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Xaar posts loss as revenue slips; R&D costs rise
StockMarketWire.com
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Ink-jet printing technology group Xaar posted a full-year loss, as sales slipped and it upped spending on research and developmenmt.
Pre-tax losses for the year through December amounted to £14.4 million, compared to year-on-year losses of £71.7 million.
Revenue fell 2.8% to £48.0 million, which the company said was in line with expectations.
R&D spend in continuing operations amounted to £4.5 million, up £1.4 million on 2019, with investment focused on the company's ImagineX platform and product roadmap.
Xaar did not declared dividends for the year.
'We are pleased with these results as they demonstrate that our strategy is working,' chief executive John Mills said.
'We continue to see positive customer engagement and it is particularly gratifying to win new business based on our core technology in existing and new applications.'
'The business is well capitalised and we have a strong order book.'
'The success we have had throughout the year leaves the business well-positioned and we continue to be excited by the future.'
Story provided by StockMarketWire.com
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