Last checked at 12 Apr 2013 07:00
XP POWER LTD - Interim Management StatementXP POWER LTD - Interim Management Statement
PR Newswire
London, April 11
XP Power, one of the world's leading developers and manufacturers of criticalpower control components to the electronics industry, is today issuing anInterim Management Statement for the quarter ended 31 March 2013.
Trading
The trading environment remained subdued in the first quarter. Group revenuesin the three months to 31 March 2013 were in line with those achieved in thesame period a year ago albeit at slightly better margins due to improvedfactory utilisation. In constant currency revenues increased by 1%.
Financial Position
Net debt was £10.4 million at 31 March 2013 compared to £10.6 million at theyear end. Using the exchange rates prevailing at the year end, net debt at 31March 2013 would have been £9.6 million.
Dividend
A dividend for the first quarter of 11 pence per share, a 10% increase over theprior year, (2012: 10 pence per share) will be paid on 10 July 2013 toshareholders on the register at 14 June 2013.
Outlook
At the time of our 2012 final results announcement in February, we reportedthat the global capital goods markets remained subdued. This continues to bethe case, with no material improvement or deterioration in trading during thefirst quarter. We therefore reiterate the guidance given at that time that fullyear 2013 revenues are likely to be flat or only modestly increased over 2012.
Given our exposure to the US Dollar, if the recent weakness in the Sterling/USDollar exchange rate persists this will result in slightly higher revenues dueto translation. However, the effects on operating profit will not besignificantly different as a high proportion of our costs are also denominatedin US Dollars.
XP will issue a trading update for the six months to 30 June 2013 on 9 July2013. - Ends - Enquiries: XP Power Duncan Penny, Chief Executive +44 (0)7776 178 018Jonathan Rhodes, Finance Director +44 (0)118 976 5074 Citigate Dewe Rogerson +44 (0)20 7638 9571Kevin Smith/Jos Bieneman Note to editorsXP designs and manufactures power controllers, the essential hardware componentin every piece of electrical equipment that converts the power from theelectricity grid into the right form for the equipment to function.
XP typically designs in power control solutions into the end products of majorblue chip OEMs, with a focus on the industrial (circa 45% of sales), healthcare(circa 26% sales) and technology (circa 29% of sales) sectors. Once designedinto a program, XP has a revenue annuity over the life cycle of the customer'sproduct which is typically 5 to 7 years depending on the industry sector.
XP has invested in research and development and its own manufacturing facilityin China, to develop a range of tailored products based on its own intellectualproperty that provide its customers with significantly improved functionalityand efficiency.
Headquartered in Singapore and listed on the Main Market of the London StockExchange since 2000, XP serves a global blue chip customer base from 27locations in Europe, North America and Asia.