Xaar leaps on bumper sales

SHARES in Xaar rose by 14.5 per cent yesterday after the printing technology group said that sales in the first quarter of the year had “grown significantly” on the same period last year.

Xaar, which makes printing technology for tiles and other ceramics, also unexpectedly saw quarter-on-quarter growth. The firm’s first quarter is traditionally quiet due to the Chinese New Year.

Margins are now over 50 per cent, an improvement on the figures in the second half of 2012. The news triggered a host of upgrades from analysts who bumped up profit forecasts. Xaar shares have more than doubled since June 2012.