For the year to 31 December the companys turnover rose 6% to 24m, but pre-tax profit before exceptionals fell 40% to 1.6m. The group also took a 1m exceptional charge associated with moving production from Cambridge to Sweden. Cambridge will remain as a research and development facility.
Xaar chief executive Jan Fineman said: "We are running parallel production at the moment between Cambridge and Sweden, but it should be transferred completely by April, which will stabilise production."
Fineman said the 66% fall in revenue gained from licensing to 2m was due to the fact that the Xaar failed to conclude a full licence last year. However, he added that it was in a number of positive discussions with US companies.
"We believe that the fundamentals of the business are a strong and secure platform for the coming year. Supply has improved and we have a full order book," added Fineman.
Story by John Davies
Have your say in the Printweek Poll
Related stories
Latest comments
"Well done all involved... great to see the investment to increase the productivity in the same footprint- much more sustainable than popping another one up."
"From 1949 until the late 2000s Remploy had a network of government-subsidised factories that offered employment specifically to disabled people, originally often war veterans or victims of industrial..."
"Does appear an odd decision as with that level of shareholder funds they would be liable for the staff redundancy and cover the insolvency costs. It’s not like they could take the money and dodge..."
Up next...
Andrew Whyte takes reins
MBO at LT Print Group ensures smooth transition
Educational day in Yorkshire
Northern Stationers see historic print and more in York
Supporting growth in new and existing markets
WTTB backs digital intentions with new e-commerce specialist
Investment in e-commerce fulfilment