06 July 2005
FOR IMMEDIATE RELEASE 6 July 2005
POSITIVE HALF YEAR TRADING UPDATE
Xaar plc ('Xaar'), the inkjet printing technology group headquartered in
Cambridge, presents an update on performance for the six months ended 30 June
Xaar is pleased to report that revenues for the six months to 30 June 2005 are
in line with expectations at close to £20.0m (2004: £16.9m).
Profit before tax for the period (and before foreign exchange movements on
inter-company loans) is ahead of expectations at around £4.5m (2004: £2.4m on a
comparable basis). These figures are stated under UK GAAP to be consistent with
current market forecasts.
The results reflect a continuing growth in demand for the group's products and
the benefit of increased volumes on manufacturing overhead recovery.
Cash at the end of June was in the region of £17.5m, up from £15.4m at the start
of the year. This movement includes an increase in working capital and payment
of the final dividend for 2004 of £0.6m.
The outlook for the full year continues to be positive.
The group's OmniDot printhead platform, its new range of products co-developed
with Agfa (and named 'UPH' in its Agfa format), started commercial production in
the second quarter and was officially launched by Agfa at the FESPA tradeshow
held in May in Munich, Germany.
FESPA represents the Screen Printing sector of the industry and digital printing
accounted for more than 50% of the stands at the show, with Xaar well
represented by its OEMs. Further details of Agfa's revolutionary new digital
inkjet press, the M-Press, and the Anapurna 100 wide format printer can be found
on the Agfa website, www.agfa.com.
Announcement of interim results
The interim results will be announced in accordance with Xaar's normal timetable
The interim results will be prepared under IFRS in accordance with the EU
directive for quoted companies applicable for reporting periods starting on or
after 1 January 2005. The main differences between the two sets of reporting
standards, as they apply to the group, are likely to be in the capitalisation of
certain research and development costs, the expensing of share option costs and
movements in the valuation of the group's US dollar hedging transactions.
Xaar plc: 01223-423663
Ian Dinwoodie, Chief Executive www.xaar.co.uk
Nigel Berry, Group Finance Director & Deputy Chief Executive
Steve Liebmann 020-7367-8883 / 07802-888159
This information is provided by RNS
The company news service from the London Stock Exchange