XP Power Limited 2017 Tax Update (4990E)
February 12 2018 - 2:00AM
UK Regulatory
TIDMXPP
RNS Number : 4990E
XP Power Limited
12 February 2018
12 February 2018
XP Power Limited
("XP Power" or the "Company")
2017 Tax Update
XP Power, one of the world's leading developers and
manufacturers of critical power control components for the
electronics industry, is today issuing an update on taxation
charges for the year ended 31 December 2017.
The recently enacted Tax Cuts and Jobs Act in the United States
is expected (subject to audit) to result in a non-cash tax credit
in 2017 relating to the revaluation of US deferred tax balances of
circa GBP5.2m, based on the net deferred tax liability at the end
of 2017. This credit is as a result of the reduction in the federal
tax rate from 35% to 21% and will be excluded from adjusted
earnings.
The Company has also received notice that claims relating to the
Development and Expansion Incentive (DEI) in Singapore have been
accepted by the Inland Revenue Authority of Singapore resulting in
a circa GBP1.3m refund of Corporation Tax paid in 2015 and 2016.
This will also be excluded from adjusted earnings.
We will continue to work through the full impact of these
changes but expect the Company's future effective adjusted tax rate
to be in the range 15-17% depending on regional mix of profits.
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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKMGGZKLLGRZM
(END) Dow Jones Newswires
February 12, 2018 02:00 ET (07:00 GMT)
Xp Power (LSE:XPP)
Historical Stock Chart
From Apr 2024 to May 2024
Xp Power (LSE:XPP)
Historical Stock Chart
From May 2023 to May 2024