Xaar PLC (XAR) - IMS and Corporate Open Day
RNS Number : 9481O
18 October 2012
FOR IMMEDIATE RELEASE 18 October 2012
INTERIM MANAGEMENT STATEMENT AND CORPORATE OPEN DAY
Xaar plc ("Xaar" or "the Group"), the inkjet printing technology group
headquartered in Cambridge, is providing an Interim Management Statement
covering trading from 1 July 2012.
Revenues for the third quarter of the year were in line with the Board's
expectations. Sales continued to grow through the period, which resulted in a
record revenue performance for the quarter. The Board continue to anticipate
further growth in sales in the fourth quarter, with the outlook for full year
revenue in line with expectations.
Gross margin in the third quarter was slightly higher than the margin achieved
in the first half of the year, as production efficiencies from increased
output more than offset the impact of the previously announced volume price
discounts. Overall gross margin in the second half of 2012 is expected to be
at least as strong as the first half of the year.
Operating profit in the third quarter benefited from the growth in both sales
and gross margin although, as planned, the continued increase in investment in
R&D resulted in a higher level of operating costs. The outlook for 2012
profitability continues to be in line with the Board's expectations.
The Group's balance sheet remains strong with net cash at 30 September 2012 of
£18.8 million (30 June 2012: £15.7 million, 31 December 2011: £17.4 million).
On Tuesday, 23^rd October 2012, Xaar is hosting an open day for investors and
analysts at its Huntingdon manufacturing facility. The purpose of the event
is to explain how Xaar's technology adds value in the end markets in which it
operates, and to highlight the long term potential for digital inkjet. No new
information will be presented.
Xaar plc: 01223-423663
Ian Dinwoodie, Chief Executive www.xaar.com
Alex Bevis, Finance Director
Singer Capital Markets Limited: 020-3205-7500
Simon Bloomfield 020-7367-8888 / 07771-758517
This information is provided by RNS
The company news service from the London Stock Exchange
MSCLLFSRILLDLIF -0- Oct/18/2012 06:00 GMT
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