Xaar PLC Scheduled Trading Statement (9976D)

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            [phone] 
 Doug Edwards, CEO                www.xaar.com 
 
 Tulchan Communications 
 James Macey White 
  Chloe Barnes 
  Nick Hennis              [phone] 
 

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)