XPP Xp Power Limited

 
TIDMXPP 
 
13 April 2018 
 
                               XP Power Limited 
 
                         ("XP Power" or the "Company") 
 
                                Trading Update 
 
XP Power, one of the world's leading developers and manufacturers of critical 
power control solutions for the electronics industry, is today issuing a 
trading update for the first quarter ended 31 March 2018. 
 
Trading 
 
The Company has made a good start to the new financial year as the strong order 
intake reported in 2017 continued into 2018. Order intake in the first quarter 
of 2018 was GBP51.2 million (2017: GBP47.0 million), 9% ahead of Q1 2017 on a 
reported basis or 19% ahead in constant currency.  On a "like for like" basis, 
removing currency effects and the impact of the Comdel acquisition, orders 
increased by 12%. 
 
Group revenue for the three months to 31 March 2018 was GBP46.6 million (2017: GBP 
39.6 million), 18% ahead of Q1 2017 on a reported basis, or 28% ahead in 
constant currency. On a "like for like" basis revenue increased by 17%.  The 
Book to Bill ratio, which tracks the relationship between orders received and 
completed sales and is an indicator of future revenue growth, was 1.10 for the 
first quarter. 
 
Financial Position 
 
Net debt was GBP6.8 million at 31 March 2018 compared with GBP9.0 million at 31 
December 2017. 
 
Dividend 
 
The Board has declared a dividend for the first quarter of 16 pence per share, 
a 7% increase over the prior year, which will be paid on 11 July 2018 to 
shareholders on the register at 15 June 2018 (2017: 15 pence per share). 
 
Outlook 
 
The momentum seen in 2017 has continued into the first quarter of 2018 and we 
are encouraged by the continued strong order intake experienced across the 
business and the book to bill level gives us confidence for the future.  The 
Board's expectations for the Company's full year performance remain unchanged. 
 
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 39% of sales), healthcare 
(circa 31% sales) and technology (circa 30% 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. 
 
 
 
END 
 

(END) Dow Jones Newswires

April 13, 2018 02:00 ET (06:00 GMT)

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