XP today reported that during the year ended 31 December 2018, revenue increased 17% to £195.1m. Order intake increased 8% YoY to £198.4m. Gross margin expanded 80bps to 47.3%, largely driven by improved product mix, better performance of Comdel and the appreciation of Sterling against US dollar.
During the year, all regions reported positive growth, led by North America (26%), and revenue growth was the highest in the semiconductor equipment and manufacturing sector at 60%.
XP power was formed in 1988 as a specialist distributor of power converters, having listed in 2000 on the LSE. Since then it has broadened out its range, having bought Comdel in 2017 and Glassman in 2018.
The Board recommended final dividend of 33p per share, which takes the total dividend paid and proposed for the year to 85p per share, an increase of 9% YoY.
James Peters, Chairman of XP Power, commented: “The new financial year has begun against a background of ongoing macroeconomic uncertainty. While we are not immune from the impact of external events, we are encouraged by our start to 2019 in terms of order intake and our healthy order book. On this basis, and with the benefit of the Glassman acquisition, we expect further revenue growth in 2019 but this will be weighted to the second half of the year.”