Xaar loses another key executive

 

Xaar has lost its second executive in four months, with finance director Jonathan Lowe saying he would follow founding chief executive Graham Wylie out of the exit door.

Lowe, in the job for four years, timed the news to coincide with results showing a full-year profit rise in line with expectations at the maker of computerised print heads. The shares lifted 2p to 157 1/2p.

Profits rose fivefold to £2.7m on turnover that grew 50% to £22.7m. Lowe said he was going to a private equity firm and that he had indicated his intention to leave before Wylie's resignation, which was unconnected. Wylie's sudden departure had knocked 10% off the share price.