16th Mar 2016 08:09
LONDON (Alliance News) - Inkjet printing technology company Xaar PLC on Wednesday posted lower pretax profit and revenue for 2015, taking a hit from the ceramic tile market as it outlined its 2020 strategic plans.
Xaar's pretax profit for the year to the end of December fell to GBP13.6 million from GBP23.1 million a year earlier, as revenue declined to GBP93.5 million from GBP109.2 million.
Revenue met Xaar's expectations, but growth in its packaging business was offset entirely by a reduction in sales to the ceramic tile market, its largest market, which returned to stable sales in 2015 following volatility in 2013 and 2014.
Xaar will pay a final dividend of 6.3 pence, taking its total dividend for 2015 to 9.45p, up from 9.00p in 2014.
Xaar also outlined its Vision 2020 plans to grow its revenue to GBP220.0 million by that year, which will be driven by investments in product development, focusing on organic growth, building partnership and through carefully-selected acquisitions.
"Looking ahead, our market leadership and expanding product portfolio position us well for growth, but based on limited visibility, particularly around China, the board is currently budgeting for 2016 revenue to be broadly similar to 2015," said Doug Edwards, Xaar's chief executive.
Xaar shares opened sharply lower at the open Wednesday, down 15% to 375.00p and the worst performer in the FTSE All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Xaar