XPP Xp Power Limited

 
TIDMXPP 
 
11 October 2021 
 
                               XP Power Limited 
 
                 ("XP Power" or "the Group" or the "Company") 
 
                               Q3 Trading Update 
 
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 third quarter ended 30 September 2021. 
 
Trading 
 
The strong momentum in order intake seen in the first half of the year 
accelerated in Q3, with orders up 87% at constant currency, and 73% as 
reported, to £97.2 million. Order growth was driven by continued strength in 
the Semiconductor Manufacturing Equipment sector, the ongoing recovery in 
Industrial Technology, and a pick-up in Healthcare, where third quarter orders 
were 70% above 2019 levels. The extension of lead times to customers has 
brought orders forward as customers seek to secure supply.  Year to date order 
intake was up 37% at constant currency. The Group enters the final quarter of 
the year with a very strong order backlog position partially as a result of 
lead times that have continued to extend. 
 
As expected, revenue of £61.6 million in Q3 2021 was down year-on-year, 5% on a 
constant currency basis and 11% as reported, as the exceptional COVID-19 
related Healthcare revenue in the prior year was not repeated. Year to date, 
revenue has grown 12% on a constant currency basis (4% as reported) mostly 
driven by the Semiconductor Manufacturing Equipment sector. 
 
The book to bill ratio, which tracks the relationship between orders received 
and completed sales, was 1.58 for the third quarter of 2021 (Q3 2020: 0.82). 
 
£ Millions          Q3 2021  Q3 2020  Change    Change in 
                                                constant 
                                                currency 
 
Orders              97.2     56.3     +73%      +87% 
 
Year to date        254.7    202.1    +26%      +37% 
 
Revenue             61.6     69.0     -11%      -5% 
 
Year to date        181.4    174.1    +4%       +12% 
 
Book to Bill 
 
Third quarter       1.58     0.82     +0.76 
 
Year to date        1.40     1.16     +0.24 
 
 
Financial Position and dividend 
 
Net debt at 30 September 2021 was £25.2 million, compared with £17.9 million at 
31 December 2020. The Group will continue its disciplined approach to capital 
allocation, prioritising a strong balance sheet and the flexibility that this 
provides. 
 
The Board has declared a dividend for the third quarter of 21.0 pence per share 
(2020: 20.0 pence per share). The ex-dividend date will be 9 December 2021 and 
the dividend will be paid on 17 January 2022 to shareholders on the register at 
the record date of 10 December 2021. The last date for election for the share 
alternative to the dividend under the Company's Dividend Reinvestment Plan is 
24 December 2021. 
 
Outlook 
 
The Board's expectations for the full year remain in line with current market 
expectations. While our order book provides us with excellent visibility well 
into 2022, we continue to monitor closely the impact of the current 
uncertainties in global supply chains, including shortages of key components, 
ongoing COVID-19 challenges and freight capacity constraints, with associated 
increased costs. 
 
Longer term, the Board believes XP Power remains very well positioned to grow 
ahead of its end markets, supported by its strong cash generation and robust 
balance sheet. 
 
Enquiries: 
 
XP 
Power 
 
Gavin Griggs, Chief Executive 
Officer                                                         +44 (0)118 984 
5515 
 
Oskar Zahn, Chief Financial Officer 
                 +44 (0)118 984 5515 
 
Citigate Dewe 
Rogerson 
 
Kevin Smith/Jos 
Bieneman 
+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. 
 
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 is a constituent of the FTSE 250 Index. 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 
 
 
 
END 
 
 

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