Xaar PLC
10 July 2007
FOR IMMEDIATE RELEASE 10 July 2007
Xaar plc
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
2007.
Trading
Revenue for the six months to 30 June 2007 was 5% ahead of the same period last
year at approximately £23.4m (six months to 30 June 2006: £22.3m) and 18% ahead
of the half year to 31 December 2006 (six months to 31 December 2006: £19.9m).
In particular, sales to China were up 12% compared to the six months to 30 June
2006 and substantially ahead of the second half of 2006.
The new Platform 2 and Platform 3 printheads continue to generate significant
interest and commercial printing products incorporating these printheads are now
in limited release with further products under development. Although the timing
of the launch of these further products is not yet fixed, the board is
encouraged by the level of interest expressed by customers for both these
printhead platforms.
As previously indicated, the results for the first half year reflect the early
stage costs associated with the new Huntingdon facility. Profit before tax for
the period was approximately £3.1m (30 June 2006: £4.8m), after providing for
the £1.2m cost (30 June 2006: £nil) for the new Huntingdon facility,
amortisation of capitalised R&D of £0.5m (30 June 2006: £0.3m) and the cost of
share options at £0.4m (30 June 2006: £0.3m).
The board remains confident about the prospects for 2007 and a further update
will be given at the time of release of the group's interim results in
September.
Cash
Cash at the end of June was approximately £10.0m (30 June 2006: £16.3m,
31 December 2006: £12.4m). This reflects the payment of the final dividend for
2006 of £1.2m and capital expenditure on tangible and intangible assets of
approximately £3.3m.
Announcement of interim results
The detailed interim results will be announced in accordance with Xaar's normal
timetable on 12 September 2007.
Ends
Contacts
Xaar plc: 01223-423663
Ian Dinwoodie, Chief Executive www.xaar.co.uk
Nigel Berry, Group Finance Director & Deputy
Chief Executive
Bankside Consultants:
Steve Liebmann or Simon Bloomfield 020-7367-8883 / 07802-888159
This information is provided by RNS
The company news service from the London Stock Exchange