Any views on this one?
- Xaar is a leading independent supplier of industrial inkjet printheads, inks and peripheral equipment....
- Formed in 1990 to acquire, develop and commercially exploit a new digital inkjet printing technology arising out of work done by Cambridge Consultants Ltd.
- Apparently, it's a leading specialist in piezoelectric printing which "has the advantage of being a truly direct, non-contact printing process, which makes it perfect for printing onto a variety of materials such as paper, vinyl, plastics, cardboard, ceramics, metal, textiles, glass and many other materials. Piezo inkjet technology has enhanced a printer’s commercial offering, providing additional revenue streams in existing and new markets and complementing, not competing with, traditional print technologies".
- Recent interim management statement - http://www.stockopedia.co.uk/news/announcement/XAR/090416xar000481.htm - said that trading for the first quarter of the year, historically the Group's quietest trading period due to the Chinese New Year holiday in February, was in line with the Board's expectations at a level similar to that for Q1, 2008 and was stableat the levels seen in the third and fourth quarters of 2008.
- Seems to do a lot of business in China - "The first of Xaar's new second generation Platform 1 products, the Xaar Proton,was successfully launched during the period at the Sign China show in Guangzhou.Following the launch, sales of the Proton into China have been ahead of the Board's expectations".
- "The Board is encouraged by trading in Q1 but, given both a continuing lack ofvisibility of customer orders and the current uncertainty in the business environment due to the ongoing global economic situation, must remain cautious when looking forward".
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Xaar plc (Xaar) is an independent supplier of industrial inkjet printheads. Xaar is engaged in the principal activity of the development and commercial exploitation of patented inkjet printing technology. The Company is a holding company. The Company has manufacturing facilities at the United Kingdom and Sweden. The Company also develops and sells ink systems, electronics and a fluid optimization service. Xaar sells to original equipment manufacturers (OEMs) around the world through its regional sales offices and distributors. The Company operates in three principal geographical areas, which include Europe, Middle East and Africa (EMEA), the Americas and Asia. The Company operates in four segments: Industrial, Packaging, Graphic arts and Licensee royalties. During the year ended December 31, 2011, the Industrial segment accounted for 46%, Graphic arts segment accounted for 26%, Packaging segment accounted for 17% and Licensee royalties segment accounted for 11% of Xaar’s revenues. more »
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They make print heads for large printers used in producing outdoor billboard posters. China's the core market but it doesn't sound like it's doing that well. Market soft, problems with Japanese licensees. That information (see below) is a bit old though (August 2008) so things may have picked up as the Chinese economy seems to be doing better. Danaher, the US industrial conglomerate, was trying to buy it a few years back for 220+ a share!!
http://www.independent.co.uk/news/business/sharewatch/the-investment-column-xaar-nobbled-by-undercutting-licensees-in-japan-904134.html
http://www.independent.co.uk/news/business/analysis-and-features/the-investment-column-real-estate-trust-move-returns-quick-dividend-for-liberty-436436.html