Business
Half Yearly Report and Result
Half Yearly Report and Result.
About this update from Xaar Plc
[{"type":"text","content":"\n RNS Number : 6673B Xaar PLC 20 August 2008 \n \n\n\n\n\n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n20 August 2008\n\n\n\n\n\n\n\nXaar plc\n\nHALF-YEARLY REPORT AND RESULTS\nFOR THE 6 MONTHS TO 30 JUNE 2008\n\n\nXaar plc ('Xaar'), the inkjet printing technology group headquartered in Cambridge, has issued its half-yearly report and unaudited results for the six months ended 30 June 2008.\n\n\nKEY POINTS:\n\n\nResults for the period reflect improved profitability despite lower than expected sales into China. \n\n\nThe financial results were:\n\n\n- Turnover was £22.5m (2007: £23.4m);\n- Gross margins were 58% for the period, up from 53% for H1, 2007 \n and 52% for the whole of 2007;\n- Profit before tax increased to £3.8m (2007: £3.1m);\n- Earnings per share were 4.5p (2007: 3.6p);\n- Net cash and cash equivalents at 30 June 2008 were £10.7m \n (30 June 2007: £10.0m).\n\n\nMaiden interim dividend of 1.0p per share will be paid.\n\n\nContinued strong interest in new Platform 2 and Platform 3 products.\n\n\nOn outlook, Chairman, Phil Lawler stated:\n'The current international economic issues are affecting the global printing market and Xaar cannot reasonably expect to be immune from this. Specifically, at the time of writing, there is a lack of visibility and increased uncertainty with regard to demand from China for our Platform 1 products over the next few months. \n\n'We now believe sales to China will be lower than previously expected for the second half of the year and this will have some effect on second half profitability. We will provide a further update on trading in the next Interim Management Statement which will be issued during the first two weeks of October. At that stage, the likely outcome for the year should be clearer. \n\n'We have excellent new technologies that are clearly of significant commercial value and will play a leading role in the continuing market transition to digital inkjet printing. I therefore remain confident that, despite the current uncertainties, we have an exciting ...