Trading Update

11 April 2016

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 2016.

Trading

Trading in the first quarter has been strong. Group revenues in the three months to 31 March 2016 were £28.2 million (2015: £25.6 million) up 10% from those achieved in the same period a year ago. In constant currency, revenues were up 6%.

Order intake in the quarter was also encouraging at £30.3 million (2015: £27.9 million) up 9% on the same period in the prior year. In constant currency order intake was up 4%.

Financial Position

Reported net debt was £3.7 million at 31 March 2016 compared with £3.7 million at the year end. Using the exchange rates prevailing at the year end, net debt at 31 March 2016 would have been £3.3 million, a reduction of £0.4 million.
 

Dividend

The Board has declared a dividend for the first quarter of 14 pence per share, an 8% increase over the prior year, which will be paid on 8 July 2016 to shareholders on the register at 17 June 2016 (2015: 13 pence per share).
 

Outlook
 

The Group has made a good start to its financial year, with the strong order intake experienced in the last quarter of 2015 continuing in the first quarter of 2016. It therefore remains on track to grow in line with our expectations in 2016.

XP Power will issue its interim results for the six months to 30 June 2016 on 25 July 2016. 

- Ends -

Enquiries:

XP Power                                                                                                                                                                                                                                       Duncan Penny, Chief Executive      [phone]
Jonathan Rhodes, Finance Director[phone]                                                                                                                              

Citigate Dewe Rogerson          [phone]
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.