XP Power (XPP); trading update: robust trading in the third quarter

Published on 08-10-2018 07:36:59
Author Sparks Team

The company issued a trading update for the quarter ended 30 September 2018. The board expects full year performance to be in line with its current expectations as outlined during interim results on 30 July 2018. Net debt was £49.3m on 30 September 2018.

For the nine months ended 30 September, order intake was robust at £153.3m, up 11% over the prior year on a reported basis and 18% in constant currency. On a like for like basis, removing currency effects and the impact of the Comdel and Glassman acquisitions, order intake increased by 8%.

Revenues for the nine months ended 30 September 2018 increased to £146.1m, up 18% over the prior year on a reported basis and 24% in constant currency. On a like for like basis, removing currency effects and the impact of the Comdel and Glassman acquisitions, revenues increased by 11%.

Dividend of 19p per share for the third quarter (to be paid on 10 January 2019) brings the total dividend for the first three quarters of 2018 to 52p per share (up 6% over the 49p per share paid in respect of the first three quarters of 2017).

The company’s addressable market has been significantly increased due to the acquisitions of Comdel and Glassman. Order intake remains healthy, though the rate of growth has moderated slightly during the period. Production volumes in China and Vietnam remain robust, and the company is encouraged by its design win pipeline and overall momentum across the business.

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