9th Oct 2015 06:50
LONDON (Alliance News) - XP Power Ltd Friday said its interim dividends for the first nine months of the year have increased by 8% year-on-year after the company reported higher revenue.
XP Power said it will pay a 15.0 pence interim dividend for the third quarter of 2015, bringing its dividend for the first nine months of the year to 42.0 pence per share, an 8% year-on-year rise after trading was in line with the board's expectations.
The developer and manufacturer of critical power control sub-assemblies for the electronics industry said trading in the third quarter of 2015 was in line with its own expectations, bringing revenue for the first nine months of 2015 to GBP81.7 million, up 9% year-on-year from GBP74.8 million.
At constant currency revenue rose 4% year-on-year.
"In line with the comments made in the half-yearly report the group has continued to see a strong performance across European markets but this has been offset by weaker order intake in North America in the third quarter," said XP.
"Despite the challenging macroeconomic backdrop our European business has performed well and we expect this to continue into the fourth quarter," it added.
Orders in the first nine months totalled GBP80.3 million, 2% higher year-on-year, but in constant currency this actually fell 3%.
"Conversely, order intake in North America has not continued at the same rate we saw in the first half of 2015, which will have a marginal impact on revenue in the fourth quarter," said XP.
At the end of September, XP Power had GBP1.2 million net cash, slightly down from the GBP1.3 million net cash at the end of December 2014.
"We remain encouraged by new design wins and believe the Group is continuing to take market share as our portfolio of industry-leading power technology products is designed-in to new equipment by our target customers. These design wins will translate to orders as our customers move to production," said the company.
By Joshua Warner; [email protected]; @JoshAlliance
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