Xaars pre-tax profits have increased five times over on the back of strong sales.


Its year 2000 results showed a pre-tax profit of 2.7m up from 527,000. Turnover was up 50% to 22.7m, meeting analysts predictions.


Future growth will be substantial, said chief executive Jan Fineman. Most of the growth is in manufacturing, licensing is steadier.


Manufacture of printheads contributed 70% of turnover and higher yields helped to improve operating margins.


Growth occurred across the range. We believe that this will continue as a number of industrial printing machines are launched, he said.


It is adding extra capacity and moving some production of the XaarJet 500 head to Sweden.


Finance director Jonathan Lowe is leaving to join a private equity firm. Financial controller Gordon MacLeod will take his position.


Shares were up 1.3% to 1.57 as PrintWeek went to press.


Story by Barney Cox