REG-XP Power Ltd: Dividend Cancellation

XP PowerAnnouncement

06/10/2023 07:15

6 October 2023


XP Power Limited

(‘XP Power’ or the ‘Group’ or the ‘Company’)

Dividend Cancellation

 

Further to the trading update announced on 2 October 2023, and having taken
account of the views expressed by the Company’s major shareholders, the
Board has decided to cancel the second quarter dividend of 19.0 pence per
share (approximately £3.75 million of cash spend) that was due to be paid to
eligible shareholders on 12 October 2023. The Group continues to take all
necessary internal actions to manage its cost base and cash resources, in
order to strengthen the balance sheet in the near term.

As previously announced, the Board intends that no further dividends will be
paid in respect of the 2023 financial year. The Group recognises the
importance of dividends to shareholders and will recommence paying dividends
as soon as appropriate.

Jamie Pike, Chair of XP Power, commented:

“Notwithstanding these short-term challenges, the Board believes XP has a
positive longer term outlook and we are fully focused on ensuring that the
Group realises its potential.”

Enquiries:

XP Power

Gavin Griggs, Chief Executive Officer               +44 (0)118
984 5515

Matt Webb, Chief Financial Officer                    +44
(0)118 984 5515

Citigate Dewe Rogerson

Kevin Smith/Lucy
Gibbs                                    
+44 (0)207 638 9571

 

Note to editors

XP Power designs and manufactures power controllers, the essential hardware
component in every piece of electrical equipment that converts power from the
electricity grid into the right form for equipment to function. Power
controllers are critical for optimal delivery in challenging environments but
are a small part of the overall customer product cost.

XP Power typically designs power control solutions into the end products of
major blue-chip OEMs, with a focus on the Industrial Technology (circa 41% of
sales), Healthcare (circa 20% sales) and Semiconductor Manufacturing Equipment
(circa 39% of sales) sectors. Once designed into a programme, XP Power has a
revenue annuity over the life cycle of the customer’s product which is
typically five to seven years depending on the industry sector. XP Power has
invested in research and development and its own manufacturing facilities in
China, North America, 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 Power is a constituent of the FTSE All Share Index. XP
Power serves a global blue-chip customer base from over 30 locations in
Europe, North America, and Asia.

For further information, please visit www.xppowerplc.com



Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved