16th Jan 2014 08:48
LONDON (Alliance News) - Xaar PLC said Thursday that it expects full-year adjusted revenue of around GBP134 million, up from GBP86.3 million the previous year, as the inkjet printing technology company saw strong sales in the industrial sector.
Revenue growth in the year ended December 31, 2013 was driven by increased sales in the industrial sector and packaging sector, as well as modest growth in the graphic arts sector. Xaar said the increased demand in the industrial sector was primarily driven by the conversion of ceramic tile printing to digital inkjet, especially in China.
Xaar expects and adjusted operating margin in the range of 30% to 31%, up from 21% in the previous year, which it says is due to increased operating efficiencies.
The FTSE 250 company nearly doubled its research and development investment for the year, it said.
Xaar said it expects to announce its results on March 18.
Shares in Xaar were trading down 6.2% at 1,007.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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