Xaar on course with Cambridgeshire expansion programme
By Tim Sheahan Thursday, 20 January 2011
Inkjet manufacturer Xaar has said it expects profitability during 2010 to be ahead of its expectations as trading levels exceed those of the previous year.
The Cambridge-based company confirmed that it has raised £14m from a recent share offer that allows Xaar to push ahead with its planned production capacity expansion programme.
The move, which will create 200 new jobs at its Huntingdon site, will enable the manufacturer to ramp up capacity of its Platform 3 inkjet heads. According to Xaar, while the initial output from the expansion will take place this year, the programme will not conclude till the end of 2012.
Ahead of its full-year results announcement on 22 March, the company said that net cash on 31 December came in at £22m, which includes the £14m generated from the share placing and open offer.
Xaar also confirmed its intentions to pay a final dividend.
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