Members of Xaar’s senior leadership team have bought shares in the business to show their commitment and confidence in its new strategy.
John Mills, CEO, Ian Tichias, chief financial officer, and Andrew Herbert, chairman, have invested in the company, buying 275,000 shares among themselves. The investment follows the announcement of Xaar’s full year results for the 12 months ending December 31, 2019.
“Last year was difficult for the group as a result of the performance of the printhead business and the decision to end investment in thin film,” said Mills. “However, we entered 2020 with confidence in the future and a revised strategy, product roadmap, and strong balance sheet to deliver improved performance and a return to profitability.
“Clearly, with the rise of the COVID-19 pandemic, it is impossible to determine its effect on the company’s results this year; however, we are yet to see a significant impact on customer demand.”
He added: “We have all the fundamentals in place to continue to execute our approach and return Xaar to profitability. Our share investment is a demonstration of our belief in the long-term performance of the business and the confidence we have in delivering sustainable growth.”