Shares in Xaar PLC (LSE:XAR) rose 18% on Wednesday after the printing technology group reported robust cash reserves and maintained its full-year profit expectations despite a revenue decline.
Annual revenue is projected at £62.7 million, down from £70.6 million in 2023, as significant weakness in the ceramics sector offset growth in new markets.
However, gross margins met forecasts, and careful cost management has supported a modest adjusted profit before tax.
Xaar ended the year with a net cash position of £8.2 million and an undrawn £5 million credit facility.
The company expressed optimism about growth in printhead revenues, citing a strong pipeline of opportunities.
The shares rose 11.4p to 75.4p, valuing the business at £60 million.