13 January
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 for the
electronics industry, is today issuing a trading update for the
fourth quarter ended 31 December
2016.
Trading
The Group had a strong finish to the year, trading in line with the
Board’s expectations as the acceleration in order intake reported
in the third quarter fed through into robust revenue growth in the
final quarter. The momentum in order intake continued to
strengthen in the fourth quarter.
Order intake in the fourth quarter of 2016 was £37.1 million
compared with £35.0 million in the third quarter and £30.0 million
in the fourth quarter of 2015.
Revenues in the fourth quarter of 2016 were £37.1 million
compared with £32.3 million in the third quarter and £27.8 million
in the fourth quarter of 2015.
Order intake for the twelve months ended 31 December 2016 was £133.5 million, an increase
of 21% over 2015, or 9% in constant currency.
Revenues for the twelve months ended 31
December 2016 were £129.8 million, an increase of 18% over
2015, or 7% in constant currency.
Financial Position
Net cash at 31 December 2016 was £3.6
million compared with a net debt position of £3.7 million at
31 December 2015.
Dividend
A dividend of 16 pence per share
for the third quarter was paid on 12 January
2017, to shareholders on the register at 16 December 2016.
The recommended dividend for the fourth quarter of 2016 will be
announced with the 2016 final results but is not expected to be
less than 25 pence per share,
representing a minimum total dividend of 70
pence per share for 2016, an increase of 6% over the total
dividend of 66 pence per share paid
for 2015.
Outlook
We are encouraged by the strong order intake we have experienced
during the second half of 2016. We enter 2017 with positive
momentum and therefore expect that we should be able to show
further growth in revenues in 2017.
- Ends -
Enquiries:
XP Power
Duncan Penny, Chief Executive
+44 (0)118 976 5086
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 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 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,
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.