13 July 2016
Xaar plc
Scheduled Trading Statement
Xaar plc ("Xaar", "the Group" or "the Company"), the digital inkjet printing technology Group headquartered in Cambridge, UK, announces an update on trading for the six months ended 30 June 2016.
Trading in the first half of the year was in line with the Board's expectations, and Xaar expects to report total revenue for the six months ended 30 June 2016 of approximately £44 million (H1 2015 £47.8 million, H2 2015 £45.7 million). Sales by application were consistent with the second half of 2015, after allowing for the expected impact of Chinese New Year.
On 1 July 2016 Xaar completed the acquisition of Engineered Printing Solutions ("EPS"), a leading provider of product printing equipment in North America, for initial consideration of $11m (£8.2m). This acquisition is Xaar's first as part of the Company's strategic vision to achieve £220m of annual sales by 2020.
The Group's net cash position at 30 June 2016, before the acquisition on 1 July, was £69 million (31 December 2015 £70 million).
The Company expects to announce Interim Results for 2016 on 24 August 2016. A Capital Markets Day, to be held at Xaar's facilities in Cambridge and Huntingdon, is planned for 20 September 2016.
Contacts
Xaar plc |
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Alex Bevis, CFO |
+44 (0)1223-423663 |
Doug Edwards, CEO |
www.xaar.com |
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Tulchan Communications |
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James Macey White Chloe Barnes Nick Hennis |
+44 (0)20-7353-4200 |
