Cambridge-based Xaar (XAR:210p), a leader in the development of inkjet technology and maker of piezoelectric drop-on-demand industrial inkjet printheads, delivered an eye-catching 14 per cent organic sales growth in the first half, excluding contribution from acquisitions.
It’s more profitable business, too, as highlighted by the sharp rise in gross margin from 31 to 40 per cent, reflecting both the reduction in the cost base in the printhead division and operational gearing as higher volumes have improved profitability. In fact, the group increased gross profit by £6.2mn on £10.3mn incremental revenue in the six-month period, the reason why Xaar moved from barely cash profit break-even in the first half of 2021 to a cash profit of £3mn.
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