Xaar losses narrow; launches new printhead Richard Stuart-Turner Tuesday, April 27, 2021
Xaar has posted narrowing losses in its 2020 results, with the manufacturer confident on a return to growth, and has also launched a new printhead, the latest from its ImagineX platform.
The Xaar Nitrox printhead enables print at up to 100m/min
In its results for the year ended 31 December 2020, the Cambridge-headquartered inkjet developer recorded revenue on continuing operations of £48m, down slightly on the £49.4m it achieved in 2019.
Xaar’s pre-tax loss for continuing operations was £4.3m, compared to a loss of £10.9m in 2019.
Under chief executive John Mills, who took over in late 2019, the business adopted a new strategy a year ago that would see it focus on its bulk printhead business and move to selling only through its OEM partners rather than via dual distribution.
2 £16.2m 1 - Excluding the impact of share-based payment charges, exchange differences on intra-group transactions, gain or loss on derivative financial liabilities, restructuring costs, other operating income and discontinued operations as reconciled in note 2 2 - Net cash at 31 December includes cash, cash equivalents and treasury deposits excluding Xaar 3D 3 - Restated results for 2019. See note 7 · Revenue of £48.0m in line with management expectations · Gross margin of 27%, increased from 25% in 2019, benefitting from operational leverage in the business · R&D spend in continuing operations of £4.5m, up £1.4m on 2019 with investment focused on the ImagineX platform and product roadmap · Positive aEBITDA contributions from Printhead and EPS businesses
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