29 July 2013
XP Power Limited
("XP" or "the Group")
Interim Results for the six months ended 30 June 2013
XP, a world leading developer and manufacturer of critical power control components
for the electronics industry, today announces its interim results for the six-month
period ended 30 June 2013.
Six months ended Six months ended
30 June 2013 30 June 2012
Revenue £49.0m £46.5m
Gross profit £23.8m £21.8m
Gross margin 48.6% 46.9%
Operating margin 21.6% 21.3%
Profit before tax £10.4m £9.6m
Profit after tax £8.0m £7.7m
Diluted earnings per share (see Note 9) 41.8p 40.4p
Interim dividend per share (see Note 8) 23.0p 21.0p
Revenue increased by 5% to £49.0 million (+4% in constant currency)
Gross margin increased to 48.6% (2012: 46.9%) due to higher factory loading and
reduction of Vietnam start-up costs together with improved product mix
New production facility in Vietnam breaking even from June 2013
Own-design XP products now 62% of revenues (2012: 61%)
Order intake for first half of 2013 flat year on year but sequential
improvement of 7% over the second half of 2012.
New product introductions and the development of an industry leading in-house
manufacturing capability continue to generate new program wins to drive future
growth and market share gains
Larry Tracey, Chairman, commented:
"We are encouraged by the progress we are making despite the continued
challenging global environment for capital spending. Our first half
performance, particularly in the healthcare and industrial markets, was
pleasing and we believe that we are continuing to take market share."
"Global capital goods markets remain subdued and we have yet to see any sign of
improvement in the outlook but our greater penetration of a Blue Chip customer
base and significant design win success bode well for the future of XP."
Duncan Penny, Chief Executive +44(0)7776 178018
Jonathan Rhodes, Finance Director +44(0)7500 944614
Citigate Dewe Rogerson +44(0)20 7638 9571
Kevin Smith/Jos Bieneman
Note to editors
XP Power is a leading international provider of essential power control
solutions. Power direct from the electricity grid is unsuitable for the
equipment which it supplies. XP Power designs and manufactures power
converters - components which convert power into the right form for our
individual customers' needs, allowing their electronic equipment to function.
XP Power supplies the healthcare, industrial and technology industries with
this mission critical equipment. Significant, long term investment into
research and development means that XP Power's products frequently offer
significantly improved functionality and efficiency.