Upgrade readies Xaar for FTSE 250

SHARES in printing technology group Xaar rose 26.5 per cent yesterday after it upgraded profit forecasts for the third time in a year.

The rise positions the Cambridge-based business for entry into the FTSE 250 index of companies for the first time, with shares now trading at almost three times their value at the start of the year. Xaar, whose printing technology is used in sectors including graphic arts and packaging, said the biggest driver of growth had been ceramic tile printing, and that it now expects sales in 2013 to be 50 per cent above the £86.3m of last year.

Xaar’s market capitalisation ended at above £600m, putting it easily in the FTSE 250 zone ahead of tomorrow’s quarterly review.