Xaar revenues continue decline in first half

Digital printing group Xaar said it expects to report £44m sales for the first half of the year, down 8% on the previous year and 27% on the year before that.

Xaar chief executive Doug Edwards has set out plans to achieve £220m of annual sales by 2020, which the 1 July acquisition of US-based Engineered Printing Solutions for $11m is the most recent step, coming after the crucial June launch of the P4 printhead family.

The share of sales by application during the half was said to be consistent with the second half of 2015, after allowing for the impact of Chinese New Year.

Net cash at the 30 June period-end, before the £8.2m acquisition, was down just £1m over six months to £69m.

Interim results are due on 24 August, with a capital markets day follows on 20 September.