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Trading statements

XP Power says Q1 trading strong, on track for FY 2017

11 April 2017 07:36

XP Power said Q1 trading has been strong and that the group remains on track to be in line with its expectations in 2017.

"The group has made a good start to its financial year, with continued growth in revenues and strong momentum in order intake," said XP, adding it was encouraged by the outlook.

Revenue growth, which had been building sequentially over the previous two quarters, accelerated once again in Q1.

Group revenues in the three months to 31 March 2016 were £39.6m, up 40% from those achieved in the same period a year ago. In constant currency, revenues were up 23%.

Order intake in the quarter was also very encouraging at £47.0m, up 55% on the same period in the prior year. In constant currency order intake was up 36%.

Net cash was £8.8m at 31 March 2017, from £3.7m at the year end.

Directors had declared a dividend for Q1 of 15p a share, a 7% increase over the prior year.

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