27th Apr 2021 09:33
(Alliance News) - Xaar PLC on Tuesday said its loss narrowed in 2020 amid significant cost reductions and additional income.
The inkjet printing technology company reported revenue of GBP48.0 million for 2020, in line with management expectations, but lower than GBP49.4 million generated in 2019.
Pretax loss from continuing operations narrowed, however, to GPB4.3 million from GBP10.9 million the year ago. Xaar said it has reduced its sales & marketing expenses to GBP6.0 million from GBP8.1 million the year prior, while restructuring costs were down to GBP754,000 from GBP1.5 million.
In addition, the company said it has secured a GBP946,000 impairment reversal of financial assets versus GBP2.7 million loss in 2019. Other operating income totalled GBP819,000 versus none the year ago.
"We continue to see positive customer engagement and it is particularly gratifying to win new business based on our core technology in existing and new applications. The business is well capitalised and we have a strong order book," said Chief Executive John Mills.
"The success we have had throughout the year leaves the business well-positioned and we continue to be excited by the future," continued Mills. "We are well on track with our plan to deliver long-term sustainable growth."
Xaar shares were trading 4.5% lower in London on Tuesday at 143.80 pence each.
By Evelina Grecenko; [email protected]
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