Xaar plc, the inkjet printing technology group headquartered in Cambridge, presents an update on performance for the six months ended 30 June 2005.
Xaar plc announces positive half year trading update
Xaar is pleased to report that revenues for the six months to 30 June 2005 are in line with expectations at close to 20.0m (2004: 16.9m).
Profit before tax for the period (and before foreign exchange movements on inter-company loans) is ahead of expectations at around 4.5m (2004: 2.4m on a comparable basis). These figures are stated under UK GAAP to be consistent with current market forecasts.
The results reflect a continuing growth in demand for the group's products and the 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 start of the year. This movement includes an increase in working capital and payment of the final dividend for 2004 of 0.6m.
The outlook for the full year continues to be positive.
The group's OmniDot printhead platform, its new range of products co-developed with Agfa (and named 'UPH' in its Agfa format), started commercial production in the 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 printing accounted for more than 50% of the stands at the show, with Xaar well represented by its OEMs. Further details of Agfa's revolutionary new digital inkjet press, the M-Press, and the Anapurna 100 wide format printer can be found on the Agfa website, www.agfa.com.
Announcement of interim results
The interim results will be announced in accordance with Xaar's normal timetable in mid-September.
The interim results will be prepared under IFRS in accordance with the EU directive for quoted companies applicable for reporting periods starting on or after 1 January 2005. The main differences between the two sets of reporting standards, as they apply to the group, are likely to be in the capitalisation of certain research and development costs, the expensing of share option costs and movements in the valuation of the group's US dollar hedging transactions.
Xaar plc: Ian Dinwoodie, Chief Executive Nigel Berry, Group Finance Director & Deputy Chief Executive 01223-423663
Bankside Consultants: Steve Liebmann 020-7367-8883 / 07802-888159
This information is provided by RNS
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Xaar is a world leader in the development of digital inkjet technology