Final Results

XP Power PLC
03 February 2004



Embargoed until 7.00am                                          3 February 2004

                                  XP Power plc
                             ('XP' or 'the Group')

             Preliminary Results for the Year Ended 31 December 2003

XP Power, one of the world's leading providers of power supply solutions to the
mid-tier of the electronics industry, today announces its Preliminary Results
for the year ended 31 December 2003.


FINANCIAL HIGHLIGHTS



£ Millions                                     Year ended 31     Year ended 31
                                               December 2003     December 2002

Profit and loss (Page 5)
Turnover                                                59.4              64.0

Gross margin                                            19.9              20.4
Gross margin %                                          33.5%             31.9%

Profit before tax, amortisation of goodwill
 and exceptional profit                                  3.6               2.2

Profit before tax                                        2.5               0.7

Cash flow (Page 7)
Cash inflow                                              1.3               3.2
Free cash flow                                           4.3               6.6

Basic earnings per share                                 7.0p              0.0p

Diluted earnings per share adjusted for
goodwill amortisation and exceptional gain              12.4p              7.3p

Dividend per share                                      12.0p             12.0p


KEY ACHIEVEMENTS

• Significantly improved financial performance

• Diluted earnings per share adjusted for goodwill amortisation and
  exceptional gain grows 70% to 12.4 pence per share

• Gross margins improved by a further 1.6% points to 33.5% - the fourth
  year of successive improvement

• Strong free cash flow and increased profitability enabled dividend to
  be maintained at 12p per share

• Introduction of own brand XP product range now materially complete

• Continental European operations report first operating profit

• New design wins and the introduction of further own branded product
  families to underpin prospects in 2004

Larry Tracey, Executive Chairman said:


'I believe the substantial investment made during the past 24 months in the
development of our people and products will yield growing returns for our
shareholders in 2004 and beyond.'




Enquiries:

XP Power plc                                         (03/02/04)020 7067 0700
Larry Tracey, Executive Chairman                   (Thereafter)0118 984 5515
James Peters, Deputy Chairman
Duncan Penny, Chief Executive

Weber Shandwick Square Mile                                    020 7067 0700
Kevin Smith / Christian Taylor-Wilkinson


Notes to editors:

XP Power plc, formerly IFX Power plc, provides power supply solutions to the
mid-tier market of the electronics industry.

All electronic equipment needs a power supply. Power supplies convert the
incoming AC supply into various levels of DC voltages to drive electronic
components and sub-assemblies within the end user's equipment. By servicing this
market XP Power provides investors with access to technology and industrial
markets through its 8,000 strong customers in the profitable, high margin,
mid-tier sector of the North American and European markets.

The mid-tier of the market is highly fragmented and made up of a large number of
small to medium sized Original Equipment Manufacturers who source standard and
modified standard power supplies from several hundred power supply companies.

For further information, please visit www.xppower.com




Embargoed until 7.00am                                         3 February 2004
                                  XP Power plc
                             ('XP' or 'the Group')

             Preliminary Results for the Year Ended 31 December 2003


                              CHAIRMAN'S STATEMENT

Business Performance

During the last three years, and against a background of difficult conditions in
industrial electronics markets worldwide, XP has successfully evolved its
business model to become a virtual manufacturer of power supplies under its own,
global XP brand. This movement up the value chain, whereby XP is responsible for
product design and customer relationships but outsources manufacture to low cost
markets in the Far East, has seen the Group transform its product portfolio and
post a steady improvement in gross margin. Furthermore, XP has remained
profitable throughout this period, one of the few power supply companies
worldwide to do so.

Revenues decreased by 7% to £59.4 million in the year (2002: £64.0 million),
with the impact of the uncertain economic environment on capital equipment
purchases continuing to be the major factor behind the decline. In addition, and
as expected, we continued to experience a loss of revenue as certain
manufacturers whose product we had distributed previously severed their
relationships with us as the Group continued to implement its strategy of
developing own brand products based around its own intellectual property. We
believe that this reaction has now run its course and we do not expect to
experience significant further erosion in the current year. Against this
background, and taking into account the effects of the rapidly depreciating US
dollar, we have reported higher revenues in the second half of 2003 versus those
reported in the first half. This is the first half-on-half increase in revenues
since 2000 and we believe that it signifies that the Group is back on a revenue
growth path driven by new design wins and the introduction of many own branded
product families.

Gross margins have improved to 33.5% in 2003 from 31.9% in 2002. This is our
fourth successive year of gross margin improvement in the face of difficult
markets and generally declining prices. The improvement is a direct result of
our continued development of own brand products designed specifically to meet
the requirements of customers in each of the markets we serve.

Operating expenses (excluding goodwill amortisation) were cut further to £16.2
million in the year compared with £18.0 million in 2002. In addition to the cost
savings made at the end of 2002 in the continental European organisation, we
have continued to make savings in the operational and administrative parts of
the business which have enabled us to fund increased product development
expenditure. Investment in product development was £1.9 million compared to £1.7
million in 2002 and we are now starting to see the benefits of this investment
in new products in the mix of business now flowing to the profit and loss
account. Despite these cutbacks, our current infrastructure is sufficient to
support sizeable growth should a significant recovery take place in our
underlying markets during 2004.

We have seen a significant decline in the value of the US Dollar versus Sterling
during the second half of 2003. This obviously has an effect on our financial
statements when we translate the results of our US business into Sterling for
reporting purposes as the US represents approximately two thirds of our overall
business. The US business itself is immune to the financial effects of foreign
exchange as both its revenues and expenses are denominated in US Dollars.
Regarding translation differences, the Group would have reported additional
revenues of approximately £2.9 million and additional operating profit of £0.2
million if the average exchange rate that prevailed in 2003 was the same as that
in 2002.

Profit before tax increased from £0.7m to £2.5m. Profit before tax, goodwill
amortisation (£1.5m) and the exceptional profit from the sale of shares in the
Group's Employee Benefit Trust (£0.4m) was up 64% to £3.6 million compared to
£2.2 million in 2002. This resulted in diluted earnings per share adjusted for
goodwill amortisation and the exceptional profit on sale of shares of 12.4p
compared with 7.3p in 2002, an increase of 70%. Basic earnings per share
increased to 7.0p from 0.0p in 2002.

Sales and Marketing

We strive to inspire all of our people to become experts in power with the aim
of delivering genuine value to our customers. The role of our field sales
engineers, who interface directly with our customers' engineering teams to
design our power supplies into their systems, is crucial and we believe that we
have not only the largest direct sales force in our industry sector, but also
the best trained and the most technical. We plan to continue to develop our
sales people as a key component of our competitive advantage. Our competitors
either sell through smaller direct sales forces which have been cut back
significantly during the downturn or they sell through the increasingly
diminishing specialist distribution channels. We consider our model of
developing our own products, partnering with low cost manufacturers and selling
these products directly using a technical and well trained sales team to be the
right one.

I am pleased to report that the actions we took during Q4 2002 - when we scaled
back the continental European operations with the goal of breaking even in 2003
- have been successful. Revenues from continental Europe have improved to £7.1
million compared to £6.1 million in 2002 and, more importantly, the gross margin
these businesses have earned increased from 24.6% in 2002 to 30.8% in 2003 as
the design-in of our own product took effect. The result is that continental
Europe produced its first operating profit of £0.3 million in the year.

Our more mature UK business performed well; revenues increased to £15.9 million
in 2003 from £15.2 million in 2002 and operating profit improved to £2.6 million
from £1.6 million in the same period. We were particularly successful in adding
new customers in the defence and avionics markets and have had some renewed
success with telecom infrastructure. The industrial sector, however, remains the
core of the UK business.

Revenues from the US business declined from $64 million in 2002 to $59 million
in 2003. The US has been hardest hit by both the decline in the communications
end markets and the termination of the US principals whose product we
distributed. However, we believe that we have now taken the pain of this and new
business from the efforts of designing in our own product is starting to show
through. Our US operations have been particularly successful in designing in our
new branded product and this should bear fruit over the next two years as many
of these projects move into production. Our customers' projects take on average
14 months from identification to producing their first production revenues.

We have seen an increasing trend of product design occurring in either North
America or Europe and the production moving offshore to the Far East. In order
to support our customers who choose this model we opened an office in Singapore
in July 2003 and we are now in a position to support our customers throughout
the world.

Our Customers

The profile of our customer base has changed dramatically since the beginning of
2001, when the market conditions in our industry deteriorated, which continued
through 2002 and into 2003.

Revenues derived from the communications sector have decreased from £50m in 2001
to £16m in 2003 as these industries experienced a severe retrenchment. However,
revenues from the communications sector still represented 27% of our total in
2003 - compared to 58% in 2001 - and, despite the decline, this remains an
important market sector for the Group. We believe that the reduction in our
revenues from communications markets has run its course and we are now seeing 
signs of improvement as some companies in this sector show a willingness to 
invest in capital equipment again.

In response to falling demand in some of our traditional sectors, we implemented
a strategy of targeting and developing new end-user markets. This expansion of
our capabilities has been successful and, as a result, revenues derived from the
medical, industrial and defence sectors have increased steadily with 2003
revenues being some £7 million more than the levels achieved in 2001. Industrial
and medical revenues continued to improve in 2003 and we believe this trend
should continue in 2004. In Europe we have also seen the revenues generated from
defence and avionics customers advance.

The evolution of the XP business model has also opened up a number of new
customer opportunities to the Group. A recent new project win on the Kalos 2
with Credence Systems Corporation, a worldwide leader in automated test
equipment for the semiconductor industry, is a good example of how the Group's
tailored products and virtual manufacturing model are combining to deliver high
value added solutions to the customer.

New Product Development

New product development is vital to the long-term success of our business. The
individual, specialist requirements of a fragmented customer base in the
mid-tier of the power supply market, combined with a lack of suitable standard
product from the top tier players, has given us a considerable advantage in this
arena. Development activity during the last few years has been concentrated on
the introduction of our own XP branded product as we have completed the shift to
the virtual manufacturer business model.

Our knowledge management systems allow us to capture huge amounts of marketing
data gathered during customer visits. We use this information to carefully
target our product development and tailor it to the needs of our customers as
well as to closely manage the sales force.

In 2001 and 2002 we introduced a total of 67 new product families. In 2003 a
further 25 product families were introduced, all of which are sold under the XP
brand. This huge introduction of product over the last 3 years means our product
portfolio is materially complete. We believe we can now satisfy approximately
70% of all requirements we see in the market with our own XP product. The number
of product families we introduce in 2004 will therefore decelerate.

These new products allow us to win more of the available business in our tier of
the market and to make significantly higher gross margins as we own more of the
intellectual property in the product. At the same time as delivering higher
gross margins, and therefore earnings to our shareholders, we are delivering
cost savings to our customers.

We are working ever closer with our manufacturing partners in the Far East. Our
design engineers interface with our manufacturing partners throughout the
product development cycle to ensure that cost is optimised at every stage of the
design process. Furthermore, because we designed these products ourselves, it is
straightforward for us to modify them to meet our customers' requirements.

Our product offering to our customers covers the whole range of options from
standard product, to modified standard, through configurable to complete custom
build if required. In addition we continue to partner with other manufacturers
who we consider to be the best in their specific areas of expertise. We will
continue to sell other manufacturers' products where it makes sense for our
customers.

Dividend and Share Buy Back

Our continued profitability and strong cash flow in the face of difficult market
conditions has enabled us to maintain our dividend. We will be proposing a final
dividend of 7p per share at our forthcoming Annual General Meeting which is
scheduled for 21 April 2004.

In the early part of 2003 the dividend yield on our shares reached 12%. Since
this is way below our cost of debt we took advantage of the situation,
benefiting our shareholders, and purchased 470,000 of our own shares at an
average price of 108.5 pence per share. In view of the high yield and the
absence of suitable acquisition targets, we considered a share buy back to be
the best use of the debt resources available to the Group at that time.

People

The Group needs to attract and retain the best people in the industry - people
who will continue to drive the business forward and who above all act in our
customers' interests. XP has a culture that rewards excellent performance with
profit sharing, sales commissions and equity participation. Over 100 of our 237
employees have some sort of equity interest in the Group.

In structuring its incentive schemes for senior management the Group has sought 
to align the interests of the directors with those of shareholders as directly 
as possible. To this end, towards the end of the financial year four executive 
directors purchased shares at market value, on deferred payment terms, from the 
Group's Employee Benefit Trust, an arrangement which captures the best elements 
of an option scheme but avoids diluting shareholders.

The competence of our management and dedication of our people was recognised by
the Investors In People award in the UK during the year. We will continue to
invest in our people, in particular by providing technical and commercial
training to enable them to be recognised as experts in power by our customers.

Outlook

We believe that we are now seeing signs of a return of confidence in our
customer base, particularly in the US, where an improvement in economic
conditions has been widely reported in the later part of 2003. While to date,
this economic improvement has yet to fully filter through to produce higher
orders of the capital equipment which incorporate our products, the signs are
encouraging and I expect that we should see improving economic conditions in
2004.

Subject to any external economic shock I expect 2004 to be better than 2003 for
XP. Many of the programmes we won in 2002 and 2003 should start turning into
revenue and we expect our expanded product range to underpin further sales
growth. The outlook can only be helped by any improvement the wider industrial
economy provides us.




Larry Tracey
Executive Chairman

                                     -Ends-


                                  XP Power plc
                      Consolidated Profit and Loss Account
                      For the Year Ended 31 December 2003


£ Millions
                                                                2003     2002

Turnover                                            Note 2      59.4     64.0

Gross profit                                                    19.9     20.4

Selling and distribution                                       (11.4)   (12.2)

Administrative expenses
Research and development                                        (1.9)    (1.7)
Goodwill amortisation                                           (1.5)    (1.5)
Other administration expenses                                   (2.9)    (4.1)
Total administrative expenses                                   (6.3)    (7.3)
Other operating income                                           0.2      0.1

Group operating profit                              Note 2       2.4      1.0
Share of associates' operating profit                            0.3      0.1
Total operating profit                                           2.7      1.1

Exceptional gain                                    Note 3       0.4        - 
Interest receivable and similar income                             -      0.2
Interest payable and similar charges                            (0.6)    (0.6)
Profit on ordinary activities before taxation                    2.5      0.7
                                                    
Tax on profit on ordinary activities                Note 4      (0.9)    (0.6)

Profit on ordinary activities after taxation                     1.6      0.1

Minority interests                                              (0.2)    (0.1)

Profit attributable to XP shareholders                           1.4        -

Dividends payable                                   Note 5      (2.5)    (2.5)

Retained profit for the period                                  (1.1)    (2.5)

Basic earnings per share                            Note 6       7.0p     0.0p

Diluted earnings per share adjusted for goodwill
 amortisation and exceptional gain                  Note 6      12.4p     7.3p

Statement of Recognised Gains and Losses

£ Millions                                                       2003     2002

Profit attributable to XP shareholders                            1.4        -
Currency translation differences                                 (1.2)    (1.7)
Total recognised gains/(losses) relating to the year              0.2     (1.7)
Prior period adjustment                                             -      0.2
Total recognised gains/(losses) since last annual report          0.2     (1.5)



                                  XP Power plc

                      Statutory Consolidated Balance Sheet
                              At 31 December 2003

£ Millions                                                      2003      2002

Fixed assets
Intangible assets - Goodwill                                    22.4      23.0
Tangible assets                                                  2.9       3.4
Investments                                                      1.1       0.8
Own shares                                                       0.0       0.4
Total fixed assets                                              26.4      27.6

Current assets
Stocks                                                           6.6       7.7
Debtors                                                         11.5      10.8
Cash at bank and in hand                                         4.5       4.4
Total current assets                                            22.6      22.9

Creditors: amounts falling due within one year                 (12.0)    (11.8)

Net current assets                                              10.6      11.1

Total assets less current liabilities                           37.0      38.7

Creditors: amounts falling due after more then one year        (10.6)     (9.0)

Net assets                                                      26.4      29.7

Capital and reserves
Called up share capital                                          0.2       0.2
Share premium account                                           27.0      27.0
Merger reserve                                                   0.2       0.2
Profit and loss account                                         (1.1)      1.7
Total equity shareholders' funds                                26.3      29.1
Minority interests                                               0.1       0.6
Total capital and reserves                                      26.4      29.7



                                  XP Power plc

      Statutory Consolidated Cash Flow for the Year Ended 31 December 2003

£ Millions                                                   2003         2002

Net cash flow from operating activities       Note 8          5.3          8.3

Returns on investments and servicing of
 finance
Interest paid                                                (0.6)        (0.6)
Interest received                                               -            -

Net cash outflow from returns on investments and the
 servicing of finance                                        (0.6)        (0.6)

Tax paid                                                     (0.1)        (0.5)

Capital expenditure
Purchase of tangible fixed assets                            (0.4)        (0.9)
Sale of tangible fixed assets                                 0.1          0.3

Net cash outflow from capital expenditure                    (0.3)        (0.6)
-------------------------------------------------------------------------------
Free cash flow                                                4.3          6.6
-------------------------------------------------------------------------------

Purchase of subsidiary undertakings           Note 10           -         (5.7)

Share buy back                                               (0.5)           -

Equity dividends paid                                        (2.5)        (2.5)

Financing
New loans                                                       -          4.8

Net cash flow from financing                                    -          4.8

Increase in cash                                              1.3          3.2


Notes to the Preliminary Results for the Year Ended 31 December 2003

1. Basis of preparation
The financial statements are prepared in accordance with applicable accounting
standards. The particular accounting policies adopted are described below.

Accounting convention
The financial statements are prepared under the historical cost convention.

Basis of consolidation
The group has accounted for the acquisition of XP and Forx using the merger
method of accounting and all other subsidiaries using the acquisition method of
accounting in accordance with Financial Reporting Standard 6, 'Acquisitions and
Mergers'.

Goodwill and intangible fixed assets
For acquisitions of a business, where the acquisition method of accounting is
adopted, purchased goodwill is capitalised in the year in which it arises and
amortised over its estimated useful life up to a maximum of 20 years. The
directors regard 20 years as a reasonable maximum for the estimated useful life
of goodwill. Capitalised purchased goodwill in respect of subsidiaries is
included within intangible fixed assets.

Tangible fixed assets
Depreciation is provided on cost in equal annual instalments over the estimated
lives of the assets. The rates of depreciation are as follows:
Plant and machinery                - 25 - 33%
Motor vehicles                     - 25%
Office equipment                   - 25 - 33%
Leasehold improvements             - 10% or over the life of the lease if shorter
Long leasehold land and buildings  - Term of the lease

Investments
Investments held as fixed assets are stated at cost less provision for
impairment.

Associates
In the Group financial statements investments in associates are accounted for
using the equity method. The consolidated profit and loss account includes the
Group's share of associates' profits less losses while the Group's share of the
net assets of the associates is shown in the consolidated balance sheet.
Goodwill arising on the acquisition of associates is accounted for in accordance
with the policy set out above. Any unamortised balance of goodwill is included
in the carrying value of the investment in associates.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost represents
material and appropriate overheads based on normal levels of activity.

Deferred taxation
Deferred taxation is provided in full on timing differences that result in an
obligation at the balance sheet date to pay more tax, or a right to pay less
tax, at a future date, at rates expected to apply when they crystallise based on
current tax rates and law. Timing differences arise from the inclusion of items
of income and expenditure in taxation computations in periods different from
those in which they are included in the financial statements. Deferred tax
assets are recognised to the extent that it is regarded as more likely than not
that they will be recovered. Deferred tax assets and liabilities are not
discounted.

Foreign exchange and financial instruments
Transactions denominated in foreign currencies are translated into sterling at
the rates ruling at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies at the balance
sheet date are translated at the rates ruling at that date. These translation
differences are dealt with in the profit and loss account.

The results of overseas subsidiary undertakings are translated into sterling at
the average rates for the period. The exchange differences arising as a result
of restating retained profits to closing rates are dealt with as a movement on
reserves.

The Group uses financial instruments to reduce exposure to foreign exchange
risk. The Group does not hold or issue derivative financial instruments for
speculative purposes.

Leases
Rental costs under operating leases are charged to the profit and loss account
in equal annual instalments over the period of the leases.

Pension costs
The Group operates defined contribution pension schemes for its employees.
Contributions are charged to the profit and loss account as they become payable.


2. Segmental analysis
The Group operates substantially in one class of business, providing power
supply solutions to the electronics industry. Analysis of total Group operating
profit, net assets, turnover and total Group operating profit by geographical
region is set out below.

Segmental Analysis

£ Millions                                        Year to 31        Year to 31
                                               December 2003     December 2002

Turnover
Europe                                                  23.0              21.3
United States                                           36.4              42.7
Total turnover                                          59.4              64.0

Group operating profit (before goodwill)
Europe                                                   2.9               0.2
Corporate operating costs                               (1.1)             (0.8)
United States                                            2.1               3.1
Total group operating profit (before goodwill)           3.9               2.5
Amortisation of goodwill                                (1.5)             (1.5)
Total group operating profit after goodwill              2.4               1.0

                                              At 31 December    At 31 December
                                                        2003              2002

Operating net assets
Europe                                                   9.3               7.9
United States                                           25.0              31.0
Total operating net assets                              34.3              38.9

Operating net assets are defined as net assets adjusted for net borrowings and
the proposed dividend.


3. Exceptional gain

The exceptional gain relates to the profit on disposal of shares from the ESOP
Trust to four executive directors, who acquired 400,000 shares at the market
value of 2.24 per share on 29 December 2003. The consideration for these shares
is deferred until the shares are disposed of.


4. Taxation

£ Millions                                   Year to 31             Year to 31
                                          December 2003          December 2002
                                                                            
United Kingdom                                      0.4                    0.1
International taxation:
Subsidiary undertakings                             0.5                    0.4
Deferred taxation                                     -                    0.1
Total taxation                                      0.9                    0.6


5. Equity Dividends

An interim dividend of 5p (2002 - 5p) per share was paid on 17 October 2003. A
final divided of 7p (2002 - 7p) is proposed for approval at the forthcoming
Annual General Meeting to be paid on 22 May 2004 to shareholders on the register
of members on 2 May 2004.


6. Earnings per share

£ Millions                                  Year to 31              Year to 31
                                         December 2003           December 2002

Earnings for the financial period for
 Basic earnings per share                          1.4                       -
Exceptional gain                                  (0.4)                      -
Amortisation of goodwill                           1.5                     1.5

Earnings for adjusted earnings per share           2.5                     1.5

Weighted average number of shares (thousands)   20,046                  20,514
- basic
Weighted average number of shares (thousands)   20,101                  20,646
- diluted

Supplementary earnings per share are presented to exclude the effect of goodwill
amortisation and the exceptional gain on the ESOP shares in the current period 
as the board regards this to be more meaningful.


7. Reconciliation of operating profit to net cash inflow from operating
   activities

£ Millions                                       Year to 31        Year to 31
                                              December 2003     December 2002

Operating profit                                        2.4               1.0
Depreciation and amortisation                           2.2               2.3
Decrease in stocks                                      0.6               4.6
(Increase)/Decrease in debtors                         (1.3)              4.0
Decrease/(Increase) in creditors                        1.4              (2.5)
Other non cash flow movements                             -              (1.1)
Net cash inflow from operating activities               5.3               8.3


8. Reconciliation of net debt

£ Millions                                       Year to 31         Year to 31
                                              December 2003      December 2002

Net debt at 1 January                                  (7.8)              (6.2)
New loan                                                  -               (4.8)
Increase in cash per cash flow statement                1.3                3.2
Net debt at 31 December                                (6.5)              (7.8)

Represented by Cash at bank and in hand                 4.5                4.4
Overdrafts                                             (2.6)              (4.0)
Loan                                                   (8.4)              (8.2)
Net debt at 31 December                                (6.5)              (7.8)


9. Borrowings
On 12 December 2003 the Group renewed its multi-currency revolving credit
facility with Bank of Scotland. The new facility is £10 million and is committed
for three years at an interest rate of 1.5% above LIBOR and is provided for the
purpose of financing acquisitions. At 31 December 2003 £8.4 million had been
drawn down under this facility. In addition to this the Group has a £10 million
working capital facility which is repayable on demand. Both facilities are
secured on the assets of the Group.


10. Acquisitions

Cash consideration for acquisitions.

£ Millions                          Year to 31                     Year to 31 
                                 December 2003                  December 2002

Switching Systems International              -                            5.3
Others                                       -                            0.4
Total cash consideration                     -                            5.7

The deferred consideration of £0.8 million provided for in 2002 in respect of
Switching Systems International was not required to be paid.

It is expected that the remaining 75% MPI-XP Power AG will be purchased during
2006 for a minimum consideration of 4.9 million Swiss Francs (£2.2 million). For
this reason the Board has decided that the liability for this deferred
consideration should be recognised in the financial statements. The minority
interest acquired was £0.7 million and the goodwill arising on this transaction
is £1.5 million.


11.   General

The financial information set out in this announcement does not constitute the
company's statutory accounts for the years ended 31 December 2003 or 2002. The
financial information for the year ended 31 December 2002 is derived from the
IFX Power plc (now renamed XP Power plc) statutory accounts for the year ended
31 December 2002 which have been delivered to the Registrar of Companies. The
auditors reported on those accounts; their report was unqualified and did not
contain a statement under s237 (2) or (3) Companies Act 1985. The statutory
accounts for the year ended 31 December 2003 will be finalised on the basis of
the financial information presented by the directors in this preliminary
announcement and will be delivered to the Registrar of Companies following the
company's annual general meeting.

This announcement was approved by the directors on 2 February 2004.






                      This information is provided by RNS
            The company news service from the London Stock Exchange