Xaar PLC Trading Statement (6801S)

TIDMXAR

RNS Number : 6801S

Xaar PLC

27 June 2018

Xaar plc

Trading Statement

Xaar plc ("Xaar"), a world leader in industrial inkjet technology, provides a trading update today.

Our strategy remains one of diversifying the business, introducing a broader range of products across a wider range of market sectors and developing partnerships to exploit the on-going analogue to inkjet conversion within print markets. We continue to make progress with this but the rate of market adoption remains difficult to predict.

We had previously indicated that the increasing proportion of total revenue represented by new products would mean a stronger second half weighting in full year sales; we now expect that weighting to be even more pronounced.

Sales in Xaar's legacy ceramics business in the first five months of the year have been below expectations and we now consider it likely that our full year expectation of revenues in the ceramics market will not be achieved. To mitigate this we have announced cost actions, subject to employee consultation, that will better align capacity in the legacy business with the expected future demand. With these actions we expect full year profit to remain in line with our expectations.

The Group will report interim results on 5 September 2018.

The 2017 full year dividend, as approved at the 2018 AGM, will be paid to shareholders on 29 June 2018.

Enquiries:

 
Xaar plc 
Doug Edwards, Chief Executive Officer 
 Lily Liu, Chief Financial Officer        [phone] 
 
Tulchan Communications 
James Macey White 
 David Ison 
 Deborah Roney                          [phone] 
 
 

About Xaar

Xaar is a world leader in the development of digital inkjet technology. Our technology drives the conversion of analogue printing and manufacturing methods to digital inkjet which is more efficient, more economical and more productive than the traditional methods which have been in use for years. We design and manufacture printheads as well as systems for product decoration and industrial 3D Printing which use our inkjet technology. We are the only truly independent inkjet technology company with over 25 years of know how. We offer unrivalled inkjet expertise including technology and printhead design and development, and manufacture highly customised product decoration systems and industrial 3D Printing for volume manufacturing. Our unique technologies and products are the leading enabler for innovation and for driving supply chain efficiencies for many industries. Additional information about Xaar is available at www.xaar.com

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June 27, 2018 02:00 ET (06:00 GMT)