Members of Xaar’s senior leadership team have bought shares in the business to underline their commitment and confidence in its new strategy.
John Mills, CEO, Ian Tichias, CFO and Andrew Herbert, Chairman, have all invested in the company, buying 275,000 Xaar shares between them. The significant investment follows the announcement of Xaar’s full year results yesterday for the 12 months ending 31 December 2019.
John Mills, Chief Executive Officer, said: “2019 was a difficult year for the Group as a result of the performance of the Printhead business and decision to end investment in Thin Film.
“However, we entered 2020 with confidence in the long-term future of the businessand a revised strategy, product roadmap and strong balance sheet to deliver improved business performance and a return to profitability.
“Clearly, the recent events with the rise of the COVID-19 pandemic mean it is impossible to determine the effect on Xaar’s 2020 results; however we are yet to see a significant impact on customer demand.
“We have all the fundamentals in place to continue to execute our strategy and return Xaar to profitability. Our share investment is a clear demonstration of our belief in the long-term performance of the business and the confidence that we have in delivering sustainable growth.”
About Xaar
Xaar is a world leader in the development of digital inkjet technology. Our technology drives the conversion of analogue printing and manufacturing methods to digital inkjet which is more efficient, more economical and more productive than the traditional methods which have been in use for years.
We design and manufacture printheads as well as systems for product decoration and industrial 3D Printing which use our inkjet technology. We are the only truly independent inkjet technology company with over 25 years of know how.
We offer unrivalled inkjet expertise including technology and printhead design and development and manufacture highly customised product decoration systems and industrial 3D Printing for volume manufacturing. Our unique technologies and products are the leading enabler for innovation and for driving supply chain efficiencies for many industries.
Additional information about Xaar is available at www.xaar.com
Xaar’s full results for 2019 can be found at https://otp.tools.investis.com/clients/uk/xaar/rns/regulatory-story.aspx?cid=682&newsid=1387286
