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- 29/03/2011 - Xaar year end results and upbeat outlook
Xaar reported today on a year of significant progress with results that reflect a continuing improvement in the underlying performance and its longer term growth potential.
The considerable success of Xaar's Platform 3 ("P3") technology resulted in demand outstripping its capacity; the company is addressing this through further capital investment following a successful share placing and open offer in October 2010.
In the meantime, the group is profitable and cash generative with the rate of revenue and earnings growth, both from product sales and royalties, increasing during the second half of the year.
Our confidence and perseverance with P3 has been justified and, once production capacity has been increased, we expect this platform to have a long and successful life with further potential being realised from P3 through a number of product enhancements.
Whilst we are not planning for significant P1 growth, it is clear that the market continues to be strong and we expect, through new product releases, to remain a significant supplier into the graphic arts sector.
Chairman Phil Lawler said "Our strategy to drive the development of Xaar technology into selected multiple applications and industries, whilst delivering sustainable, profitable growth, was re-affirmed at a strategic review early in 2011. Consequently we plan to continue to innovate, focusing on carefully selected market segments and products whilst enhancing business performance and visibility.
We continue to spend a significant proportion of revenue on R&D and, as a market leader, we are planning to be at the forefront of product development.
In short, having demonstrated during 2010 that we have the products and opportunity to achieve substantial growth in revenue and profits, we now have in place the management team and other resources to execute our strategy. Consequently, we are confident that we are well placed to achieve significant further success in 2011 and beyond."
This article appeared on Connected Cambridge 29/3/2011