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XP Power surges as revenues rise again in first quarter

Trading in the first quarter was strong and XP said it’s on track to hit full-year expectations
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On a constant currency basis, revenues gained 40% compared to the same period a year earlier

Shares in XP Power Ltd (LON:XPP) surged on Tuesday Morning after the power control components maker told investors revenue growth accelerated again in the first quarter of 2017.

Group revenues had been building up over the previous two quarters and rose 40% for the three months ended 31 March to £39.6mln (Q1 2016: £28.2mln).

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XP Power also hailed the “encouraging” order intake in the period, which gained 55% year-on-year to £47mln (Q1 2016: £30.3mln).

Even stripped of any currency benefits, revenues were up 23% while order intake was 36%.

Some for me, some for you

The strong trading over the past 12 weeks or so helped to significantly boost XP’s net cash position which stood at £8.8mln at the end of the period (31 Dec 2016: £3.7mln).

With more cash in the coffers, the company is dishing some out to investors who will receive a first quarter dividend of 1p a share, 7% higher than what it paid out for the same period last year.

Pleasingly for XP shareholders, the strong momentum looks set to continue with the company “encouraged” by the outlook. It added that it remains on track to hit full-year expectations in 2017.

XP shares powered 6% higher to trade at £23.53 early on Tuesday Morning.

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XP Power Ltd. Timeline

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