The shares were up 15% at 1.64 at the close of the markets on Monday, the day the figures were revealed.

The ink-jet print head developer met analysts' expectations for sales with 35m, up 20% on 2003, and exceeded pre-tax profit expectations by 20% with a figure of just over 6m.

It will release its full figures for the year to the end of December 2004 on 15 March.

The firm said its outlook for 2005 was positive despite the weakness of its primary trading currency the dollar.

In 2005 the firm will start volume shipments of print heads to partner Agfa and double the size of its product range. It expects its core market of outdoor advertising to continue to grow and for the new generation of print heads to start to make headway in high-quality indoor markets.

Story by Barney Cox