Last checked at 6 Oct 2023 07:00
XP Power Ltd - Dividend CancellationXP Power Ltd - Dividend Cancellation
PR Newswire
LONDON, United Kingdom, October 06
6 October 2023
XP Power Limited(‘XP Power’ or the ‘Group’ or the ‘Company’)
Dividend Cancellation
Further to the trading update announced on 2 October 2023, and having taken account of the views expressed by the Company’s major shareholders, the Board has decided to cancel the second quarter dividend of 19.0 pence per share (approximately £3.75 million of cash spend) that was due to be paid to eligible shareholders on 12 October 2023. The Group continues to take all necessary internal actions to manage its cost base and cash resources, in order to strengthen the balance sheet in the near term.
As previously announced, the Board intends that no further dividends will be paid in respect of the 2023 financial year. The Group recognises the importance of dividends to shareholders and will recommence paying dividends as soon as appropriate.
Jamie Pike, Chair of XP Power, commented:
“Notwithstanding these short-term challenges, the Board believes XP has a positive longer term outlook and we are fully focused on ensuring that the Group realises its potential.”
Enquiries:
XP Power
Gavin Griggs, Chief Executive Officer +44 (0)118 984 5515
Matt Webb, Chief Financial Officer +44 (0)118 984 5515
Citigate Dewe Rogerson
Kevin Smith/Lucy Gibbs +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. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.
XP Power typically designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Industrial Technology (circa 41% of sales), Healthcare (circa 20% sales) and Semiconductor Manufacturing Equipment (circa 39% of sales) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer’s product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in China, North America, 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 All Share Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia.
For further information, please visit www.xppowerplc.com