Xaar PLC on Wednesday said it expects a lower full-year revenue, while adjusted pretax profit is expected to meet expectations.
Shares in the Cambridge, England-based industrial inkjet manufacturer were up 16% at 74.20 pence each in London on Wednesday morning.
Xaar said revenue for 2024 is expected to be approximately £62.7 million, down 11% from £70.6 million a year before.
The firm said this is due to ‘significant weakness’ in the ceramics market, offsetting revenue growth in new markets.
Adjusted pretax profit remains in line with previous expectations due to maintained gross profit rates and cost management plans.
Looking ahead, Xaar said it remains optimistic and has a ‘significant number of immediate opportunities’ in the pipeline.
Also Wednesday, Xaar said its interim Chief Financial Officer & Executive Director Paul Jones has been appointed to the CFO role on a permanent basis.
Xaar will publish its full year results on March 25.
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