13 April 2018
XP Power
Limited
(“XP Power” or the
“Company”)
Trading Update
XP Power, one of the world's leading developers and
manufacturers of critical power control solutions for the
electronics industry, is today issuing a trading update for the
first quarter ended 31 March
2018.
Trading
The Company has made a good start to the new financial year as
the strong order intake reported in 2017 continued into 2018. Order
intake in the first quarter of 2018 was £51.2 million (2017: £47.0
million), 9% ahead of Q1 2017 on a reported basis or 19% ahead in
constant currency. On a “like for like” basis, removing
currency effects and the impact of the Comdel acquisition, orders
increased by 12%.
Group revenue for the three months to 31
March 2018 was £46.6 million (2017: £39.6 million), 18%
ahead of Q1 2017 on a reported basis, or 28% ahead in constant
currency. On a “like for like” basis revenue increased by
17%. The Book to Bill ratio, which tracks the relationship
between orders received and completed sales and is an indicator of
future revenue growth, was 1.10 for the first quarter.
Financial Position
Net debt was £6.8 million at 31 March
2018 compared with £9.0 million at 31
December 2017.
Dividend
The Board has declared a dividend for the first quarter of
16 pence per share, a 7% increase
over the prior year, which will be paid on 11 July 2018 to shareholders on the register at
15 June 2018 (2017: 15 pence per share).
Outlook
The momentum seen in 2017 has continued into the first quarter
of 2018 and we are encouraged by the continued strong order intake
experienced across the business and the book to bill level gives us
confidence for the future. The Board’s expectations for the
Company’s full year performance remain unchanged.
Enquiries:
XP Power
Duncan Penny, Chief Executive
Officer +44 (0)118 976 5086
Gavin Griggs, Chief Financial
Officer +44 (0)118 976 5154
Citigate Dewe
Rogerson
+44 (0)20 7638 9571
Kevin Smith/Jos Bieneman
Note to editors
XP designs and manufactures power controllers, the essential sub
assembly 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 39% of sales), healthcare (circa 31%
sales) and technology (circa 30% 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, North
America and Vietnam, to
develop a range of up to date 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 27 locations in Asia, Europe
and North America.