Updates

Xaar

October 2014

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Xaar has said that although September was OK, there has been a further slowdown in Chinese construction activity, which has had a nasty pincer like effect on tile production activity. It therefore expects full year sales will be 5-10% below the previously guided range of £115-125m, whilst 2015 sales are guided to be below £100m. To reflect lower demand, Xaar has reduced its production costs and will cut its headcount by 150-200 (20%) by the year end. But the lower volumes are magnified to profits and consequently N+1 Singer has cut its forecast to £22.2m pretax (23.8p) for the year to end December, with £16m next year (eps 17.3p). They always say that profit warnings come in 3s and with the new products stil ...

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