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Trading statements

Xaar says H1 trading in line

13 July 2016 07:27

Xaar Plc said trading in the first half of the year was in line with directors' expectations.

It expects to report total revenue for the six months ended 30 June 2016 of about £44m, from £47.8m.

"Sales by application were consistent with the second half of 2015, after allowing for the expected impact of Chinese New Year," the company said.

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.

"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 £69m.

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