Business
Year End Trading Update
Year End Trading Update.
About this update from Xaar Plc
[{"type":"text","content":"\n RNS Number : 7772Z Xaar PLC 20 January 2011 \n \n\n \n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n20 January 2011\n\n\n\n\n \n \nXaar plc\n \nYEAR END TRADING UPDATE\n \nXaar plc (\"the Group\"), the inkjet printing technology group headquartered in Cambridge, announces an update on trading performance for the year ended 31 December 2010.\n \nTrading\n \nTrading for the three months ended 31 December 2010, and for the year as a whole, is significantly ahead of trading for the same periods last year. \n \nSales of Platform 3 (\"P3\") products have been substantially ahead of 2009 and, as previously reported, are currently constrained by production capacity. The recent Placing and Open Offer, completed in November, raised £14.0 million (net) to fund a substantial increase in P3 production. This production capacity expansion programme is now underway, with the first increases to output planned before the end of 2011. The programme is currently on schedule, and is expected to complete before the end of 2012.\n \nSales of Platform 1 products have remained at 2009 levels whilst royalty income has increased over last year.\n \nAs a result of the continued strong performance in the three months ended 31 December 2010, overall profitability for the year is expected to be slightly ahead of directors' expectations.\n \nCash\n \nThe Group continues to maintain a strong balance sheet with net cash at 31 December 2010 of £22.0 million (30 June 2010 - £8.2 million; 31 December 2009 - £11.1 million) including the £14.0m net proceeds from the Placing and Open Offer.\n \nDividend\n \nIt is the Board's intention to recommend the payment of a final dividend, details of which will be provided at the time of the announcement of the final results for the year.\n \nAnnouncement of final results\n \nThe detailed results for 2010 will be announced, in accordance with Xaar's normal timetable, on 22 March 2011.\n \nInvestor site visit\n \nThe Group will be hosting a visit for institutional investors at its Huntingdon manufacturing facility on Friday 21st January. No new information will be disclosed during the visit.\n \nEND\n \n \nCONTACTS\n \n\n\n\n\nXaar plc:\n\n\n01223-423...