Xaar plc announces preliminary results


15-03-2005

Xaar plc, the inkjet printing technology group headquartered in Cambridge, has announced its audited results for the year ended 31 December 2004.

Turnover was up 21% to 35.5m (2003: 29.2m), with profit jumping to 6.1m (2003: loss of 1.4m) giving a 17% return on sales (before foreign exchange on the inter-company loan, tax and dividends).



KEY POINTS :



  • Results reflect a sustained growth in sales and further improvements in profitability.



  • The financial results for the year were :



    o Turnover was up 21% to 35.5m (2003: 29.2m);



    o Profit jumped to 6.1m (2003: loss of 1.4m) giving a 17% return on sales (before foreign exchange on the inter-company loan, tax and dividends);



    o Earnings per share increased to 7.1p (2003: 1.6p); and



    o Net cash and short term investments at 31 December 2004 were 15.3m (2003: 8.5m).



  • Growth in sterling terms was affected adversely by the dollar; had rates remained at 2003 levels, sales would have been 2.4m higher.



  • Dividend of 1p per share; this is the first dividend proposed by Xaar since its IPO in October 1997.



  • Phil Eaves appointed as new Director of Sales and Marketing.



  • Strong pipeline of new products and good progress on development partnerships is expected to boost future growth prospects.



    On outlook, Chairman, Arie Rosenfeld stated : 'I believe the group now has a stable, profitable, platform from which to deliver consistently high growth for the future. This will be achieved through the continued development of Xaar's technology, commercialisation of our strong pipeline of new products and their successful deployment into a diverse range of markets'.



    'We continue to see significant new adoption of digital inkjet printing, not only in the group's core graphics market, but also in new markets where the advantages of industrial inkjet are equally persuasive. The outlook for 2005 remains good.'





    *******



    For further information, please contact:



    Ian Dinwoodie, Chief Executive; or

    020-7444-4140 today

    Nigel Berry, Finance Director at Xaar on:

    01223-423663 thereafter



    Steve Liebmann at Bankside:

    020-7444-4163







    RNS Number:7443J

    Xaar PLC

    15 March 2005
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