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Released 07:00:06 14 January 2021
RNS Number : 6127L
14 January 2021
Xaar plc ("Xaar", "the Group" or "the Company"), the leading inkjet printing technology, today announces a trading update for the year ended 31 December 2020.
The Board is pleased to announce that, with the on-going successful implementation of the new strategy, trading was in line with its expectations. Revenue for the year was approximately £48m and in line with that recorded in FY2019.
The Printhead business continues to perform well with continued success in winning new customers. The customer-centric approach and focus on markets in which we have a competitive advantage is driving new business wins and seeing customers continue to re-engage. Additionally, our ImagineX platform is being successfully rolled out with a targeted product roadmap and clear growth opportunities ahead.
Despite the impact by COVID-19, our Product Print Systems business (EPS) has made progress with the strategy of developing a modular approach to products and, following the successful implementation of operational changes, the business is well placed for the future.
We have made further progress with product development and testing in Xaar 3D, despite continued COVID-19 related delays, and we continue to work closely with Stratasys to optimise the approach to commercialisation of the product range.
BALANCE SHEET AND LIQUIDITY
The Group retains a strong balance sheet and cash position. Cash and cash equivalents at 31 December 2020 were £20.2m. This was driven by positive operational cash generation in both Printhead and EPS, as well as maintaining a strong focus on cash and disciplined cost controls.
CURRENT TRADING AND OUTLOOK
Despite the most recent COVID-19 lockdown, with pro-active management, we have maintained operational performance. Whilst COVID-19 continues to represent a key risk the order book remains strong with a positive pipeline. We continue to rigorously review opportunities available in the market, remaining focused on our strategy, and are on-track to return to profitability and growth.
John Mills, Chief Executive Officer, commented:
"We are very pleased with performance for the year which is a testament to the efforts of the team in extraordinary circumstances. We are one year into delivering our strategy and it is clearly having a positive impact, notably as existing customers continue to engage, and we are winning new business. We remain excited by the future and will remain disciplined in delivering long-term sustainable growth."
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