Xaar has reiterated the message from its November trading update, with both revenue and profit expected to be within the previously announced ranges (£70-72m and £2.5-3m, respectively). Cash of £7.1m at 31 December 2023 is ahead of management expectations and significantly up on the £3.7m reported at 28 November, which we assume is due to a combination of working capital improvements and tight control over costs. The outlook for FY24 ‘remains as stated in the November update’; at that time, the tone was cautious, with weaker demand in Q4 23 expected to continue into 2024. We take comfort from the strong cash flow late in the year, performance otherwise as anticipated in the November update and unchanged guidance around FY24.