25 February 2008
Results for the Year Ended 31 December 2007
XP Power, one of the world’s leading providers of power supply solutions to the mid-tier of the electronics industry, today announces results for the year ended 31 December 2007.
Financial Highlights
| £ Millions |
Year ended 31 |
Year ended 31 |
| |
December 2007 |
December 2006 |
| |
|
|
| Income and expenditure |
|
|
| Revenue |
66.3 |
78.7 |
| Gross profit |
28.0 |
29.2 |
| Gross profit % |
42.2% |
37.1% |
| |
|
|
| Profit before tax |
5.0 |
8.0 |
| |
|
|
| Profit before tax, amortisation of intangibles associated with acquisitions £0.3 million (2006: £0.3 million) and restructuring charges associated with moving to Singapore £2.4 million (2006: £1.0 million related to third party terminations) |
7.7 |
9.3 |
| |
|
|
| Basic earnings per share |
17.9p |
27.9p |
| Diluted earnings per share |
17.8p |
27.5p |
| Diluted earnings per share adjusted for the amortisation of intangibles associated with acquisitions and restructuring charges |
31.4p |
32.8p |
| Proposed final dividend per share |
11.0p |
10.0p |
| Total dividend per share (see note 6) |
20.0p |
18.0p |
Highlights
- Gross margin improves by 5.1% to 42.2% (2006: 37.1%) resulting from an increased amount of XP Power intellectual property
- Own brand sales now represent 73% of revenues (2006:66%)
- Improved competitive position due to move to Asia
- Transition of the Company to a manufacturer enables penetration of larger customers
- Dividend to be increased by 11% to 20p per share
Larry Tracey, Executive Chairman, commented:
“Margin targets achieved, revenue growth is now the focus.”
Enquiries:
XP Power Limited
Larry Tracey, Executive Chairman 0118 984 5515
James Peters, Deputy Chairman
Duncan Penny, Chief Executive Officer
Weber Shandwick Financial 020 7067 0700
Terry Garrett, Nick Dibden, Hannah Marwood
Notes to editors:
XP provides power supply solutions to the electronics industry.
All electronic equipment needs a power supply. Power supplies convert the incoming AC supply into various levels of DC voltages to drive electronic components and sub-assemblies within the end user’s equipment. XP segments its business into Communications, Defence and Avionics, Industrial and Medical. By servicing these markets, XP provides investors with access to technology and industrial sectors of the worldwide electronics market.
The market is highly fragmented and made up of a large number of Original Equipment Manufacturers who source standard and modified standard power supplies from several hundred power supply companies.
The Investor Presentation covering XP’s results will be available on the XP website at 9.30am on 25 February 2008.
For further information, please visit www.xppower.com
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