Xaar reported adjusted 2015 PBT 9% ahead of our expectations driven by an increase in gross margin. We have increased our forecasts for adjusted PBT and EPS by 6% for 2016 reflecting this improved profitability. For 2017 we have made the same underlying increase, however our forecast shows a material downgrade as we have also assumed that the first Thin Film/P4 products are successfully launched, capitalisation of R&D ceases as this programme reaches fruition, and that the group begins to amorti ....