XP Power Ltd Trading Statement
11 April 2017 - 4:00PM
UK Regulatory
TIDMXPP
11 April 2017
XP Power Limited
("XP Power" or "the Group")
Trading Update
XP Power, one of the world's leading developers and manufacturers of critical
power control components to the electronics industry, is today issuing its
trading update for the quarter ended 31 March 2017.
Trading
Trading in the first quarter has been strong, as the positive momentum
established in the second half of 2016 continued into the first quarter of
2017. Revenue growth, which had been building sequentially over the previous
two quarters, accelerated once again in the first quarter of the new financial
year. Group revenues in the three months to 31 March 2016 were GBP39.6 million
(2016: GBP28.2 million), up 40% from those achieved in the same period a year
ago. In constant currency, revenues were up 23%.
Order intake in the quarter was also very encouraging at GBP47.0 million (2016: GBP
30.3 million), up 55% on the same period in the prior year. In constant
currency order intake was up 36%.
Financial Position
Net cash was GBP8.8 million at 31 March 2017 compared with GBP3.7 million at the
year end.
Dividend
The Board has declared a dividend for the first quarter of 15 pence per share,
a 7% increase over the prior year, which will be paid on 10 July 2017 to
shareholders on the register at 16 June 2017 (2016: 14 pence per share).
Outlook
The Group has made a good start to its financial year, with continued growth in
revenues and strong momentum in order intake. We are encouraged by the outlook
and the Group remains on track to be in line with our expectations in 2017.
XP Power will issue its interim results for the six months to 30 June 2017 on
31 July 2017.
- Ends -
Enquiries:
XP Power
Duncan Penny, Chief
Executive +44 (0)
7776 178 018
Jonathan Rhodes, Finance
Director +44 (0)118 976
5074
Citigate Dewe
Rogerson
+44 (0)20 7638 9571
Kevin Smith/Jos Bieneman
Note to editors
XP designs and manufactures power controllers, the essential hardware component
in every piece of electrical equipment that converts the power from the
electricity grid into the right form for the equipment to function.
XP typically designs in power control solutions into the end products of major
blue chip OEMs, with a focus on the industrial (circa 45% of sales), healthcare
(circa 30% sales) and technology (circa 25% of sales) sectors. Once designed
into a program, XP has a revenue annuity over the life cycle of the customer's
product which is typically 5 to 7 years depending on the industry sector.
XP has invested in research and development and its own manufacturing
facilities in China and Vietnam, to develop a range of tailored products based
on its own intellectual property that provide its customers with significantly
improved functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the London Stock
Exchange since 2000, XP serves a global blue chip customer base from 29
locations in Europe, North America and Asia.
END
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