Members of Xaar’s senior leadership team have bought shares in the business to underline their commitment and confidence in its new strategy following the announcement of the company’s full year results ending 31 December 2019. Xaar’s printhead revenue fell to £33.7m in 2019, down from £46.7m in 2018.
CEO John Mills, CFO Ian Tichias, and new chairman Andrew Herbert have bought 275,000 Xaar shares between them.
Mills said of the results: "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 business and 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.”
The full financial report can be found at: https://www.xaar.com/media/2182/xaar-annual-report-2019-online-v2.pdf
