Product category:
Inkjet, Laser, Digital, Thermal, Graphics, Wide Format Printing Systems
News Release from: Xaar
Edited by the Printingtalk Editorial
Team on 24 March 2005
Xaar's Turnover Leaps As Company Enters
Profits
Xaar plc the Cambridge (UK) inkjet printing technology group, has announced a 21 per cent jump in turnover and a GBP 6.1 million profit for 2004.
Xaar plc the Cambridge (UK) inkjet printing technology group, has announced a 21 per cent jump in turnover and a GBP 6.1 million profit for 2004 The profit, representing a 17 per cent return on sales, follows a 2003 loss of GBP 1.4 million, and was achieved on a turnover for the year of GBP 35.5 million, compared with a 2003 figure of GBP 29.2 million
This article was originally published on Printingtalk on 16 Apr 2008 at 8.00am (UK)
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Xaar chairman, Arie Rosenfeld commented: "I believe the group now has a stable, profitable, platform from which to deliver consistently high growth for the future.
This will be achieved through the continued development of Xaar's technology, commercialisation of our strong pipeline of new products and their successful deployment into a diverse range of markets.
We continue to see significant new adoption of digital inkjet printing, not only in the group's core graphics market but also in new markets where the advantages of industrial inkjet are equally persuasive.
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Xaar Approves Fuji Inks For Inkjet Printheads
Xaar has approved Fujifilm Sericol's Color+ XV ink for use with the company's XJ-128/40W and XJ-126/50 inkjet printheads.
Inkjet Printheads Develop Further With UV Inks
Xaar has strengthened its partnership with ink producer, Sunjet, with the approval of four of the company's Crystal range of UV-curable inks.
The outlook for 2005 remains good." He continued to say that group revenues increased despite continued weakness in the group's primary trading currency, the US dollar.
Sales of products (printheads, inks and peripherals) were GBP 33.1m (compared to GBP 27.6m in 2003) with growth driven by Xaar's XJ128 printhead, which recorded a 47 per cent increase in unit sales.
Technology income was GBP 1.1m (compared with GBP 0.5m in 2003).
That represented royalty receipts from licensees and reflects their increased production and sale of Xaar-based products.
Development fees were stable at GBP 1.3m (2003 - GBP 1.1m).
Group pre-tax profit also allowed for foreign exchange loss on the inter-company loan and dividends.
Foreign currency movements on the inter-company loan between Sweden and the UK reduced that figure to GBP 5.9m (2003 - gain of GBP 1.8m).
Earnings per share increased to 7.1p (2003 - 1.6p).
Cash generation of GBP 6.8m resulted in a closing cash and short term investments balance of GBP 15.3m (2003 - GBP 8.5m).
The Xaar board said it is confident that profitable opportunities will be found to invest those funds in the future growth of the group.
Recognising the sustained improvement in trading and cash generation shown by the business, the board recommended payment of a final dividend of 1p for the year - Xaar's first dividend since becoming a public company in 1997.
Commenting on the Drupa 2004 exhibition, Rosenfeld said that the show marked the break through of inkjet in to the mainstream of the industry.
"There were record numbers of inkjet machines and applications demonstrated at the show, representing a coming of age for inkjet as a mainstream printing technology.
Our own stand showcased our new Omnidot product range, as did the Agfa stand, together with customer machines incorporating our wide range of printheads.
Many other stands also featured our technology covering applications such as office printers, packaging printers and printed electronics," he added.
He said that Xaar continues to enjoy a long-term relationship with Agfa in the graphic arts market.
In particular, the Omnidot product has been developed jointly with Agfa and Agfa has contributed substantially to the capital investment required to produce it.
That additional production equipment had been installed and commissioned in Xaar's Swedish plant during 2004.
Commercial shipments are due to commence on schedule during the first half of this year.
During 2004 Rosenfeld said that Xaar also announced a number of new partnerships aimed at diversifying inkjet technology in to a broader range of markets.
"We strongly believe the economic benefits and flexibility offered by digital inkjet, now clearly demonstrated in the printing market, are equally applicable to many other industries, particularly those where images and patterns are required.
These partnerships are described in more detail in the Finance review," added Rosenfeld.
In January Xaar's group sales director, Hugh Baker-Smith, resigned from the group after six years in the post.
Phil Eaves (51) has joined the Xaar board as sales and marketing director.
Eaves joined Xaar at the beginning of March and he has experience in digital printing with companies such as Scitex, Crosfield, Xeikon and most recently, Dainippon Screen.
Non-executive director Michael Geary will be standing down at the next annual general meeting under corporate governance guidelines.
He has been a member of the board for nine years.
Rosenfeld commented that during Geary's time on the board the company had progressed from a small private company to the publicly listed group that it is today.
The search for a replacement non-executive is underway. Request free introductory details about products from Xaar ...
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