Xaar (LSE:XAR) reported like-for-like revenue growth of 16.6% in 2025, taking annual revenue to £60.3 million. Performance was led by a 28.9% increase in printhead sales, while the core ceramics business delivered stable results. Additional momentum came from newer products and applications, including jewellery wax, as the group continues to broaden the use cases for its inkjet technology.
Higher volumes and disciplined cost control supported an improvement in gross margins, with management expecting adjusted full-year profits to come in slightly ahead of market expectations. Net cash declined to around £4.8 million by year end, reflecting £3.1 million of capital expenditure as the company invested in capacity and technology to support future growth.
Xaar said its differentiated fluid-deposition capabilities are now generating revenue from markets beyond ceramics, reinforcing confidence in the scale of longer-term opportunities. The group also highlighted recent corporate developments, including the appointment of Berenberg and Singer Capital Markets as joint corporate brokers, as part of efforts to support its next phase of growth.
Despite the positive operational momentum, Xaar’s broader outlook remains mixed. Historical pressures on revenue and profitability continue to weigh on sentiment, although a strong equity position and recent positive corporate signals, such as director share purchases and an upbeat outlook statement, provide some balance. Technical indicators point to a broadly neutral trend, while valuation remains challenging given negative earnings.
More about Xaar
Xaar plc is an inkjet printing technology group specialising in printheads that enable the precise deposition of specialist fluids. The company’s core market is ceramics, with expanding applications in areas such as jewellery wax and other industrial uses as it extends its technology into new sectors.
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