LONDON, Jan 23 (Reuters) - The executive chairman of British electric
al components maker XP Power said on Friday that sterling weakness was more than offsetting cuts in capital expenditure by its clients.
'The market's tough and everyone is looking at cutting capital expenditure,' Larry Tracey told Reuters in a telephone interview. 'The fact we're reporting in sterling more than compensates for that.'
'That creates a very, very strong wind behind our backs.'
XP Power makes power converters for medical, military and industrial electronic equipment, such as respirators and battlefield communications kits. Tracey said companies listed on the S&P 500 were XP's main clients.
About three quarters of XP's business was outside the United Kingdom and about half in dollars, Tracey said. More than half the company's expenses were booked in dollars, he added.
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