A world where you can print anything you can imagine
New acquisitions
In March, Xaar completed the acquisition of Megnajet, one of the market leaders in the design and manufacture of industrial fluid management systems for digital inkjet.
New products
In November, we launched our revolutionary printhead – the Xaar Aquinox – delivering exceptional reliability, creativity, and sustainability for printing aqueous fluids.
New technology
We also launched aQ Power Technology which provides a radically new approach to how water-based fluids are jetted reliably, delivering a truly transformational industrial printhead.
Extending our product range
In March we launched the Xaar Versatex print engine which provides users who have limited inkjet experience with the ability to fast track the digital inkjet development and integration process, allowing a speedy, cost effective and agile way for manufacturers to explore new potential applications.
Read moreNew markets and customers
The new products launched during 2022 open up a number of new markets for Xaar’s printhead business including textile printing and packaging, and have broadened our opportunities in existing markets such as ceramics, where there are new opportunities to explore such as printing glazes.
Read moreReshaping R&D
The acquisition of Megnajet (2022) and FFEI (2021) presented an opportunity to review our inkjet R&D capabilities across the Group. With a rich new product and technology roadmap, ensuring that our inkjet Group R&D operates at high output in an efficient and innovative manner is key.
Read moreFocused investment in the business
We have invested in our senior leadership team to strengthen our capabilities and drive strategy in Operations, HR and R&D and the team has a proactive focus on delivering on our profit goals which drives decision making across the Group.
Read more
Chairman’s introduction
Strong performance and good momentum
The continued rebuilding and strengthening across all areas of the business has generated a strong platform for reliable business performance.
Chairman
Strategy update
Significant
strategic progress
With the fundamental advantages our products possess, I believe that within the next decade Xaar will be the number one supplier of industrial inkjet printheads.
Chief Executive Officer
Chief Financial Officer
Financial highlights
- Revenue – continuing operations
-
Achieved through both strong organic growth and new acquisitions
£72.8m
- Net cash (outflow)/inflow
-
Current year includes £5.3 million outflows for business acquisitions and 2021 benefited from £9.3 million of inflows from the sale of subsidiaries
(£16.5m)
- Gross margin – continuing operations
-
Increased from 34% in 2021, benefiting from operational leverage in the business
39%
- Cash & treasury deposits
-
Strong closing balance sheet with net cash including benefit of invoice discounting facility of £0.4 million (2021: nil)
£8.5m
- R&D spend
-
By continuing operations of £6.7 million, up £1.0 million on 2021 with investment focused on the ImagineX platform and product roadmap
£6.7m
Our business model
Xaar’s business is focused on inkjet technology, which together with our partners and customers, we have been transforming for over 30 years.
Xaar plc is structured into business units: Xaar Printhead, the largest BU, focuses on printhead technology; our other three business units concentrate on fluid management systems, product print systems and digital imaging.
- Xaar designs
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We have R&D facilities in Cambridge and Stockholm (printhead business), and Hemel Hempstead (print systems) and Vermont (EPS).
We invest a substantial proportion of our product revenue in R&D to remain a world leader in inkjet technology (2022: approximately 12%).
We continually add to our Intellectual Property (IP) portfolio, and currently, across the Xaar Group, we have around 355 patents and patent applications. Our R&D staff totals 85 which is approx. 20% of the total workforce (at the end of 2022).
- Xaar manufactures
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Xaar manufactures its printheads in Huntingdon, UK. Xaar’s manufacturing is capital intensive.
The Group has invested over £70 million in assets and production facilities in Cambridgeshire, UK since the plant opened in 2007.
EPS, our product printing business, manufactures customised and bespoke printing solutions in Vermont, USA.
FFEI, our digital imaging business, manufactures imaging solutions in Hertfordshire, UK. Megnajet manufactures supply systems in Northamptonshire, UK.
- Xaar markets
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Xaar offers a wide range of industrial inkjet printheads and print systems which are designed and produced to meet the customer-driven requirements for a range of manufacturing applications.
Primary markets include:
- 3D Printing
- Ceramic Tile Decoration
- Coding & Marking
- Decorative Laminates
- Direct-to-Shape
- Functional Fluid Deposition
- Glass Printing
- Graphics
- Primary Labels
- Packaging
- Product Printing
- Textiles
- Xaar sells
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Xaar’s printhead business sells direct to OEMs and UDIs around the world through its global sales team. Xaar’s highly skilled application engineers offer technical support to assist OEMs and UDIs in the successful design, build, commissioning, and ongoing maintenance of printing systems.
We export over 95% of our printheads to customers around the world, within the Europe, Asia and North America regions.
Xaar company EPS sells product printing equipment, services and consumables. The majority of sales are to US customers.
FFEI sells via three routes to market: as a full system to one OEM, as a ready to integrate print engine via distribution, and as a Xaar branded print engine for our UDI customers. Megnajet sells its products directly to customers and via Xaar.
Our business units
Xaar’s digital inkjet technologies are transforming print processes in a wide range of markets.
Read moreRevenue segment
£39.0m
| Industrial | 54% |
| Packaging | 33% |
| Graphic Arts | 12% |
| Royalty | 1% |
Revenue segment
£2.5m
| Americas | 51% |
| EMEA | 35% |
| Japan | 6% |
| Other | 8% |
Revenue segment
£11.6m
| Inkjet | 52% |
| Life Sciences | 48% |
Revenue segment
£19.6m
| Digital | 66% |
| Analogue | 34% |
Sustainable and responsible business
Read moreOur Sustainability Roadmap – founded on four pillars
Environment
Leading the way in environmental sustainability for the industrial inkjet technology sector.
People
An employer of choice by putting our people, their potential and wellbeing at the heart of all we do.
Innovation
Encouraging more sustainable approaches to design, manufacture, technology and collaboration across the whole product lifecycle.
Community
Actively engaging with our communities to provide practical, effective, lasting support that benefits society.
Key performance indicators
Measuring our success
We monitor progress against the delivery of our strategic goals using financial key performance indicators (KPIs).
Read moreStrategic Report
Governance
Financial Statements