Interim Trading Update (9205J)
July 07 2011 - 2:00AM
UK Regulatory
TIDMXAR
RNS Number : 9205J
Xaar PLC
07 July 2011
FOR IMMEDIATE RELEASE 7 July 2011
Xaar plc
INTERIM TRADING UPDATE
Xaar plc ("Xaar" or the "Group"), the inkjet printing technology
group headquartered in Cambridge, presents an update on trading
performance for the period ended 30 June 2011.
Trading
Revenue in the first half of 2011 was ahead of the board's
expectations, being in excess of GBP31m (H1 2010: GBP23.8m, H2
2010; GBP30.9m).
Sales of Platform 3 ("P3") products (which are still capacity
constrained), were stronger than expected due to both productivity
gains and the impact of the early stages of the capacity ramp
programme. The critical stages in the capacity ramp are still to be
completed as planned during the second half of 2011 and first half
of 2012. Platform 1 ("P1") revenues were below the board's
expectations.
Manufacturing output and the P3 capacity expansion programme
have been unaffected by the disaster in Japan earlier in the
year.
Cash
The Group continues to maintain a strong balance sheet with net
cash at 30 June 2011 of GBP20.6 million (31 December 2010 - GBP22.0
million, 30 June 2010 - GBP8.2 million).
Dividend
It is the Board's intention to pay an interim dividend, details
of which will be provided at the time of the announcement of the
interim results.
Announcement of interim results
The full results for the six months ended 30 June 2011 will be
announced, in accordance with Xaar's normal timetable, on 18 August
2011.
Director retirement
After 6 years with Xaar, Phil Eaves, Sales and Marketing
Director, has announced his intention to retire in June 2012. A
process has commenced to ensure his successor is in place during Q2
2012.
Ends
CONTACTS
Xaar plc: 01223-423663
Ian Dinwoodie, Chief
Executive www.xaar.com
Alex Bevis, Finance Director
Singer Capital Markets
Limited: 020-3205-7626
Shaun Dobson
Bankside Consultants:
Simon Bloomfield 020-7367-8888
This information is provided by RNS
The company news service from the London Stock Exchange
END
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