Well worth having a few of these in the portfolio. Digital printing and printers is the future and Xaar with an excelent product offering and a very capable management team are well worth backing. Xaar is certainly recovering from the fall out in the dot com era and is looking financialy very strong.
More to come.

PLEASE DYOR

cheers GF.

TA looking very strong. Superb looking chart over the last year.



And over the long term you can see the recovery taking place.



cheers Gf.

WOW some hevy buying going on here. Dont know if something on the cards but this is way above anything over the last few weeks.

cheers GF.

goldfinger
with you on this one bought in 3 weeks ago at 110p - now 128p
7 sept - corporate synergy rate it a buy
20 sept - teather & greenwood rate it a buy
house broker - panmure gordon are currently updating forcasts hope they continue trend
good relative strength 1m 3m and 1 year
forward per not demanding
future growth rate predicted 23%
roce 14%
negative gearing
ch report 15 sept - expect to be cash generative for rest of year

all looks to good to be true - may buy a few more in the morning

regards - hustler

Hustler, excelent report, means the gear I was going to report is cut down substantialy.

Like the future growth rate reported as 23% and the return on capital deployed as 14%, SUPERB.

Dont miss out on this one, it could be very big and I mean big.

cheers GF. And please remember NEGATIVE GEARING, not many Techs have that.

Worth having a good luck at the fundies and especially the forward P/E.



http://companyresearch.digitallook.com/cgi-bin/digital/security.cgi?ac=203697&id=14077&username=1038899

please also note its registered as a STRONG BUY.

cheers GF.

And Shares Mag, also likes it.

Six Serious Research and Development Picks:
*Xaar (XAR.L) - SDL (SDL.L) - Chelford (CHR.L) - Roxboro (RXO.L) - Devro (DVO.L) - Charter (CHTR

cheers GF.

GF

good article,positive news all around keep it coming

it would appear we are all seeing this one in the same light.

regards - HUSTLER.

Dont worry Hustler, we are down a couple of points today but nothing goes up in straight lines.

Were OK and we will carry on upwards. Cheers mate.

cheers GF.

goldfinger
wont lose any sleep tonight confident stock will move up over next couple
of months.

regards - HUSTLER

PS - if you fancy a gamble take a look at desire pet (DES)
posted by markymar
news is imminent if positive shares could rocket if negative however
we know how the market will react
be interested how you rate this one

Cheers Hustler will do.

GF.

Down 5p from its recent high of 130p a week ago. Excelent time to buy.

cheers GF.

hi goldfinger
bit lost on this one at present seems to have gone to sleep recently
slightly up over last couple of days, whats your current view ??
as considering moving on and taking a small profit

regards HUSTLER

anyone still watching this over here.....i have just rediscovered with some little frustration what I have missed since 2003

any more to come?

Just jumped into this 2 days ago. Up 7% today. More luck that judgement of course, but then I do like to buy shares in an uptrend.

Are you still holding GF?

rgrds
gk

Hi Gallick ,i bought a couple of weeks ago at 200p ,there going well and i expect them to continue ,they have risen steadily all year, wish i had got in sooner..JB

I went in a few of weeks after my last post at 196, it also seems to be luck rather than judgement....

heres hoping the ' judgement' was right as todays rise seems to be suggesting....


GN

with thanks to 'RiskDiscountRate' over on ample for the following news

Dutton Associates are an American equity research house have put out a comprehensive research note on Xaar with a price target of 3.

www.jmdutton.com

Xaar plc Buy Rating In Initiating Coverage; Only Pure-Play, Independent And Publicly Traded Digital Inkjet Printhead Developer And Manufacturer
By: Rafael K. Kapelinski
June 16, 2005. We initiate coverage on Xaar plc (LSE: XAR) with a Buy rating and a price target of US$5.48. Xaars primary business is the manufacture and sale of high performance specialized printheads and inks to original equipment manufacturers (OEMs) in the specialty graphics, industrial printing and packaging printing markets. The Companys digital inkjet technology enables drop-on-demand printing for a wide range of different substrates including vinyl, plastics, cardboard, ceramics, metal, textiles, glass and paper. The technology is protected by a substantial portfolio of patents. Xaar is the only pure-play, independent and publicly traded digital inkjet printhead developer and manufacturer. Its products are embedded into printing systems by more than 50 OEMs. Xaar was one of the early pioneers of the digital inkjet industry and the Companys positioning in the digital inkjet value chain remains unique. It has consistently spearheaded important technological breakthroughs. In fact, it is the only printhead manufacturer today that offers both binary and greyscale products. Most importantly, the Company has developed a portfolio of more than 700 patents and patent applications that provides it with a significant technological edge. We would like to argue that Xaar should be trading at a premium to both the publicly listed digital printing peers and the large-cap imaging companies such as Kodak, HP and Xerox, given the Companys sole focus on digital, superior margins, and the still early cycle in the development of the digital inkjet industry.

Positive mention in shares magazine this week which also suggest the idea of Xaar being a take over target. Mentioned in its feature on companies with positive exposure to china's growth.

Still holding this one and its doing me proud. Its now in my long term portfolio.

cheers GF.

What a cracker of a chart.





cheers GF

lets hope it keeps developing the same way....

the news continues to be positive, what, if any, signs good or bad are on the horizon which may change the chart? any ideas?

GN

None I can think of other than markets worldwide turning downwards.

cheers GF.

with thanks to 'padleywoods' over on iii

Source: Xaar, 2005-Jul-11

Xaar plc, world leading piezo electric inkjet manufacturer headquartered in Cambridge UK, is delighted to announce that its manufacturing plant, XaarJet AB, based in Stockholm, Sweden has been certified as compliant with the internationally recognised Environmental Management Standard System ISO 14001:2004 and given full accreditation.

ISO 14001 specifies the actual requirements for an environmental management system. It is also the only ISO 14000 standard which can be certified by an external certification authority. ISO1 4001 applies to those environmental aspects, both short and long term, over which the organisation has control and over which it can be expected to have an influence.

"The management team at XaarJet AB took the view that as well as leading the development of inkjet technology, as a company, it was important for Xaar also to take a lead in the environmental management of our manufacturing plant," stated Greg Lockett, Director of Manufacturing, XaarJet AB.
"We have invested time and resources to ensure that XaarJet has a defined environmental management system, against which the activities of the company can be measured. We consider it a significant achievement that Xaar has now gained this internationally recognised accreditation," Lockett added.

Superb.

cheers GF.

I have taken some profits a few days ago but may come back in when signs of breaking through current levels appear.....any opinions on expected interim performance or how the lead up may affect sp????

it feels like this will go higher once this resistance is breached and maybe news will help.

GN

Still sitting on mine and keeping them warm. I think the Chinese trade will continue to push this one to new highs.

cheers GF.

I hear they are getting a lot of business from Carclo another one of my holdings, nice.

cheers GF.

Another one going the right way.

cheers GF.

Cracking chart etc........



cheers Gf.

Another one that finished off very strongly.

cheers GF.

hi goldfinger, thanks for keeping these warm!!

looks like there is a return to upward movement...was worried there for a moment as the recent trend seems downward or at least a downward channel...may be back in soon as funds are becoming available...didnt trust to pick them up earlier....still a little uncertain and not really wanting to trade the range...
GN

Yup the chart looks very interesting at the moment. Like you say GN still in and just sitting there.

cheers Gf.

New High !
Breached 300p on 6% rise today on announcement.

Superb news. Been an excelent hold for me this one.

cheers GF.

Anyone else still in these a long term hold for me and done rather well.

cheers GF.

hi, any views on what direction the results might be taking or the outlook for the year ahead?.......

GN

Up.

cheers Gf.

No just joking GN. Sent an e-mail to the company when I get a reply I will reply.

cheers GF.

Moving up nicely this morning. PEG ratio of only 0.38. More to come.

GF any idea about the more than average fall ,I'm a bit out of touch with this one.Has there been any bad news.

Not sure MP. Its done this before so I wouldnt be too worried if you are a long termer.

Cheers GF.

GF a buying opportunity ?What do you reckon?

Could be MP. Im in for the long run here no matter what short term fluctuations crop up.

Just got back in lets hope for the best ,you in or out GF.

any reason why you felt now was a good time to get back in?

Still in. Havent been posting much lately as on summer holiday in Monte Carlo and the Internet Cafes are steaming hot here. Charges are also way too high.

Sees ya from monday.

Cheers GF.

I been in and out since 1996,even up to 500 during the tech boom .Can see nothing fundamentally wrong ,got out last in May 17 at 273 ,(along with most of my midcap)now feel they are oversold so there's your answer Nomad.

Looks like I called that one wrong!

sorry about the news, but it does make it look better value now given that the effect on income/profit may be limited ie sales/pricing may reduce if taxes need paying (by customers) but there is not a change in core demand....or a product issue....

GN

can anyone confirm if barclays are increasing their holding ?

does this signal the perceived bottom ( mad pad was a little pre emtive maybe!)

any views on whether the china issue will subside or be insignificant

PS past performance is no indicator of future performance but this did it for me in the past and I keep waiting to get in on a repeat performance.....

IC says sell so it must be a good time to buy!!

lol

;O)

See what I mean nearly 150 today!!

Kept the faith.

165p, knew it was oversold.Good old IC.

Doing really well today.

Off we go!!

Again.

40%up on rumour

Xaar PLC rejects unsolicited 200-220 p/shr offer approach from Danaher
AFX


LONDON (AFX) - Printing company Xaar PLC said it has rejected an unsolicited approach from Danaher Inc concerning a possible cash offer of 200-220 pence per share.

Xaar said that although an offer of this size would represent a premium of 38.5-58.5 pence on yesterday's closing share price of 161.5, it was equivalent to a discount of 118-138 pence on the company's 12-month share price high of 338 pence.

Xaar highlighted it was not definite that Danaher would make an offer.

At 15.11 pm, shares in Xaar were trading at 223 pence, up 61-1/2.

NICE.

WORTH WAITING FOR EH BOYS GOOD OLD XAAR HOW ABOUT ANOTHER FEW HUNDRED ON TOP,REMEMBER THE HEADY DAYS OF 500+

well done chaps ..... completely under my radar, and clearly that of all but a chosen few

Good article in yesterdays FT basically saying that Danahers bid was opportunistic taking advantage of the share price drop caused by the Chinese customs saga.Nice bit of exposure in the FT.

Im still in MP, just holding and waiting.

Patience will be rewarded.

Xaar shares crashed 65.5 pence to 116.5 pence today. It attributed the expected shortfall to a slowdown in sales of Xaar Platform 1 products into China and the termination of talks regarding a 'potentially significant agreement' due to adverse economic conditions.

Xaar plc ('Xaar' or 'the Group'), the inkjet printing technology group headquartered in Cambridge, is issuing the following trading update.

In the Interim Management Statement dated 15 October 2008, the Board reported lower than planned revenues in Q3 largely on account of disappointing sales of its established Platform 1 product range to original equipment manufacturers in China. Production levels were cut in line with this lower demand, with a reduced rate of overhead recovery contributing to margins and profits being below plan. At the time of that announcement, the Board expected an improved performance in Q4, 2008 but, in light of the outlook for the global economy, expressed caution.

The global economy has suffered further substantial setbacks over the past two months. Although the Group's trading levels have not deteriorated since Q3, so far in Q4 there has been no improvement on the levels achieved in Q3. Accordingly, margins and profits continue to be below plan and the results for 2008 as a whole are expected to be below current market expectations.

Weak China sales hurt Xaar - MoneyAM


Cambridge-based inkjet printing technology group Xaar said today pretax profit was 4.4m for 2008, down from 7.3m the previous year. The group said results reflect the effects of lower sales in the Chinese market and the effect of the recession.

Turnover was 42m (2007: 47.9m), while gross margin excluding restructuring costs was 50% (2007: 52%).

Earnings per share were 5.6p (2007: 8.9p) and net cash and cash equivalents at 31st December 2008 were 11m (31st December 2007: 11.9m).

A final dividend of 1.5p is recommended, making 2.5p for the year (2007: 2.5p).

Proposed rationalisation of manufacturing facilities:

Xaar said it was carrying out a phased transfer of manufacturing from Jfla, Sweden to Huntingdon, UK over a two year period.

On outlook, Chairman, Phil Lawler stated: 'Despite the unpredictable economic climate and slower than desired rate of adoption of technological change in the commercial and industrial printing market, the board remains optimistic that Xaar has the right products now and is developing the right products for the future. Most importantly, Xaar remains profitable and cash generative with a strong balance sheet including substantial net cash balances. We remain in a robust position.'

Xaar tops targets 7/6/2011

Inkjet printing specialist Xaar said revenue in the first half was ahead of its expectations, being in excess of 31m (H1 2010: 23.8m, H2 2010; 30.9m).

Sales of Platform 3 ("P3") products (which are still capacity constrained), were stronger than expected due to both productivity gains and the impact of the early stages of the capacity ramp programme. The critical stages in the capacity ramp are still to be completed as planned during the second half of 2011 and first half of 2012. Platform 1 ("P1") revenues were below the board's expectations.

Manufacturing output and the P3 capacity expansion programme have been unaffected by the disaster in Japan earlier in the year.

The Group saidit continues to maintain a strong balance sheet with net cash at end-June of 20.6m (31st December 2010 - 22m, 30th June 2010 - 8.2m).

It is Xaar's intention to pay an interim dividend, details of which will be provided at the time of the announcement of the interim results.

The full results for the six months ended 30th June 2011 will be announced on 18th August 2011.

After 6 years with Xaar, Phil Eaves, Sales and Marketing Director, has announced his intention to retire in June 2012. A process has commenced to ensure his successor is in place during Q2 2012.

BRIEF-Xaar H1 sales ahead of own view, will pay dividend
07 Jul 2011 - 07:13

LONDON, July 7 (Reuters) - Xaar PLC :

* Revenue in the first half of 2011 was ahead of the board's expectations,

being in excess of 31M

* Board's intention to pay an interim dividend

((London Equities Newsroom; +44 20 7542 7717))

Xaar (LSE: XAR.L - news) jumps 9.5 percent after the inkjet printing technology group says it expects to achieve profits in 2012 ahead of current market expectations, and it sees continued progress in 2013, leading FinnCap to repeat its "buy" rating and 320 pence target price on the stock.

"Xaar has announced better than expected Q4 sales and overall full-year margin ahead of expectations which is likely to result in a 2012 forecast upgrade of circa 12 percent," FinnCap said.

Bought into XAR ahead of results due next month DYOR.

sp continuing to move upwards.

RNS sp up 6%

RNS stunning results, sp up 13%.

Final Results

Key points:



· The record results achieved in 2012 were driven by the continuing success of Xaar's disruptive technology, particularly in the digital decoration of ceramic tiles.

· The Group has more than doubled revenue over a three year period with growth in excess of 25% for each year.

· The growth in sales in 2012 was supported by the successful completion of a £22m capacity expansion programme at Xaar's Huntingdon facility. Further capacity will now be added during 2013 to support the demand for Platform 3 products in ceramics and other applications.

· Xaar invested £8m in R&D during 2012 (9% of revenue), including a 50% growth in R&D staff, to support the Group's plans for product and technology development.

· The financial highlights were:

o Revenue was up 26% to £86.3m (2011: £68.7m);

o Gross margin improved to 47% (2011: 44%);

o Adjusted* profit before tax was up 74% to £18.4m (2011: £10.6m);

o Reported profit before tax was £15.7m (2011: £9.1m);

o Adjusted* diluted earnings per share up 88% to 20.1p (2011: 10.7p);

o Reported diluted earnings per share at 16.9p (2011: 10.4p); and

o Net cash** at 31 December 2012 was £28.9m (31 December 2011: £17.4m).





http://www.moneyam.com/action/news/showArticle?id=4557291

:-))

sp up 60p+ today, don't you wish you had some!

sp hits 500p what a winner!

wow sp nearing 600p!

Nearing 800p now!!!

10th June 2013

Xaar plc
TRADING UPDATE
Xaar plc ("Xaar" or "the Group" or "the Company"), the inkjet printing technology group headquartered in Cambridge, announces an update on current year trading.
Demand for Xaar's technology has continued to accelerate across the Industrial, Packaging and Graphic Arts sectors resulting in very strong product sales through the period January to May 2013. The strongest demand increase has again come from ceramic tile printing, where Xaar's market leading technology is driving the digitalisation of ceramic tile decoration worldwide. Xaar's products enable tile manufacturers to achieve superior image quality, reduced cost, and increased process flexibility when compared to the incumbent analogue process.
This higher level of sales performance is now expected to continue through the remainder of the year and, as a result, the Board has increased its expectations for 2013 revenue. The Board now expects full year revenue for 2013 to grow approximately 50% above the GBP86.3 million achieved in 2012.
Xaar is accelerating investment in R&D to expand the conversion potential of analogue processes to digital inkjet across a range of markets, and now expects to spend over GBP12 million in 2013 on R&D. Whilst the growth in R&D spend is expected to broadly match the percentage increase in revenue, the Board anticipates that in 2013 revenue will grow at a higher rate than the increase in total operating expenditure, which will result in a very strong operating margin for the year.
The interim results for 2013 are expected to be announced on Thursday 29(th) August 2013

Investec Buy 769.75 490.00 730.00 Reiterates

sp 806p up 26% after very positive RNS.

Moving up nicely very nicely.

Subscribers to SCSW say it was given a storming write up in the tip sheet this weekend.

A lot more to come they say and diversifying into other forms of printing.

Could be a stonker of a stock this one with the digital printing.

Cracker of a day.

More to come.

Expecting another cracking day tomorrow.

sp hits £10+ what a winner!

Incredible.

XAR Broker Targets.

Date Company Name Broker Rec. Price Old target price New target price Notes
17 Apr 14 Xaar PLC Jefferies International Buy 806.50 1,265.00 1,170.00 Reiterates
16 Apr 14 Xaar PLC Numis Buy 806.50 1,200.00 1,200.00 Upgrades
16 Apr 14 Xaar PLC Investec Buy 806.50 960.00 960.00 Upgrades
16 Apr 14 Xaar PLC N+1 Singer Corporate 806.50 - - Reiterates
16 Apr 14 Xaar PLC Finncap Hold 806.50 900.00 900.00 Retains
19 Mar 14 Xaar PLC Investec Add 806.50 1,180.00 960.00 Retains

StockMarketWire.com
Xaar Plc said visibility into 2015 is low and, as a result of the information available to it concerning the ceramic tile market in China, the group plans to take action to reduce costs in anticipation of total revenue for the year being below £100m.

"Monitoring of the ceramic tile market in China has indicated a further decline in activity resulting in excess manufacturing capacity being idled," the company said.

"As a consequence, forecast orders from Xaar's OEMs in this market for the remainder of the year have further reduced, such that the Board now expects total revenue for 2014 to be 5%-10% below the bottom of the previously announced range of £115-125 million."

It said action would be taken immediately to reduce costs in line with the reduced expectation for sales in 2015.

This was expected to result in a 15% reduction in operating expenditures, and potentially a total reduction in headcount (subject to consultation) of approximately 20% of the current global workforce of around 800 employees.

The cost reductions aim to achieve a reasonable level of financial operating performance in 2015, whilst ensuring that Xaar can fulfil its key strategic objectives.

In August, Xaar said demand for it products from the ceramic tile market had softened during Q3 as a result of a slowdown in construction activity in China.

"The Company's exposure to China is significant, as almost half of the world's ceramic tile output is reported as manufactured and consumed in China. Revenue into the global ceramic tile market represented around two thirds of the Group's sales in 2013."

Mirabaud comment:
"Xaar is a small cap stock these days, and off a lot of radar screens. Be thankful if you are off its share register too, for today’s IMS is truly awful and the share price is down over 30% . But it should receive wider attention, for their message that Chinese demand for ceramic tiles is collapsing has broader implications. Chinese apartments are typically sold after the first or second fix, with the buyers responsible for creating the interior finish. Ceramic tiles are used extensively. Or at least, they used to be. The sudden drop in demand suffered by Xaar suggests that few properties are finding buyers in China presently. Xaar’s kit is top-notch stuff, so this is a case of the market demand surprising on the downside, not Xaar taking the wrong products to the market. So, beware Chinese property exposure. Kingfisher’s Chinese B&Q turnaround looks unlikely to speed up anytime soon, we would suggest.
Don’t be too surprised of someone, perhaps Domino Printing Sciences takes a pop at Xaar; it is packed full of IP and is attempting to take its technology to a broader range of sectors. Success there will be very accretive to value, and many manufacturers of industrial machinery will be tempted to look at it. Key to future value is Xaar’s attempts to transplant its technology into new sectors and increase the addressable markets it faces. Right now, the stock has seen its EV collapse by around 80%, on a reduction in expected sales of almost 40%.
In terms of near term earnings, Xaar is still not cheap; we would expect downgrades today to leave earnings forecasts for 2015 and beyond cut by perhaps 50%, and given the cost of redundancies, the 2014 number will be hugely impacted too. The visibility in the business is limited and one cannot rule out further weakness in sales, even after today’s savage reductions to forecasts.
But with around £50m of cash in the bank, Xaar will see this through to the end, assuming no-one makes an offer they cannot refuse. A take-out could be far, far above the current share price, given where the stock has traded in the past, and the potential for broadening the addressable market. But the stock will lack near term earnings support, making it a tricky proposition.
By way of example though, if Domino Printing Sciences were to bid 350p for Xaar, it would cost them circa £270m, and assuming some head office cost savings, ought to bring in about £20m of EBIT to the group, before considering any sales and R&D synergies. That would boost their EBIT by around a third. The Group would need to borrow perhaps £200m, taking net debt to EBITDA to around 2.5x and assuming an interest charge of 5%, the deal would increase PBT by circa £10m or 18%, with a similar increment to earnings.
Given that the two companies are based around five miles apart from each other, cost synergies ought to be pretty straightforward to achieve. And if the numbers stack up for DNO, they will likely stack up for others and whilst Chinese construction and urbanisation might not be in great shape right now, in the long run, it is a market segment that many, many industrials would like to raise exposure to.
You might not wish to take on board the ongoing earnings risk at Xaar, but we would suggest that it could be a very dangerous short to put on too."

Stay clear.

Thanks mirabaud very interesting comment.

I mean thanks for posting hurry at

Harrycat. Damn autocorrect

LONDON (Sharecast) - (ShareCast News) - Shares in inkjet printer company Xaar were up after the company posted a drop in pre-tax profit but better margins.
At 1444 BST shares had gained almost 10% to 495.25p.

Xaar reported a first half pre-tax profit of £9.1m, reduced from £16.1m in the first half of last year but ahead of the £8.5m in the six months immediately prior.

Revenue dropped to £47.8m from £60.4m in the first half of 2014 or £48.8m in the second half of 2014.

Operating margins were 19% on an adjusted basis, which was stronger than the board expected at the beginning of the year.

Dividend per share was up, at 3.15p from 3p in the same period last year.

Chairman Phil Lawler said the company had achieved stability after a challenging 2014, and intended to return to growth next year.

"Although visibility of demand remains limited, particularly in China, based on the sales performance in the first half of the year the board expects 2015 full year revenue to be in the range of £92-95m," Lawler said.

Investec, whose rating on the stock was under review, said Xaar's first half profit outturn was better than expected off the stronger gross margin.

results next time round, as stated usually s/p to fall beware , now top heavy
broker targets ect but if buying continues, sucked in who knows, 600p ? BB

30 sept s/p 560 forcast rev f year 92 m eps 18 ( 27 ) in 2014 directors sell
aug 2015 @ 479 I say again s/p top heavy.

still falling the china drop off, effect on profit next results flat to decrease
s/p 428p today , . to fall further will not have any at this price BB

StockMarketWire.com
Xaar is to invest with Stratasys, a global leader in additive manufacturing, in a newly formed company, Xaar 3D Limited, to develop 3D printing solutions based on High Speed Sintering technologies.

Xaar 3D Ltd will leverage the natural synergies between Xaar and Stratasys, specifically Xaar's technology relating to High Speed Sintering and industrial piezo inkjet printheads, along with the commercial and market expertise of Stratasys.

Xaar will hold 85% of Xaar 3D Ltd shares with Stratasys holding 15%. In addition, Stratasys has been granted an option to increase its ownership in Xaar 3D Ltd to a total of 30%. Xaar 3D Ltd will hold all of Xaar's High Speed Sintering assets. The new company's board will be chaired by Xaar CEO, Doug Edwards.

StockMarketWire.com
Inkjet printing technology group Xaar swung to a first-half loss and cut its dividend, amid an ongoing decline in its legacy ceramics business and a slower-than-expected update of new products.

Pre-tax losses for the six months through June amounted to £1.1m, compared to profits of £5.7m on-year.

Revenue slumped 20% to £35.3m.

The company declared an interim dividend of 1.0p per share, down from 3.4p on-year.

'The long term opportunity for Xaar remains very significant, but trading continues to be impacted by the aggressive decline in our ceramics business, and the unpredictability of the adoption of our new products,' chief executive Doug Edwards said.

'Despite these headwinds, we are continuing to hit important strategic milestones for our transformation across our three business units, where Xaar owns world-leading technology.'