Xaar shares drop as "challenging" conditions hit H1 sales

30th Jul 2024 11:11

(Sharecast News) - Shares in Xaar dropped on Tuesday after the inkjet printing tech group guided to a 16% drop in revenues for the first half.

The company, which is due to report its interim results in September, said trading over the first six months of the year has "continued to reflect the previously reported challenging market conditions".

Xaar said in March that, due to the geopolitical and macro environment, OEM machine launches were taking longer than expected.

Revenues for the first half are now expected to be just £29m, down from £34.5m the year before.

However, the company said it remains well capitalised with net cash at 30 June of £6.8m, up from £5.7m at the start of the year.

Shares were down 7.3% at 137.67p by 1238 BST.