KEY POINTS :
* Record results take Xaar towards its goal of becoming a leading player in the global digital printing and imaging industry.
* Turnover jumped 50% to £22.7m (1999 : £15.1m).
* Profits before tax rose more than fivefold to a record £2.7m (1999 : £0.5m) and basic earnings per share increased more than tenfold to 4.1p (1999 : 0.4p).
* Strong cash flow resulted in an increase in cash to £8.0m (1999 : £4.2m) after providing for sustained R&D expenditure and capital investment.
* The balance of Xaar’s business is changing with ink jet printhead Manufacturing contributing nearly 70% of group turnover. Manufacturing revenues increased by 50% on a like-for-like basis.
* Major technology licences sold during the year include Sharp Corporation (Japan) and Xaar’s first US licensee.
* Continued progress is being made in the collaborative development of the next-generation page wide printing arrays.
On outlook, Chairman, Arie Rosenfeld stated :
We have created a fast-growing, profitable manufacturing business which complements the activities that exploit our technology through licensing. Xaar has many of the key ingredients for long term growth and success: proprietary technology, large addressable markets, a clear business strategy, high calibre people and world-class business partners.
