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Xaar PLC (XAR)

  Print      Mail a friend       Annual reports

Wednesday 18 July, 2001

Xaar PLC

Interim Results

Xaar PLC
18 July 2001

FOR IMMEDIATE RELEASE                                              18 July 2001

                                   Xaar plc

                        -  RECORD TURNOVER AND PROFIT

Xaar plc ('Xaar'), the ink jet printing technology group headquartered in
Cambridge, announces its unaudited results for the six months ended 30 June

Key points :

-          Record results and progress in technology development are keeping
           Xaar on course towards its goal of becoming a leading player in the  
           global digital printing and imaging industry.

-          Turnover increased 14% to £12.3m (2000 : £10.8m).

-          Profit before tax nearly tripled to £2.0m (2000 : £0.7m) and basic
           earnings per share improved sharply to 2.7p (2000 : 0.6p).

-          Strong cash flow resulted in an increase in net cash to £8.8m (£
           8.0m at 31 December 2000).

-          Results reflect growing importance to Xaar of the manufacture and
           sale of printheads and inks, with increased revenue of £9.0m (2000 : 

-          Technology licensing, development fees and royalty income
           contributed £3.3m (2000 : £3.8m).

-          Licence upgrades were signed during the period with Seiko
           Instruments and Toshiba TEC.

-          SunJet, a division of Sun Chemicals, has been signed up as an ink
           development partner.

-          Hong Kong office opened to support XaarJet business in Asia.

-          Development of page wide array technology continues with the
           demonstration of colour printing.  Low volume in-house production is 
           planned to start in early 2002.

On outlook, Chairman, Arie Rosenfeld stated :

'Although world economic conditions have created a difficult trading
environment for many businesses, especially in the US and Japan, our growth
was not impacted by these adverse conditions during the first half of 2001.
In this environment there are no certainties and demand is difficult to
predict beyond the immediate future.  However, XaarJet has a solid order book
for Q3 and we continue to have licence discussions with potential licensees,
although fees from this business remain unpredictable by their nature.

We approach the next six months with a strong determination to achieve our
goals for continued growth of the business.'

Jan Fineman, Chief Executive or Gordon MacLeod, Finance           020-7466-5000
Director at  Xaar on :                                                    today
                                                        01223-423663 thereafter

Steve Liebmann or Lisa Baderoon at Buchanan Communications on:     020-7466-5000

                             CHAIRMAN'S STATEMENT


I am delighted to report the achievement of record turnover and profits for
the first six months of 2001.  The expansion of our patent portfolio has been
endorsed by the signing of two licence upgrades, the strong growth in demand
for our industrial printheads continues across a broad spectrum of markets and
the page wide array development ('PWA') demonstrated colour printing for the
first time.  Combined, these achievements contribute towards Xaar's long-term
goal of becoming a leading player in the global printing and imaging industry.

Results and finance

Group turnover for the period grew to £12.3m (2000: £10.8m) and profit before
tax increased to £2.0m (2000: £0.7m).  Our revenue profile reflects the
changing balance of the business.  XaarJet's manufacture and sale of
printheads and inks increased revenue to £9.0m (2000: £7.0m), whilst
technology revenues (licence and development fees and royalties) continued to
make a substantial contribution of £3.3m (2000: £3.8m).  Group cash remains
strong at £8.8m compared with £8.0m at 31 December 2000, after research and
development expenditure of £2.0m and capital expenditure of £0.9m.

Business review

We continue to develop our core intellectual property by growing the patent
portfolio.  This provides us with the platform from which to exploit
commercially the technology in the office, industrial and commercial printing

Licensing, development fees and royalties - The first six months saw licence
upgrades from Seiko Instruments Inc. and Toshiba TEC - both licensees now have
full access to the patent portfolio, which includes our recent advances
generated as part of the PWA programme.  Licence upgrades represent an
important endorsement of the strength and quality of our intellectual

We continue to believe that royalty income, although still modest at £0.8m in
the period (2000: £0.3m), remains set to accelerate in the medium term.
Further new products have been seen from our licensees, including launches by
Konica and Brother.

XaarJet - Our base of over 100 customers print on a wide variety of surfaces
including vinyl, ceramic tiles, packaging, printed circuit boards, banners,
credit cards and forms.  Development and low volume printhead production takes
place mainly in Cambridge and higher volume product lines are manufactured at
our Swedish facility, including parallel production of the 500-channel

XaarJet is developing an increasing level of cumulative recurring revenues
from existing customers from two sources.  Printheads used in industrial and
commercial applications are replaced periodically as part of regular
maintenance.  In addition ink revenues, which increased by 35% in the period,
are directly related to our customers' own installed base of printing
machines.  We are continuing to strengthen the ink product portfolio by our
strategy of partnering with world leading ink companies and were pleased to
announce SunJet, a division of Sun Chemicals, as a new development partner in

During the last year we have signed over 15 significant new customers in Asia.
Many of these customers, particularly in China, now plan to launch products
during the second half of 2001.  In response to this demand, and to create
even further opportunities, we opened a Hong Kong sales representative office
in June.  This office, with an initial staff of five, will form a full time
sales and technical support team dedicated to the Asian market.

PWA - Development of the PWA has continued to progress in the first half.  We
demonstrated colour printing at the end of Q1 for the first time.  In
addition, the final stage payment for our initial development phase was agreed
at the end of the period.  Our technical focus over the next six months will
be to adapt the existing design so that low volume production can start in
early 2002.  Commercially we will target additional partners by the sale of
PWA development kits.

Board changes

We were pleased to welcome John Scott to the Board as a non-executive Director
in April.  John is an executive director of Lazards and brings a wealth of
international business experience to the Board.


The breadth of applications for ink jet is wider than ever and we are seeing a
continued increase in demand for our products and technology.  Our
well-protected and growing patent portfolio continues to provide a basis for
licensing opportunities.  In the XaarJet business we are committed to
exploiting new markets in Asia and the US and to further developing sales with
our existing customers.  We will also be expanding our product portfolio later
in the second half with the launch of our first water-based ink compatible
printhead, which will open up new markets, including the world's largest
industrial printing market - textile printing.

Although world economic conditions have created a difficult trading
environment for many businesses, especially in the US and Japan, our growth
was not impacted by these adverse conditions during the first half of 2001.
In this environment there are no certainties and demand is difficult to
predict beyond the immediate future.  However, XaarJet has a solid order book
for Q3 and we continue to have licence discussions with potential licensees,
although fees from this business remain unpredictable by their nature.

We approach the next six months with a strong determination to achieve our
goals for continued growth of the business.

Arie Rosenfeld                                                     17 July 2001

                    FOR THE SIX MONTHS ENDED 30 JUNE 2001

                                         Notes   6 months   6 months 12 months
                                                       to         to to 31
                                                  30 June    30 June December
                                                     2001       2000 2000
                                                    £'000      £'000      £'000
Turnover                                           12,272     10,755     22,746

Cost of sales                                     (4,992)    (5,098)    (9,831)
Gross profit                                        7,280      5,657     12,915

Other operating expenses (net)                    (5,370)    (5,041)   (10,434)
Operating profit                                    1,910        616      2,481

Interest receivable                                   163        121        276

Interest payable                                     (33)       (38)       (80)

Profit on ordinary activities before
taxation                                            2,040        699      2,677

Tax on profit on ordinary activities                (447)      (347)      (360)
Retained profit for the financial period            1,593        352      2,317
Earnings per share - basic                   1       2.7p       0.6p       4.1p
Earnings per share - diluted                 1       2.6p       0.6p       3.8p

         Consolidated statement of total recognised gains and losses

                                                 6 months   6 months  12 months
                                                       to         to      to 31
                                                  30 June    30 June   December
                                                     2001       2000       2000
                                               (unaudited)(unaudited)  (audited)
                                                    £'000      £'000      £'000
Retained profit for the financial period            1,593        352      2,317

(Loss)/gain on foreign currency translation         (528)        117      (112)
Total recognised gains and losses relating to
the period
                                                    1,065        469      2,205

                          CONSOLIDATED BALANCE SHEET
                              AS AT 30 JUNE 2001

                                                     As at     As at     As at
                                                   30 June   30 June 31 December
                                                      2001      2000       2000
                                                (unaudited)(unaudited) (audited)
                                                     £'000      £'000     £'000

Fixed assets
    Intangible assets                                1,523      1,203     1,642
    Tangible assets                                  4,209      4,513     4,176
    Investments                                         20         20        20
                                                     5,752      5,736     5,838
Current assets
    Stocks                                           1,461        995       921
    Debtors                                          5,721      4,315     4,928
    Cash and liquid resources                        8,791      7,141     8,008
                                                    15,973     12,451    13,857

Creditors: amounts falling due within one year     (4,203)    (4,281)   (4,025)
Net current assets                                  11,770      8,170     9,832
Total assets less current liabilities               17,522     13,906    15,670

Creditors: amounts falling due after more than
one year                                             (222)      (232)     (126)
Net assets                                          17,300     13,674    15,544

Capital and reserves
    Called-up share capital                          5,921      5,697     5,742
    Share premium account                           10,956     10,408    10,484
    Other reserves                                   1,095      1,042     1,055
    Accumulated deficit                              (672)    (3,473)   (1,737)
Shareholders' funds - all equity                    17,300     13,674    15,544

                    FOR THE SIX MONTHS ENDED 30 JUNE 2001

                                             6 months   6 months 12 months to
                                                   to         to           31
                                              30 June    30 June     December
                                                 2001       2000         2000
                                           (unaudited) (unaudited)   (audited)
                                                £'000      £'000          £'000

Net cash inflow from operating activities       1,160      3,333          5,333
Returns on investments and servicing of           119         76            193
Capital expenditure and financial               (603)      (634)        (1,530)
Cash inflow before management of liquid
resources and financing                           676      2,775          3,996
Management of liquid resources                    545    (2,040)        (1,815)
Financing                                         417         80          (153)
Increase in cash in the period                  1,638        815          2,028

Cash and Liquid Resources Comprise:

                                      As at             As at            As at
                                    30 June           30 June      31 December
                                       2001              2000             2000
                                (unaudited)       (unaudited)         (audited)
                                      £'000             £'000             £'000

Cash at bank and in hand              4,536             2,116             3,208
Treasury deposits                     4,255             5,025             4,800
                                      8,791             7,141             8,008

Notes to the Interim Financial Information

1.                   Earnings per ordinary share - basic and diluted

The calculation of earnings per share is based on the profit for the period
after taxation and on the weighted average number of ordinary shares in issue
during the period of 58,556,295 (2000: 56,572,163) in respect of basic
earnings per share, and 62,413,626 (2000: 60,591,331) in respect of diluted
earnings per share (the only difference being in relation to exercises of
share options).

2.                Comparative figures

The comparative figures for the financial year ended 31 December 2000 do not
constitute statutory accounts for that financial year within the meaning of
section 240 of the Companies Act 1985.  These figures have been extracted from
the audited accounts for that year, which have been delivered to the Registrar
of Companies.  The report of the auditors was unqualified and did not contain
a statement under section 237(2) or (3) of the Companies Act 1985.  The
accounting policies that have been applied to these interim figures are
consistent with those applied in the preceding annual accounts.

Independent Review Report to Xaar plc


We have been instructed by the company to review the financial information for
the six months ended 30 June 2001 which comprises the consolidated profit and
loss account, the consolidated statement of total recognised gains and losses,
the consolidated balance sheet, the consolidated cash flow statement and notes
to the interim financial information on pages 4 to 7. We have read the other
information contained in the interim report and considered whether it contains
any apparent misstatements or material inconsistencies with the financial

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999
/4 issued by the Auditing Practices Board for use in the United Kingdom.  A
review consists principally of making enquiries of group management and
applying analytical procedures to the financial information and underlying
financial data and based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed.  A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions.  It is substantially less in scope than
an audit performed in accordance with United Kingdom Auditing Standards and
therefore provides a lower level of assurance than an audit.  Accordingly, we
do not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2001.

Arthur Andersen
Chartered Accountants
Betjeman House
104 Hills Road

17 July 2001


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