Key members of Xaar’s senior leadership team have bought shares in the business to underline their commitment and confidence in its new strategy.
This has seen CEO John Mills, CFO Ian Tichias and chairman Andrew Herbert all invest in the company, buying 275,000 Xaar shares between them. The significant investment follows the announcement of the company’s full year results for the 12 months ending 31 December, 2019.
Mr Mills 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 business and a revised strategy, product roadmap and strong balance sheet to deliver improved business performance and a return to profitability.’
He continued, ‘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.’
Regarding Xaar’s 2019 performance and 2020 outlook, Mr Mills said, ‘The business is entering a new phase, with a new sense of focus and renewed energy. This is embodied in our new vision and mission which we have recently launched.
‘Our ‘Vision’ is, through relentless innovation, Xaar technology will be at the heart of every inkjet application so that the world can be a more colourful, creative and productive place for all.
‘The ‘Mission’ is, through consistently delivering on our commitments we will be the partner of choice for all inkjet applications. With 30 years of experience, world class products and talented people our mission is to push technical boundaries to become the inkjet technology leader.’
