Xaar PLC Trading Statement (6127L)
14 January 2021 - 6:00PM
UK Regulatory
TIDMXAR
RNS Number : 6127L
Xaar PLC
14 January 2021
Xaar plc
Trading update
Xaar plc ("Xaar", "the Group" or "the Company"), the leading
inkjet printing technology, today announces a trading update for
the year ended 31 December 2020.
TRADING
The Board is pleased to announce that, with the on-going
successful implementation of the new strategy, trading was in line
with its expectations. Revenue for the year was approximately
GBP48m and in line with that recorded in FY2019.
The Printhead business continues to perform well with continued
success in winning new customers. The customer-centric approach and
focus on markets in which we have a competitive advantage is
driving new business wins and seeing customers continue to
re-engage. Additionally, our ImagineX platform is being
successfully rolled out with a targeted product roadmap and clear
growth opportunities ahead.
Despite the impact by COVID-19, our Product Print Systems
business (EPS) has made progress with the strategy of developing a
modular approach to products and, following the successful
implementation of operational changes, the business is well placed
for the future.
We have made further progress with product development and
testing in Xaar 3D, despite continued COVID-19 related delays, and
we continue to work closely with Stratasys to optimise the approach
to commercialisation of the product range.
BALANCE SHEET AND LIQUIDITY
The Group retains a strong balance sheet and cash position. Cash
and cash equivalents at 31 December 2020 were GBP20.2m. This was
driven by positive operational cash generation in both Printhead
and EPS, as well as maintaining a strong focus on cash and
disciplined cost controls.
CURRENT TRADING AND OUTLOOK
Despite the most recent COVID-19 lockdown, with pro-active
management, we have maintained operational performance. Whilst
COVID-19 continues to represent a key risk the order book remains
strong with a positive pipeline. We continue to rigorously review
opportunities available in the market, remaining focused on our
strategy, and are on-track to return to profitability and
growth.
John Mills, Chief Executive Officer, commented:
"We are very pleased with performance for the year which is a
testament to the efforts of the team in extraordinary
circumstances. We are one year into delivering our strategy and it
is clearly having a positive impact, notably as existing customers
continue to engage, and we are winning new business. We remain
excited by the future and will remain disciplined in delivering
long-term sustainable growth."
Enquiries:
Xaar plc
Ian Tichias, Chief Finance Officer
& Company Secretary +44 (0) 1223 423 663
John Mills, Chief Executive Officer
Tulchan Communications
James Macey White
Giles Kernick
Tom Blundell +44 (0) 207 353 4200
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END
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