XP Power, one of the world's leading developers and manufacturers of critical power control components for the electronics industry, today announces its annual results for the year ended 31 December 2013.

Highlights

• The Group's well-established strategy of developing and manufacturing its own range of market leading products produced another year of strong progress
• Order intake increased by 7% to £103.7 million (2012: £96.6 million) and revenues increased by 8% to £101.1 million (2012: £93.9 million)
• Gross margins recovered to 49.1% (2012: 47.8%) as the new Vietnam facility moved into profit from June 2013 and product mix improved
• XP Power's own design revenues increased to a record £64.2 million (2012: £57.6 million) or 64% of total revenues (2012: 62% of total revenues)
• Sales of high efficiency ("green") products increased by 16% to £9.4 million, representing 9.3% of revenue (2012: £8.1 million or 8.6% of revenue)
• Strong earnings and continued strong cash flows resulted in a reduction in net debt to £3.5 million from £10.6 million at the end of 2012
• Full year dividend increased 10% to 55.0 pence per share (2012: 50.0 pence per share), with proposed final dividend of 19.0 pence per share (2012: 17.0 pence per share).
• Successful repositioning as a designer and manufacturer leaves the Group well positioned to continue to take market share

Larry Tracey, Chairman, commented:

"2013 has been another year of progress where we have again demonstrated the successful execution of our well-established strategy of moving up the value chain into design and manufacture. We have delivered a solid set of results and encouragingly, have again out-paced our competitors and taken market share."

"XP Power's customers supply capital equipment to numerous markets across the globe. The macro-economic outlook for these customers has shown gradual improvement in the second half of 2013, which gives us confidence for further growth in 2014 and beyond."

Enquiries:

XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function.

XP Power typically designs in power control solutions into the end products of major blue chip OEMs, with a focus on the industrial (circa 45% of sales), healthcare (circa 30% sales) and technology (circa 25% of sales) sectors. Once designed into a program, XP Power has a revenue annuity over the life cycle of the customer's product which is typically 5 to 7 years depending on the industry sector.

XP Power has invested in research and development and its own manufacturing facility in China, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power serves a global blue chip customer base from 27 locations in Europe, North America and Asia.

For further information, please visit www.xppower.com