XP Power (XPP); trading for FY18 in line with board’s expectations

Published on 14-01-2019 09:06:15
Author Sparks Team

XP Power today reported that it expects further revenue growth in FY19, aided by ongoing new design wins and a healthy order book. Revenue for Q4 and FY18 ended 31 December 2018 increased 14% and 17% to £48.9m and £194.8m respectively. On a like-for-like basis, revenue grew 7% to £172.8m for the full year.

Order intake declined 4% to £45.1m in Q4, but increased 8% to £198.4m in FY18 as a whole. Like-for-like, excluding the acquisitions of Comdel in September 2017 and Glassman in May 2018, order intake increased just 1% to £180.2m in FY18.

Meanwhile, the company’s industrial, healthcare and technology sectors reported healthy demand, while the semiconductor manufacturing equipment sector showed lower order intake and subdued revenues compared to Q3.

The trading performance of Glassman was as expected with orders and revenues for the seven months at £7.3m. Integration of the Glassman business into XP Power is in line with expectations with the sales team claiming to find new opportunities for high power/high voltage products.

A dividend of 19p/share was paid for Q3 on 10 January 2019 to shareholders on the register on 14 December 2018.

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