REG-XP Power Ltd: Trading Update

XP PowerAnnouncement

10/10/2019 07:05

                                                            
10 October 2019

XP Power Limited
(“XP Power” or “the Group”)

Trading Update

Full year expectations unchanged

XP Power, one of the world’s leading developers and manufacturers of
critical power control components to the electronics industry, is today
issuing a trading update for the quarter ended 30 September 2019.

Trading

Order intake and revenues for the third quarter and nine months ended 30
September 2019 is set out in the table below.

 £ Millions       2019   2018  Change  Change in constant currency  Like for like change (1) 
 Orders                                                                                      
 Third quarter    55.9   51.9     +8%                          +4%                       +6% 
 Year to date    156.5  153.3     +2%                          -3%                       -5% 
                                                                                             
 Revenues                                                                                    
 Third quarter    53.8   52.9     +2%                          -1%                       -1% 
 Year to date    152.7  146.1     +5%                          -1%                       -4% 
                                                                                             
 Book to Bill                                                                                
 Third quarter    1.04   0.98   +0.06                                                        
 Year to date     1.02   1.05   -0.03                                                        
                                                                                             

(1) Like for like basis, removing currency effects and the impact of the
Glassman acquisition in May 2018.

Financial Position

Net debt at 30 September 2019 was £50.0 million compared to £50.4 million at
30 June 2019.

Dividend

A dividend for the third quarter of 20 pence per share will be paid on 13
January 2020 to shareholders on the register at 13 December 2019. This brings
the total dividend for the first three quarters of 2019 to 55 pence per share,
representing a 6% increase over the 52 pence per share paid in respect of the
first three quarters of 2018.

Outlook
 

Order intake in our Healthcare, Industrial and Technology markets remains
robust, but as expected, there has been no notable recovery in the end markets
for Semiconductor Equipment Manufacturing, which represented 18% of revenues
in the first half of 2019. With the third quarter book to bill ratio at 1.04,
the Board anticipates the Group’s performance for the full year will be in
line with its current expectations as outlined at the time of its interim
results on 1 August 2019.

XP Power will issue a trading update for the year ended 31 December 2019 on 13
January 2020.

- Ends -

XP Power
Duncan Penny, Chief Executive Officer    +44 (0)118 984 5515
Gavin Griggs, Chief Financial Officer        +44 (0)118 984 5515

Citigate Dewe Rogerson                 +44(0)20 7638 9571
Kevin Smith/Jos Bieneman

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.

XP Power typically designs power control solutions into the end products of
major blue-chip OEMs, with a focus on the Industrial (circa 47% of sales),
Healthcare (circa 24% of sales), Semiconductor Equipment Manufacturing (circa
18% of sales) and Technology (circa 11% 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 5 to 7 years depending on the industry
sector.    

XP Power 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 Power serves a global blue-chip customer base from 29
locations in Europe, North America and Asia. 

For further information, please visit xppower.com



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