XP Power quarterly sales up 4%; scraps dividend due to Covid-19 uncertainty

Fri, 3rd Apr 2020

Electronics component supplier XP Power scrapped its 2019 annual dividend, even as its revenue rose 4% in the first quarter. The company had planned to pay a final dividend of 36p per share. Revenue for the three months through March rose to £49.1m, up from £46.9m. Orders jumped 34% to £73.1m and XP Power said all its manufacturing facilities were currently operational despite the Covid-19 crisis. However, it also said the global effort to combat Covid-19 created a high level of uncertainty about its performance in the balance of the year. 'To date, order intake has remained robust and the group has a substantial backlog to fulfil, with shipments weighted towards the second half,' it added. 'While we remain encouraged by the strength of our order book, the extent of disruption to the global economy from the impact of COVID-19 is currently impossible to predict, introducing a significant element of uncertainty into the outlook for 2020 as a whole.' At 8:14am: (LON:XPP) Xp Power Limited share price was +90p at 2600p Story provided by StockMarketWire.com

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