Xaar plc announces interim results to June 2004


15-09-2004

Xaar plc, the inkjet printing technology group headquartered in Cambridge, has announced its unaudited results for the six months ended 30 June 2004.

The company says its interim results continue the strong improvement in performance which began during the second half of last year and show a sharp turn round from the losses reported in the first half of 2003.



Sharply increased trading profits were achieved by increased sales, higher production yields and tightly controlled costs.



The financial results for the half year were :



  • Turnover: up by 25% to 16.9m (2003: 13.6m);



  • Operating profit before interest and tax: 2.4m (2003: loss of 3.3m);



  • Profit before tax: 1.2m (2003: loss of 2.1m);



  • Earnings per share*: 3.5p (2003: loss of 4.6p);



  • Net cash and liquid resources at 30 June 2004: 9.9m (2003: 5.9m).



    *stated before non-trading foreign exchange loss of 1.3m on the inter-company loan (2003: gain of 1.2m).





    Key points:



    Sales increases were achieved in each principal territory and industry segment despite adverse currency movements. Asia showed particularly strong growth.



    Clear evidence at the recent Drupa international trade exhibition that digital inkjet is now maturing into a mainstream printing technology.



    Xaar has a strong pipeline of new products and has formed a number of new strategic partnerships to open new applications and additional markets.



    On outlook, Chairman, Arie Rosenfeld stated : 'All of our core markets performed well during the period and, although there are concerns about the ability of the Chinese economy to maintain its current level of growth, we saw no slow down in our business during the first half of the year. Third quarter performance remains in line with expectations and we expect to be cash generative over the remainder of the year.'



    *******





    For further information, please contact:



    Ian Dinwoodie, Chief Executive; or

    020-7444-4140 today



    Nigel Berry, Finance Director at Xaar on :

    01223-423663 thereafter
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