Xaar PLC on Tuesday said revenue increased by almost a quarter, as it noted a strong start to 2023.
The Cambridge, England-based industrial inkjet manufacturer reported 2022 revenue of £72.8 million, increasing 23% from £59.3 million the year prior.
Pretax profit was £824,000, falling 17% from £994,000 in 2021, while total basic earnings per share were 2.1 pence, falling 90% from 20.9p a year ago. Basic earnings per share from continuing operations was 2.3p, more than doubling from 0.9p.
The firm noted that its Printhead business recorded profit for the year of £300,000, falling from a £2.2 million profit in 2021, its FFEI business saw a loss of £300,000, swinging from a £400,000 profit, while its EPS business swung to a £2.8 million profit, from a £900,000 loss the year before.
The company did not declare a dividend.
‘We continue to believe that prioritising cash for investment in the business will deliver more compelling returns for shareholders in the medium term,’ Xaar said.
Looking ahead, Xaar said it has positive momentum, with customer engagement and sales having been maintained in the first quarter of 2023. The firm said it expects to deliver 2023 revenue in line with expectations.
Chief executive Officer John Mills said: ‘We have transformed and re-energised Xaar as demonstrated by our good performance and further strategic progress with positive contributions from across the group. We have delivered strong profitable revenue growth and the important milestone of achieving full year profitability, which represents great progress against our plan.’
Xaar shares rose 3.3% to 185.99 pence each in London on Tuesday afternoon.
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