Trading Update

                                                             10 October 2019

XP Power Limited
(“XP Power” or “the Group”)

Trading Update

Full year expectations unchanged

XP Power, one of the world’s leading developers and manufacturers of critical power control components to the electronics industry, is today issuing a trading update for the quarter ended 30 September 2019.

Trading

Order intake and revenues for the third quarter and nine months ended 30 September 2019 is set out in the table below.

£ Millions	2019	2018	Change	Change in constant currency	Like for like change1
Orders
Third quarter	55.9	51.9	+8%	+4%	+6%
Year to date	156.5	153.3	+2%	-3%	-5%
Revenues
Third quarter	53.8	52.9	+2%	-1%	-1%
Year to date	152.7	146.1	+5%	-1%	-4%
Book to Bill
Third quarter	1.04	0.98	+0.06
Year to date	1.02	1.05	-0.03

¹ Like for like basis, removing currency effects and the impact of the Glassman acquisition in May 2018.

Financial Position

Net debt at 30 September 2019 was £50.0 million compared to £50.4 million at 30 June 2019.

Dividend

A dividend for the third quarter of 20 pence per share will be paid on 13 January 2020 to shareholders on the register at 13 December 2019. This brings the total dividend for the first three quarters of 2019 to 55 pence per share, representing a 6% increase over the 52 pence per share paid in respect of the first three quarters of 2018.

Outlook
 

Order intake in our Healthcare, Industrial and Technology markets remains robust, but as expected, there has been no notable recovery in the end markets for Semiconductor Equipment Manufacturing, which represented 18% of revenues in the first half of 2019. With the third quarter book to bill ratio at 1.04, the Board anticipates the Group’s performance for the full year will be in line with its current expectations as outlined at the time of its interim results on 1 August 2019.

XP Power will issue a trading update for the year ended 31 December 2019 on 13 January 2020.

- Ends -

XP Power
Duncan Penny, Chief Executive Officer    [phone]
Gavin Griggs, Chief Financial Officer        [phone]

Citigate Dewe Rogerson                 [phone]
Kevin Smith/Jos Bieneman

Note to editors

XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function.

XP Power typically designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Industrial (circa 47% of sales), Healthcare (circa 24% of sales), Semiconductor Equipment Manufacturing (circa 18% of sales) and Technology (circa 11% of sales) sectors.  Once designed into a programme, XP Power 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 Power 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 Power serves a global blue-chip customer base from 29 locations in Europe, North America and Asia. 

For further information, please visit xppower.com