Year End Trading Update (7772Z)
January 20 2011 - 2:00AM
UK Regulatory
TIDMXAR
RNS Number : 7772Z
Xaar PLC
20 January 2011
FOR IMMEDIATE RELEASE 20 January 2011
Xaar plc
YEAR END TRADING UPDATE
Xaar plc ("the Group"), the inkjet printing technology group
headquartered in Cambridge, announces an update on trading
performance for the year ended 31 December 2010.
Trading
Trading for the three months ended 31 December 2010, and for the
year as a whole, is significantly ahead of trading for the same
periods last year.
Sales of Platform 3 ("P3") products have been substantially
ahead of 2009 and, as previously reported, are currently
constrained by production capacity. The recent Placing and Open
Offer, completed in November, raised GBP14.0 million (net) to fund
a substantial increase in P3 production. This production capacity
expansion programme is now underway, with the first increases to
output planned before the end of 2011. The programme is currently
on schedule, and is expected to complete before the end of
2012.
Sales of Platform 1 products have remained at 2009 levels whilst
royalty income has increased over last year.
As a result of the continued strong performance in the three
months ended 31 December 2010, overall profitability for the year
is expected to be slightly ahead of directors' expectations.
Cash
The Group continues to maintain a strong balance sheet with net
cash at 31 December 2010 of GBP22.0 million (30 June 2010 - GBP8.2
million; 31 December 2009 - GBP11.1 million) including the GBP14.0m
net proceeds from the Placing and Open Offer.
Dividend
It is the Board's intention to recommend the payment of a final
dividend details of which will be provided at the time of the
announcement of the final results for the year.
Announcement of final results
The detailed results for 2010 will be announced, in accordance
with Xaar's normal timetable, on 22 March 2011.
Investor site visit
The Group will be hosting a visit for institutional investors at
its Huntingdon manufacturing facility on Friday 21st January. No
new information will be disclosed during the visit.
END
CONTACTS
Xaar plc: 01223-423663
Ian Dinwoodie, Chief
Executive www.xaar.com
Andrew Taylor, Finance
Director
Singer Capital Markets
Limited: 020-3205-7500
Shaun Dobson
Bankside Consultants:
Simon Bloomfield 020-7367-8888 / 07771-758517
This information is provided by RNS
The company news service from the London Stock Exchange
END
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