Xaar PLC Scheduled Trading Statement (9976D)
13 July 2016 - 4:00PM
UK Regulatory
TIDMXAR
RNS Number : 9976D
Xaar PLC
13 July 2016
13 July 2016
Xaar plc
Scheduled Trading Statement
Xaar plc ("Xaar", "the Group" or "the Company"), the digital
inkjet printing technology Group headquartered in Cambridge, UK,
announces an update on trading for the six months ended 30 June
2016.
Trading in the first half of the year was in line with the
Board's expectations, and Xaar expects to report total revenue for
the six months ended 30 June 2016 of approximately GBP44 million
(H1 2015 GBP47.8 million, H2 2015 GBP45.7 million). Sales by
application were consistent with the second half of 2015, after
allowing for the expected impact of Chinese New Year.
On 1 July 2016 Xaar completed the acquisition of Engineered
Printing Solutions ("EPS"), a leading provider of product printing
equipment in North America, for initial consideration of $11m
(GBP8.2m). This acquisition is Xaar's first as part of the
Company's strategic vision to achieve GBP220m of annual sales by
2020.
The Group's net cash position at 30 June 2016, before the
acquisition on 1 July, was GBP69 million (31 December 2015 GBP70
million).
The Company expects to announce Interim Results for 2016 on 24
August 2016. A Capital Markets Day, to be held at Xaar's facilities
in Cambridge and Huntingdon, is planned for 20 September 2016.
Contacts
Xaar plc
Alex Bevis, CFO +44 (0)1223-423663
Doug Edwards, CEO www.xaar.com
Tulchan Communications
James Macey White
Chloe Barnes
Nick Hennis +44 (0)20-7353-4200
This information is provided by RNS
The company news service from the London Stock Exchange
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July 13, 2016 02:00 ET (06:00 GMT)