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Trading statements

XP Power says Q1 trading encouraging

10 April 2015 07:19

XP Power said trading in Q1 has been encouraging. Group revenues in the three months to 31 March 2015 were £25.6m, from £24.4m, up 5% from those achieved in the same period a year ago.

In constant currency revenues were the same as in the prior year. Whilst the weaker Euro has had a negative impact this has been more than compensated for by the stronger US Dollar.

Order intake in the quarter was also strong at £27.9m, up 4% from £26.9m.

Net cash was £nil million at 31 March 2015 compared with £1.3 million at the year end.

A dividend for Q1 of 13p a share, up 8% over the prior year, will be paid on 9 July 2015 to shareholders on the register at 12 June 2015 (2014: 12 pence per share).

The Group has made a good start to its financial year, with the positive momentum in the order intake experienced in the second half of 2014 continuing into the first quarter.

"We therefore maintain our guidance that we would expect to grow revenues in line with expectations in 2015," XP Power said.

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