Last checked at 21 Nov 2008 07:00
This disclosure, released at 07:00 on November 20th, is being reissued by PRNewswire to facilitate third party vendors. No amendments to the original text have been made.
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21 November 2008
XP Power Limited Trading Update
XP Power, one of the world's leading developers and manufactuers of mission critical power control solutions to the electronics industry, is today issuing an update on trading in line with its normal practice as guidance for the second half of the year.
Trading since the half year has been satisfactory and, as a result, the Board expects to meet market expectations for the year ending 31 December 2008.
Across its key markets - the industrial, communications, medical and defence sectors - XP Power's continued investment in research and development has built a pipeline of class leading products which allows it to capitalise on the fundamental and increasing demand for smaller, more efficient and more environmentally friendly power control components.
In 2006, the management took the decision to establish a manufacturing facility in China to help it win major customer orders and support an improvement in margins. This manufacturing facility is now running at full capacity and undergoing expansion. Furthermore, the company is investing in another adjacent manufacturing facility, which is expected to be in production at the end of the first quarter of 2009. Ultimately, this investment will triple XP Power's manufacturing capacity.
During October, a new International Traffic in Arms Regulations (ITAR) department within our North American Engineering Services Group was established. This department is fully compliant with the US Department of State regulations and means that XP Power will be able to supply a much larger part of the US military market going forward.
Duncan Penny, Chief Executive of XP Power, commented "Despite the economic outlook, I am happy to be able to announce that we remain on track for the full year. Successfully establishing a manufacturing capacity has increased the strength and flexibility of our offer whilst our market leading products portfolio ensures that we are able to capitalise on the fundamental growth drivers of our core markets."
At the end of October, XP Power was accepted into the FTSE techMARK All Share Index.
XP expects to release preliminary results for the year ending 31 December 2008in mid February 2009. - Ends - Enquiries:XP Power
Larry Tracey, Executive Chairman +44 (0)7785 387142
James Peters, Deputy Chairman +44 (0)7785 353066
Duncan Penny, Chief Executive +65 8322 9520
Hudson Sandler +44 (0)20 7796 4133
James White/Hugo Jenkins
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