Xaar’s year end trading update has confirmed earnings in line with expectations, but from a different revenue mix than we had anticipated. Sales into the ceramic tile printing market are lower than our forecasts, reflecting slower than expected redesign and roll-out of customer printers using the new 2001 and 2001+ print heads, along with continued competitive pressures. However sales are above expectations into all sectors of the packaging and product printing market, as are licensing revenues. Meanwhile initial demand is high for the newly launched Thin Film/P4 print heads, which are expected to provide significant revenues in 2017, ahead of our estimates. We have made no changes to our forecasts at this stage, but expect to adjust our segmental mix and review assumptions post the prelims on 22nd March 2017.