LONDON (AFX) - Power supply solutions provider XP Power PLC saw its pretax profit before excep
tional items for the year ending 31 Dec 2006 rise to 9.3 mln stg from 7.7 mln stg in the same period in 2005.
The group's revenues for the year increased by 13.2 pct to 78.7 mln stg compared to 69.5 mln stg last time. The company's earnings per share also rose -- to 32.2 pence from 30.7 pence in 2005.
XP is set to pay its shareholders a total dividend of 18 pence per share, 2 pence up on last year's dividend.
The company also confirmed its plans to relocate the group's head quarters to Asia. The firm's board of directors have approved a corporate reorganisation to introduce a new Singapore-domiciled company to be known as XP Power Singapore.
'We are embarking on a plan that will make the group more Asia centric. A circular and prospectus containing proposals to move the group's headquarters to Singapore has been sent to shareholders today,' said the company's executive chairman, Larry Tracey in a statement.
'Gross margin improvements, due to a higher mix of our own IP product and the impact of manufacturing in China, will mean that we should be able to report improved gross margin again in 2007,' he added.
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