Xp Power Regulatory News (XPP)

5 Jul 2010 07:00

5 July 2010 XP Power Limited ("XP Power" or "the Group") Interim Management Statement

XP Power, one of the world's leading developers and manufactuers of critical power control components to the electronics industry, is today issuing an Interim Management Statement for the quarter ended 30 June 2010.

Trading

The evolution of the Group to an own brand/own manufactured business model is driving a significant improvement in performance, as control over the manufacturing process delivers both higher margins and more rapid customer response times. Trading in the second quarter has been strong, as our market share gains gather pace. Group revenues, in the three months to 30 June 2010, grew by 35% over the same period in 2009 with gains across all market sectors in North America, Europe and Asia. In constant currency the growth rate was 36%.

Revenues for the six months ended 30 June 2010 grew by 23% over the same period in 2009. In constant currency the growth rate was 28%.

Financial Position

Net debt was £19 million at 30 June 2010 compared to £25 million at 30 June 2009. Using the exchange rates prevailing at 30 June 2009, net debt at 30 June 2010 would have been £17 million.

Outlook

With record order books XP has entered the second half of 2010 in a strong position. The rate of growth in revenue should accelerate in the second half as existing programs ramp up and further new customer programmes enter production.

XP will issue its interim statement for the six months to 30 June 2010 on 2August 2010. - Ends - Enquiries:XP Power

James Peters, Deputy Chairman +44 (0)7785 353066

Duncan Penny, Chief Executive +65 8322 9520

Citigate Dewe Rogerson +44 (0)20 7638 9571

Kevin Smith/Ged Brumby

Note to editors

XP designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts the power from the electricity grid into the right form for the equipment to function.

XP typically designs in power control solutions into the end products of major blue chip OEMs, with a focus on the industrial (circa 40% of sales), healthcare (circa 30% sales) and technology (circa 30% of sales) sectors. Once designed into a program, XP has a revenue annuity over the life cycle of the customer's product which is typically 5 to 7 years depending on the industry sector.

XP has invested in research and development and its own manufacturing facility in China, 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 serves a global blue chip customer base from 27 locations in Europe, North America and Asia.