Xaar director takes first stake

Phil Eaves, sales and marketing director at the inkjet technology group Xaar, has bought his first stake in the company, spending just less than £100,000 on shares the day after the company posted a slump in profits.

He took 172,249 shares at 57.75p a time yesterday, the company announced today.

On Monday, Xaar said 2008 proved to be both a "difficult and disappointing" year as revenues and profits slumped.

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Pre-tax profit for the year to December fell to £4.4m from £7.3m in 2007 on turnover that fell to £42.0m against £47.9m in the same period last year.

"Revenue and profit for the year were significantly below what we achieved in 2007, although we have remained profitable," it said.

It added that it has managed costs carefully, maintained good cash flow and again ended the year with a healthy net cash balance.

The group also maintained its full year dividend at 2.5p for the year.

"Despite the unpredictable economic climate and slower than desired rate of adoption of technological change in the commercial and industrial printing market, the board remains optimistic that Xaar has the right products now and is developing the right products for the future," said the group.

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