XP Power Ltd Trading Update

 
TIDMXPP 
 
7 October 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 30 September 2016. 
 
Trading 
 
 
The Group continued to trade in line with the Board's expectations for the full 
year. 
 
Revenues for the nine months ended 30 September 2016 increased by 13% over the 
prior year to GBP92.6 million (2015: GBP81.7 million). In constant currency the 
increase in revenues was 5%. 
 
Orders for the nine months ended 30 September 2016 were encouraging at GBP95.8 
million (2015: GBP80.3 million) which was 19% higher than the prior year. In 
constant currency this was an increase of 11%. 
 
Third quarter order intake was boosted as customer orders expected to be placed 
in the fourth quarter were pulled forward into September. Our third quarter 
order intake was GBP34.2 million (2015: GBP23.9 million), exceeding the previous 
record of GBP31.3 million achieved in the second quarter of 2016 (Q2 2015: GBP28.8 
million). The momentum in our order intake is encouraging, particularly as we 
are starting to see our North American markets return to growth. 
 
Financial Position 
 
 
Net debt was GBP2.2 million at 30 September 2016 compared to GBP6.0 at 30 June 
2016. 
 
Dividend 
 
A dividend for the third quarter of 16 pence per share will be paid on 12 
January 2017 to shareholders on the register at 16 December 2016. This brings 
the total dividend for the first three quarters of 2016 to 45 pence per share, 
representing a 7% increase over the 42 pence per share paid in respect of the 
first three quarters of 2015. 
 
Outlook 
 
 
Despite the challenging macroeconomic backdrop, we are reassured by the 
momentum in our order intake during Q3. The Board expect trading to be in line 
with its expectations for the full year. 
 
We remain encouraged by new design wins and believe the Group is continuing to 
take market share as its portfolio of industry-leading power technology 
products is increasingly designed-in to new equipment by our target customers. 
These design wins will translate to orders as our customers' projects move to 
production phase over the coming years. 
 
XP Power will issue a trading update for the year to 31 December 2016 on 13 
January 2017. 
 
                                   - Ends - 
 
Enquiries: 
 
XP 
Power 
 
 
Duncan Penny, Chief Executive    [phone] 
 
Jonathan Rhodes, Finance Director 
                                                                      +44 (0) 
118 976 5074 
 
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. 
 
 
 
END 
 

(END) Dow Jones Newswires

October 07, 2016 02:00 ET (06:00 GMT)