As expected, cash balances reduced during the first half of the year due to investment in manufacturing and development assets, increased working capital and dividend payments," Xaar said in a statement.
The company said it expects to announce its interim results on August 28
Xaar shares were quoted up 1.5% at 555.96 pence Thursday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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