15th Jan 2009 07:00
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FOR IMMEDIATE RELEASE |
15 January 2009 |
Xaar plc
FULL YEAR TRADING UPDATE
Xaar plc ("Xaar"), the inkjet printing technology group headquartered in Cambridge, presents an update on performance for the year ended 31 December 2008.
Trading
Trading for the year concluded in line with the trading update of 26 November 2008 with revenue for the year expected to be approximately £42.0m (31 December 2007: £47.9m). Adjusted profit before tax for the year is expected to be approximately £4.9m (31 December 2007: £8.3m).
Adjusted profit before tax for the year is stated before the cost of share options of approximately £1.0m (31 December 2007: £1.0m) and an exceptional charge of approximately £0.6m (31 December 2007: £nil). This exceptional charge relates to the cost of redundancies incurred in the second half of the year as part of the previously announced series of cost saving measures, the benefits of which will be seen in 2009. Profit before tax for the year is expected to be approximately £3.2m (31 December 2007: £7.3m).
Cash
Cash at 31 December 2008 was approximately £11.6m (31 December 2007: £13.0m, 30 June 2008: £10.7m), an increase of approximately £0.7m over 31 December 2007 before payment of £2.1m dividends in the year. Total debt at 31 December 2008 was approximately £0.7m (31 December 2007: £0.8m, 30 June 2008: £0.8m).
Dividend
In light of the current economic circumstances, the Board intends to leave any decision with regard to the recommendation of payment of a final dividend until the time of the announcement of the final results for the year.
Announcement of final results
The detailed results for 2008 will be announced in accordance with Xaar's normal timetable on 23 March 2008.
Ends
CONTACTS
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Xaar plc: |
01223-423663 |
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Ian Dinwoodie, Chief Executive |
www.xaar.com |
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Andrew Taylor, Finance Director |
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Bankside Consultants: |
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Steve Liebmann |
020-7367-8883 / 07802-888159 |
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