Briefs: NextGen raises cash; Xaar Q3 revenues lower than planned
NextGen said it has raised £315,000 through a share placing to two shareholders: Perfekt Beteiligungsmanagement and Family Trust Select - FIS - Teilfonds Zeus.
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Xaar plc, the inkjet printing technology group, said sales of its established Platform 1 products to China, which saw a significant decline towards the end of Q2, stabilised during Q3 but at a level which is lower than in previous years.
Sales of P1 products to other regions and sales of Platform 2 and Platform 3 products remain on track. With revenues in Q3 lower than planned, and production levels in line with this lower demand, margins and profits were below plan. The Board expects an improved performance in Q4 but, in light of the outlook for the global economy, must remain cautious.
Xaar has already implemented a series of cost saving measures, the benefits of which will be seen in 2009, the Board said in a statement.
Xaar said it has maintained its strong balance sheet with cash at 30 September of £10.1m (30 June 2008: £10.7m). Total debt at 30 September was £0.7m (30 June 2008: £0.7m.
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Intercytex Group plc, developer of regenerative medicine products to restore skin and hair, appointed Max Herrmann (42) as Chief Financial Officer.
Mr Hermann joins from Fusion IP plc, the university IP commercialisation company, where he held an independent consulting role for the past 12 months. Prior to this, he spent over 10 years as a sell-side equity analyst, most recently as MD and Head of European Pharmaceutical and Biotechnology Research at ING Equity Markets, responsible for a highly rated team of analysts focused on the pharmaceutical, biotechnology and healthcare sectors.
