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Trading statements

XP Power reports strong Q1

11 April 2016 11:36

XP Power says trading in the first quarter to the end of March has been strong, with group revenues rising to GBP28.2 million up 10% from those achieved in the same period a year ago. In constant currency, revenues were up 6%.

Order intake in the quarter was also encouraging at GBP30.3 million (2015: GBP27.9 million) up 9% on the same period in the prior year. In constant currency order intake was up 4%.

Other highlights:

Reported net debt was GBP3.7 million at 31 March 2016 compared with GBP3.7 million at the year end. Using the exchange rates prevailing at the year end, net debt at 31 March 2016 would have been GBP3.3 million, a reduction of GBP0.4 million.

The Board has declared a dividend for the first quarter of 14 pence per share, an 8% increase over the prior year, which will be paid on 8 July 2016 to shareholders on the register at 17 June 2016 (2015: 13 pence per share).

Outlook:

The Group has made a good start to its financial year, with the strong order intake experienced in the last quarter of 2015 continuing in the first quarter of 2016. It therefore remains on track to grow in line with our expectations in 2016.

XP Power will issue its interim results for the six months to 30 June 2016 on 25 July 2016.

At 11:36am: (LON:XPP) XP Power Ltd share price was +44p at 1621p

Story provided by StockMarketWire.com

Related Company: XPP

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