20th Sep 2022 10:02
(Alliance News) - Xaar PLC on Tuesday reported a "strong" interim performance in line with company expectations despite the impact of Covid-19 and cost inflation.
In the six months ended June 30, the industrial inkjet manufacturer reported a narrowed pretax loss of GBP301,000.
The previous year the Cambridge, England-based firm posted a loss of GBP1.3 million.
Revenue in the half-year totalled GBP36.6 million, up 39% from GBP26.3 million the year prior.
Xaar explained that its printhead business had performed well, noting strong growth in Europe and the US, which offset a Covid-19-related slowdown in China.
Revenue in Asia fell 22% year-on-year, it added.
"We are really pleased with the excellent progress we have made in delivering our strategy as evidenced by our strong H1 performance with all of our businesses continuing to perform well," said Chief Executive John Mills.
"There is positive momentum across the group and, while remaining vigilant to macro-economic conditions, principally of cost inflation and the ongoing impact of Covid-19 related 'lockdowns' in China, we are confident in and excited by our future and look forward to the launch of our aqueous printhead later in the year," the CEO continued.
The firm's aqueous printhead launch is on track for the final quarter of 2022.
Xaar declared no interim dividend.
Shares in Xaar were down 1.4% at 216.94 on Tuesday morning in London.
By Heather Rydings; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.