Xp Power Regulatory News (XPP)

10 October 2014 XP Power Limited ("XP Power" or "the Group") Interim Management Statement XP Power, a world leading developer and manufacturer of critical power controlsub-assemblies for the electronics industry, is today issuing an InterimManagement Statement for the quarter ended 30 September 2014. Trading The Group traded in line with the Board's expectations during the third quarterof the year. Revenues for the nine months ended 30 September 2014 were £74.8million which is level with the same period in the prior year, reflecting thestrength of Sterling versus the US Dollar, the Group's principal tradingcurrency, which continued to have a significant translation effect in theperiod. In constant currency the increase in revenues was 6%. Orders for the nine months ended 30 September 2014 were £78.9 million which was1% higher than the prior year. In constant currency we estimate the increasewas 8%. Factory loading continues to be strong. While the translation effect from theweaker US Dollar negatively impacts the revenue line it has a correspondingpositive impact on cost of sales and the combination of these two factors actsto increase the gross margin percentage. Financial Position Net debt was £2.0 million at 30 September 2014 compared to £3.5 million at 31December 2013. Using the exchange rates prevailing at 31 December 2013, netdebt at 30 September 2014 was also £2.0 million. Dividend A dividend for the third quarter of 14 pence per share will be paid on 9January 2015 to shareholders on the register at 12 December 2014. This bringsthe total dividend for the first three quarters of 2014 to 39 pence per share,representing an 8% increase over the 36 pence per share paid in respect of thefirst three quarters of 2013. Outlook While month to month order intake continues to be somewhat variable and lumpy,we are encouraged by the order intake picture for the third quarter as a whole.The strength of the order book will help to underpin revenues in the first half2015. The Group is continuing to take market share as our portfolio ofindustry-leading power technology products is designed-in to new equipment byour target customers. These design wins will translate to orders as ourcustomers' products enter production. XP Power will issue a trading update for the 12 months to 31 December 2014 on 9January 2015. - Ends - Enquiries: XP PowerDuncan Penny, Chief Executive +44 (0)7776 178018Jonathan Rhodes, Finance Director +44 (0)7500 944614 Citigate Dewe Rogerson +44 (0)20 7638 9571Kevin Smith/Jos Bieneman Note to editors XP designs and manufactures power controllers, the essential sub assembly inevery 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 30% sales) and technology (circa 25% 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 manufacturingfacilities in China and Vietnam, to develop a range of up to date productsbased on its own intellectual property that provide its customers withsignificantly improved functionality and 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 Asia, Europe and North America.