Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Inkjet printing company Xaar plc recorded a 36% fall in first half revenues to 30 June 2019 which resulted in a loss before tax of £15m compared with a profit of £3.2m last year.
The company has decided to cease activities in the Thin Film business at a cost of £39m which is expected to result in £8m of annual savings.
Adjusted for the Thin Film revenues reversal and one-time royalty payment of £9.7m from Seiko Instruments Inc, revenue was up 5% to £1.3m.
Chief executive Doug Edwards said 'This decision and the associated restructuring, although painful, will result in a substantial improvement in profitability and operating cashflow for the Company in the coming year.'
At 9:46am: (LON:XAR) Xaar PLC share price was -28.6p at 40.4p