RNS Announcements
Interim Results for the six months ended 30 June 2014
28 July 2014
XP, a world leading developer and manufacturer of critical power control components for the electronics industry, today announces its interim results for the six-month period ended 30 June 2014.
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Highlights
| Six months ended | Six months ended | ||
| 30 June 2014 | 30 June 2013 | ||
| (Unaudited) | (Unaudited) | ||
| Highlights | |||
| Orders | £51.1m | £49.9m | |
| RevenueTurnover | £50.2m | £49.0m | |
| Gross margin | 49.8% | 48.6% | |
| Operating margin | 24.5% | 21.6% | |
| Profit before tax | £12.2m | £10.4m | |
| Profit after tax | £9.7m | £8.0m | |
| Diluted earnings per share (see Note 9) | 50.5p | 41.8p | |
| Interim dividend per share (see Note 8) | 25.0p | 23.0p | |
- Further market share gains deliver strong underlying improvements in revenues and earnings
- Order intake increased by 2% to £51.1 million (+9% in constant currency)
- Revenue increased by 2% to £50.2 million (+9% in constant currency)
- Gross margin increased to 49.8% (2013: 48.6%) due to higher factory loading at both our Chinese and Vietnamese manufacturing facilities
- Own-design XP product revenues increased by 9%, setting a new record, and now represent 66% of total revenues (2013: 62%)
- New product introductions and the development of an industry leading in-house manufacturing capability continue to generate new program wins to drive future growth and market share gains
James Peters, Chairman, commented:
"While the markets for capital equipment that we serve remain subdued, we have again taken market share and delivered strong underlying growth in both orders and revenues. Stronger margins, due to improved factory utilisation, combined with robust underlying revenue growth resulted in a 21% increase in earnings."
"We anticipate growing revenues again in 2014, although this underlying growth is expected to be impacted by the translation effects of the US Dollar relative to Sterling."
Enquiries:
| XP Power | |
| Duncan Penny, Chief Executive | +44 (0)7776 178 018 |
| Jonathan Rhodes, Finance Director | +44 (0)7500 944 614 |
| Citigate Dewe Rogerson | |
| Kevin Smith/Jos Bieneman | +44 (0)20 7638 9571 |
Note to editors
XP Power is a leading international provider of essential power control solutions. Power direct from the electricity grid is unsuitable for the equipment which it supplies. XP Power designs and manufactures power converters - components which convert power into the right form for our individual customers' needs, allowing their electronic equipment to function. XP Power supplies the healthcare, industrial and technology industries with this mission critical equipment. Significant, long term investment into research and development means that XP Power's products frequently offer significantly improved functionality and efficiency.
For further information, please visit www.xppower.com
