6 October 2023
XP Power Limited
(‘XP
Power’
or the ‘Group’
or the ‘Company’)
Dividend Cancellation
Further to the trading update announced on 2
October 2023, and having taken account of the views
expressed by the Company’s major shareholders, the Board has
decided to cancel the second quarter dividend of 19.0 pence per share (approximately £3.75 million
of cash spend) that was due to be paid to eligible shareholders on
12 October 2023. The Group continues
to take all necessary internal actions to manage its cost base and
cash resources, in order to strengthen the balance sheet in the
near term.
As previously announced, the Board intends that no further
dividends will be paid in respect of the 2023 financial year. The
Group recognises the importance of dividends to shareholders and
will recommence paying dividends as soon as appropriate.
Jamie Pike, Chair of XP Power,
commented:
“Notwithstanding these short-term challenges, the Board believes XP
has a positive longer term outlook and we are fully focused on
ensuring that the Group realises its potential.”
Enquiries:
XP Power
Gavin Griggs, Chief Executive
Officer
+44 (0)118 984 5515
Matt Webb, Chief Financial
Officer
+44 (0)118 984 5515
Citigate Dewe Rogerson
Kevin Smith/Lucy Gibbs
+44 (0)207 638 9571
Note to editors
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. Power controllers are critical for optimal
delivery in challenging environments but are a small part of the
overall customer product cost.
XP Power typically designs power control solutions into the end
products of major blue-chip OEMs, with a focus on the Industrial
Technology (circa 41% of sales), Healthcare (circa 20% sales) and
Semiconductor Manufacturing Equipment (circa 39% of sales) sectors.
Once designed into a programme, XP Power has a revenue annuity over
the life cycle of the customer’s product which is typically five to
seven years depending on the industry sector. XP Power has invested
in research and development and its own manufacturing facilities in
China, North America, and Vietnam, 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 is a constituent of the FTSE All Share Index. XP Power
serves a global blue-chip customer base from over 30 locations in
Europe, North America, and Asia.
For further information, please visit www.xppowerplc.com