6th Jul 2005 07:00
Xaar PLC06 July 2005 FOR IMMEDIATE RELEASE 6 July 2005 Xaar plc POSITIVE HALF YEAR TRADING UPDATE Xaar plc ("Xaar"), the inkjet printing technology group headquartered inCambridge, presents an update on performance for the six months ended 30 June2005. Results Xaar is pleased to report that revenues for the six months to 30 June 2005 arein line with expectations at close to £20.0m (2004: £16.9m). Profit before tax for the period (and before foreign exchange movements oninter-company loans) is ahead of expectations at around £4.5m (2004: £2.4m on acomparable basis). These figures are stated under UK GAAP to be consistent withcurrent market forecasts. The results reflect a continuing growth in demand for the group's products andthe benefit of increased volumes on manufacturing overhead recovery. Cash at the end of June was in the region of £17.5m, up from £15.4m at the startof the year. This movement includes an increase in working capital and paymentof the final dividend for 2004 of £0.6m. The outlook for the full year continues to be positive. OmniDot Launch The group's OmniDot printhead platform, its new range of products co-developedwith Agfa (and named 'UPH' in its Agfa format), started commercial production inthe second quarter and was officially launched by Agfa at the FESPA tradeshowheld in May in Munich, Germany. FESPA represents the Screen Printing sector of the industry and digital printingaccounted for more than 50% of the stands at the show, with Xaar wellrepresented by its OEMs. Further details of Agfa's revolutionary new digitalinkjet press, the M-Press, and the Anapurna 100 wide format printer can be foundon the Agfa website, www.agfa.com. Announcement of interim results The interim results will be announced in accordance with Xaar's normal timetablein mid-September. The interim results will be prepared under IFRS in accordance with the EUdirective for quoted companies applicable for reporting periods starting on orafter 1 January 2005. The main differences between the two sets of reportingstandards, as they apply to the group, are likely to be in the capitalisation ofcertain research and development costs, the expensing of share option costs andmovements in the valuation of the group's US dollar hedging transactions. Contacts Xaar plc: 01223-423663Ian Dinwoodie, Chief Executive www.xaar.co.ukNigel Berry, Group Finance Director & Deputy Chief Executive Bankside Consultants:Steve Liebmann 020-7367-8883 / 07802-888159 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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