Industrial sales boost Xaar revenues
Cambridge inkjet printing technology group, Xaar, expects to announce revenue of around £69 million for 2011 – up more than 25 per cent on 2010 (£54.7m).
Revenue growth in 2011 was achieved mainly through increased sales in the industrial sector, the UK specialist said.
Demand for Xaar's technology in this area is mainly driven by the conversion of ceramic tile printing to digital inkjet from analogue processes.
During the year, Xaar said it made good progress with the capacity expansion programme to support this demand and the programme remains on track to continue to deliver the planned incremental capacity during the first half of 2012.
Product sales in the graphic arts sector declined in 2011 by approximately 15 per cent compared to 2010.
The group continues to maintain a strong balance sheet with net cash at December 31 of £17.4m (30 June 2011 - £20.6m; 31 December 2010 - £22.0m).
Detailed results for 2011 are expected to be announced on March 20.
Following an extensive search process, Xaar has announced that Richard Barham has been appointed sales & marketing director and member of the Xaar board with effect from March 5.
He takes over from Phil Eaves who is retiring from full time employment. Eaves will continue to support the company in a consultant role until June 30.
Since 1986, Barham has held a range of sales, marketing and management positions at Agfa Graphics NV, where most recently, since February 2008, he acted as VP of the inkjet division where he was responsible for turning the business around and integrating a major acquisition.
Xaar chief executive Ian Dinwoodie said: “On behalf of everyone at Xaar, I would like to thank Phil for his efforts and contribution over the last seven years during which our revenues have grown significantly.
“We all wish him well for the future. I am pleased to welcome Richard to the board, who brings a wealth of experience gained through 25 years spent in numerous sectors of the imaging and printing industries.”
• PHOTOGRAPH SHOWS: Ian Dinwoodie