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XP Power Ltd - Berkshire-based manufacturer and supplier of critical power control systems - Pretax profit for the half ending June 30 was down 20% to GBP10.3 million from GBP12.9 million a year prior. Revenue for the period rose 6% to GBP105.1 million from GBP98.9 million. Expenses increased across the board, with distribution and marketing increasing the most to GBP24.3 million from GBP20.3 million. The company saw its order intake increase by 45% due to the recovery in the semiconductor equipment manufacturing sector and Covid-19 related demand from healthcare customers.
The expansion of XP Power's Vietnam manufacturing facility enabled the group to show supply chain resilience and maintain product deliveries to customers, despite temporary closures due to Covid-19. The company resumed payment of dividends after cancelling the previous two. The dividend for the interim however was slashed by 49% to 18.0 pence per share from 35.0p per share a year prior. The company said: "The board expects further revenue growth in the second half of 2020, although we remain conscious of potential risks arising from a second wave of Covid-19 and the resultant global macroeconomic challenges, and ongoing trade tensions."
Current stock price: 4,260.00 pence
Year-to-date change: up 37%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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