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
change1 |
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