StockMarketWire.com - Inkjet printing technology group Xaar posted a deeper first-half loss after rising revenue was offset by costs, including higher R&D spending.

Pre-tax losses for the six months through June amounted to £5.6 million, compared to year-on-year losses of £4.8 million.

Revenue rose 11% to £26.3 million, which Xaar said was in line with its expectations.

The company said it would announce details of planned sale of its 3D-printing investment soon.

'We are pleased with our continued strong performance which, despite challenging market conditions, demonstrates the success of our strategy and underlying strength of the business,' chief executive John Mills said.

'These results reflect the positive momentum we have generated across the business.'

'Our foundations remain strong, as we continue to gain new customers and positively re-engage in our core markets.'

'The Covid-19 pandemic continues to cause disruption for business, however we are determined to minimise interruption to the supply of printheads, and we are well-positioned to withstand further volatility caused by the pandemic.'


Story provided by StockMarketWire.com