Xaar PLC Trading update & revised date for interim results (9703K)
September 03 2019 - 2:00AM
UK Regulatory
TIDMXAR
RNS Number : 9703K
Xaar PLC
03 September 2019
Xaar plc
Trading update and revised date for interim results
Xaar plc ("Xaar" or the "Group") provides an update on trading
and notifies a revised date for presentation of interim results and
an update on its strategic review of the Thin Film business.
Revenue in the first half year to 30 June 2019 was GBP22.5
million, as previously announced, including the impact of a GBP4.3
million revenue reversal relating to Xaar 1201 Thin Film printhead
inventory being returned to the business. As part of the interim
results process, a review of the Group's holding of Xaar 1201
printhead inventory and near term prospects for sale has taken
place which has resulted in a reassessment of realisable value. We
now consider it prudent to make a provision of GBP5.7 million which
will be reflected in our first half results.
Trading for the remainder of the year is expected to be weaker
than previously anticipated. This is principally due to lower sales
volumes of Xaar 1201 and Xaar 2001 printheads as a result of slower
than expected new printer installs by OEMs and credit and sales
channel issues on Xaar 1201. As a result, the Board now expects
sales in the second half of the year to be similar to those in the
first half.
The Group had net cash balances at 30 June 2019 of GBP21.6
million.
Management continues to focus on its strategic negotiations and
expects that some additional time could enable the Board to provide
a more meaningful update on progress, including any effect this may
have on our interim results statement. Hence we are deferring the
announcement of our interim results to 26 September from the
previously announced date of 10 September.
Enquiries:
Xaar plc +44 (0)1223 423 663
Doug Edwards, Chief Executive Officer
Shomit Kenkare, Chief Financial Officer
Tulchan Communications +44 (0)20 7353 4200
James Macey White
David Ison
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. Information about Xaar is at www.xaar.com
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END
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