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Xaar PLC (XAR)

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Thursday 07 July, 2011

Xaar PLC

Interim Trading Update

RNS Number : 9205J
Xaar PLC
07 July 2011



7 July 2011



Xaar plc






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.




Revenue in the first half of 2011 was ahead of the board's expectations, being in excess of £31m (H1 2010: £23.8m, H2 2010; £30.9m).


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.




The Group continues to maintain a strong balance sheet with net cash at 30 June 2011 of £20.6 million (31 December 2010 - £22.0 million, 30 June 2010 - £8.2 million).




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.







Xaar plc:


Ian Dinwoodie, Chief Executive

Alex Bevis, Finance Director

Singer Capital Markets Limited:


Shaun Dobson

Bankside Consultants:

Simon Bloomfield



This information is provided by RNS
The company news service from the London Stock Exchange