XPP Xp Power Limited

 
TIDMXPP 
 
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 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

(END) Dow Jones Newswires

October 06, 2023 02:00 ET (06:00 GMT)

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