Printing technology manufacturer Xaar PLC (LON:XAR) told investors that its trading over the first four months of 2020 was in line with its pre-coronavirus (COVID-19) pandemic expectations, but it remains cautious.
It described its order book as healthy but noted that the outlook for the second half remains uncertain, and, said it is still too early to assess the impact of the pandemic on the results for the full year 2020 and into 2021.
“Sales have been weaker in Europe and North America but stronger in Asia where economies have come out of lockdown sooner,” Xaar said in a statement ahead of its AGM later today.
“The board will re-establish guidance on expectations as more economies emerge from lockdown and there is greater certainty surrounding economic conditions.
“We remain confident and focused on our medium-term strategy to return the business to profitability and growth.”
Xaar said it entered 2020 with a strong balance sheet and net cash, it has maintained disciplined cost control and cash management.
In terms of its operations, Xaar noted: “In March, when lockdown measures were introduced in the UK and elsewhere, we implemented safe working methods for all staff where their attendance on site was necessary, particularly in our factories, while other staff were able to work remotely.
“The whole team has demonstrated tremendous resilience in difficult circumstances and as a result the business has been able to operate efficiently and continue to meet its commitments to customers.”