Inkjet printing manufacturer Xaar has announced pre-tax profits of £40.1m, following a year which saw a range of technology and product developments.
It announced a surge in its 2013 reported pre-tax profit to 40.1 million pounds, from 15.7 million pounds, with adjusted pre-tax profit jumping to 41.1 million pounds, from 18.4 million pounds, in 2012.
In 2013, revenue climbed to £137.1m, from £86.3m on a reported basis, while growing by 55% year-over-year to 134.1 million pounds on an adjusted basis.
The firm cited the manufacturing sector as one of its key strong point, mainly driven by the continued conversion of the global ceramic tile market and strong demand for Xaar’s technology.
“We achieved exceptional growth in revenue and profit margin in 2013 as customer demand for our products, particularly in the ceramics segment, accelerated,” said CEO Ian Dinwoodie in a statement.
“Whilst growth is expected to be more modest over the next period, looking further forward the opportunities for digital print continue to develop, with industry forecasts projecting that the conversion to digital over the next 10 years is expected to be twice that seen in the last 20 years,” he added.
Xaar is currently in the process of a series of investments, which includes a £30m programme to increase production at its Huntingdon, Cambridgeshire site by 75%.
R&D investment has also doubled to £16.4m and now accounts for 12% of annual revenues after increasing by 64% for the year.
Xaar was highly commended at the 2013 Manufacturer of the Year Awards. Entries for 2014’s awards are now open till the end of July. For more information about entering, please visit the awards site.