Xaar PLC on Tuesday said it is continuing to take action to manage costs amid ongoing macroeconomic conditions, as it reported a loss for last year.

The Cambridge, England-based industrial inkjet manufacturer said it swung to a pretax loss of £2.4 million in 2023 from a profit of £824,000 in 2022.

Revenue edged down 3.0% to £70.6 million from £72.8 million.

Sales, general and administrative expenses increased 21% to £25.6 million from £21.2 million.

Cost of sales came in 0.9% lower at £43.7 million from £44.1 million.

The company highlighted that it is proactively managing inflationary cost pressures and streamlining operations, with a focus on core technology.

Looking ahead, Xaar said: ‘Whilst the end of 2023 was challenging, and the current external trading environment remains so, we are focused on the delivery of our strategy and taking advantage of the significant opportunities we have that will drive profitable growth. Our products continue to generate strong interest from customers, demonstrating our leadership in printing highly viscous fluids with all the performance and sustainability benefits they deliver.’

Chair Andrew Herbert said: ‘External factors mean we are cautious about the short term, but we believe the business is well positioned for growth over the medium and long term. We look forward with confidence.’

Xaar shares fell 5.1% to 103.50 pence each on Tuesday afternoon in London.

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