Revenues in the fourth quarter were "slightly ahead" of the Cambridge-based board's expectations which contributed to growth over last year's sales.

Xaar cited growth in the industrial sector, with the group's burgeoning presence in the digital inkjet ceramic markets aiding full-year sales.

However, the manufacturer said that sales within the graphic arts segment dropped 15% last year, which it attributed to "market maturity and competitive pressure".

Net cash at 31 December 2011 was £17.4m, compared to £20.6m on 30 June 2011 and £22m in December 2010.

Elsewhere, the company said it was making "good progress" with its capacity expansion programme at its UK Huntingdon facility.

Xaar said the programme, which will deliver capacity increases this year, is both "in budget and on track".

Ian Dinwoodie, chief executive of Xaar, also announced that Phil Eaves will be retiring from the company in June 2012.

Eaves, who is sales and marketing director at Xaar, has been with the company for seven years and will be succeeded by Richard Barham, previously of Agfa.

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 theimaging and printing industries."




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