LONDON (Alliance News) - XP Power Ltd Monday said trading in the first quarter of 2016 was strong after reporting a rise in revenue and growth to its order intake, allowing the company to increase its quarterly dividend.
The developer and manufacturer of power control components to the electronics industry said revenue in the first quarter to the end of March rose 10% to GBP28.2 million from GBP25.6 million a year earlier whilst order intake increased 9% to GBP30.3 million from GBP27.9 million.
On a constant currency basis, revenue was 6% higher from the previous year whilst order intake rose 4%.
As a result, XP Power said its dividend for the first quarter will amount to 14.0 pence per share, a 7.7% increase from the 13.0 pence per share paid in the first quarter of 2015.
"The group has made a good start to its financial year, with the strong order intake experienced in the last quarter of 2015 continuing in the first quarter of 2016. It therefore remains on track to grow in line with our expectations in 2016," said the company in a statement.
Net debt at the end of March stood at GBP3.7 million, flat from the end of 2015. However, XP Power said based on the exchange rates prevailing at the year end, net debt would have fallen to GBP3.3 million at the end of March.
XP Power said it will release its first half results to the end of June on July 25.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Xp Power (XPP)