24th Feb 2014 09:34
LONDON (Alliance News) - XP Power Ltd said Monday it expects to continue to grow revenues in 2014 if positive macro-economic trends for its customers continue, as it reported an increase in revenue and profit for 2013 and hiked its total dividend.
The company, which develops and manufactures power control components for electronics, posted a total dividend of 55.0 pence per share, up from 50.0 pence in the previous year.
XP Power said revenue rose to GBP101.1 million in the year ended December 31, 2013 from GBP93.9 million in the previous year, which led to a pretax profit of GBP22.9 million, up from GBP20.2 million in 2012.
Revenue for XP Power's own-designed product rose to GBP64.2 million from GBP57.6 million in the previous year, and now represents 64% of total revenue, up from 62% in 2012.
Revenue rose 7% in Europe and 10% in North America, offsetting a decline of 5% in Asia caused by one large technology sector programme reaching the end of its lifespan, XP Power said.
The company said the macro-economic outlook for its customers gradually improved in the second half of 2013, which gave it confidence for further growth in 2014.
Shares in XP Power were trading up 1.3% at 1,767.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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