Xaar Expects Positive Growth in Second Half of 2023
Xaar, the inkjet printing technology company, is poised to fulfill its full-year expectations as it anticipates improved market conditions in China and a surge in demand for its printheads due to the launch of new products. Though the specific details of its expectations were not disclosed, the company had previously projected a revenue of approximately £74 million ($94.1 million) for 2023.
For the first half of the year ending June 30, Xaar estimates its revenue to be £34.7 million, slightly lower than the £36.6 million generated during the same period last year. However, the company remains confident that its adjusted pretax profit for the first half will align with expectations, as the planned sale of non-core intellectual-property assets worth £1.8 million will offset the impact of its factory reorganization. Xaar currently holds a net cash position of £7.3 million as of June 30.
Chief Executive John Mills expressed optimism about the company's future prospects, stating, "We have positive momentum, a growing product pipeline, and look forward to continuing to accelerate our strategy and performance in H2 and into 2024."
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