Xaar PLC on Friday said 2023 profit and revenue is in line with its most recent guidance.

Back in November, the Cambridge, England-based industrial inkjet manufacturer said it expected adjusted pretax profit of between £2.5 million and £3 million for 2023, compared to £2.8 million in 2022.

However, due to ‘challenging’ trading conditions in the second half, it said it expects annual revenue of between £70 and £72 million, slightly behind 2022’s £72.8 million.

Cash at December 31 was ‘slightly better than expected’ at £7.1 million.

Looking ahead, Xaar’s 2024 outlook remains unchanged. It expects ‘weaker’ demand during the final quarter of 2023 to continue into the new year, which could result in lower full-year revenue and adjusted profit than previously expected.

Shares in Xaar were untraded at 110.00 pence each in London on Friday morning.

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