The figures represent a dip from the £47.9m it turned over in 2007, while profits before tax were down to £4.9m from £8.3m the year previous.

Adjusted pre-tax profits for Cambridge-based Xaar are recorded before the cost of share options, which it valued at approximately £1m. The company also registered an exceptional £600,000 charge.

The charge relates to the redundancies made by the company in the second half of the year.

Profits before tax for 2008 are expected to be £3.2m compared to £7.3m in 2007, while cash at 31 December 2008 stood at £11.6m, down from £13m in 2007.

Xaar will release its detailed results for the year on 23 March 2009.