Industrials & Support Services

Xaar plc

Market Cap (£m) 146.7
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Company Description

Xaar is a specialist electronic devices and systems business based around its piezo electric industrial inkjet printhead technologies and products. Xaar manufactures the printheads for use in applications that include ceramic tile printing, product coding and market, large format graphics, 3D printing and printing on windscreens.

Investment Summary

Xaar’s management has done a fine job in recent years of turning the business around. Management’s strategy of investing in new products and working more with end users and printer manufacturers is already showing through in growing revenues. The new product roadmap should allow Xaar to address much of the estimated $1bn industrial inkjet market. As new products come through, Xaar regains and wins market share and the benefits of historical investment in capacity and operational gearing are reflected in the profits and cash generation, there is potential for forecast upgrades and, on an EV/Sales basis at least, some rerating.

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Company Management Team

  • John Mills

    Chief Executive Officer

    John joined Xaar in 2019 following 5 years as CEO at Inca Digital. John started his career at Domino Printing Sciences plc as Development Scientist following a Ph.D in Physics, progressing through a number of technical roles to Director of Development, a role he held for over 4 years. Other roles since leaving Domino Printing include CEO at DataLase Ltd, COO at Plastic Logic Ltd.

  • Ian Tichias 

    Chief Financial Officer

    In addition to his role as Executive Chairman of Corcel Plc, James is currently Executive Chairman of Ascent Resources Plc and Non-Executive Chairman at Echo Energy Plc and Coro Energy Plc. James has over 20 years’ experience in the fields of strategy, ma