Xaar HQ move to Cambridge Research Park caps a great 2020 fightback
Cambridge inkjet printing technology group Xaar plc has produced an excellent set of bounceback results for the 2020 full year – and management is full of optimism for the future as the business gets set to move HQ.
Xaar will be moving out of its home at Cambridge Science Park and setting up a new flagship at Cambridge Research Park within the next few weeks. Management anticipate the move will save £0.7 million for the full year.
Xaar managed to hit £48m revenue in 2020 – slightly down on the previous year’s £49.4m – but achieved against the backdrop of the global pandemic. Its loss before tax was more than slashed in half – down to £4.3m from £10.9m – and net cash is up to £18.1m from £16.2m.
R & D spend increased by £1.4m on 2019 to £4.5m and Xaar reports a particularly strong performance for the Printhead business with consistent new customer and project wins.
This was largely a result of a successful shift in the company’s go-to market strategy and focus on markets where its products demonstrated a competitive advantage.
CEO John Mills was justifiably delighted with the performance. He said: “We are pleased with these results as they demonstrate that our strategy is working.
“We continue to see positive customer engagement and it is particularly gratifying to win new business based on our core technology in existing and new applications. The business is well capitalised and we have a strong order book.
“The success we have had throughout the year leaves the business well-positioned and we continue to be excited by the future. We have great technology, great people and our products are market leading. We are well on track with our plan to deliver long-term sustainable growth.
“I would like to thank the team for their hard work throughout the year. In difficult circumstances they continue to deliver on our commitments.”