XP Power Limited (LON:XPP) has upped its dividend for the first quarter of 2018 as it said strong order intake had continued into 2018.
The power products supplier reported order intake for the first quarter at £51.2mln, a 9% increase from the same period last year on a reported basis, with a 12% increase on a ‘like-for-like’ (LFL) basis.
Revenue up while net debt shrinks
Revenue for the group stood at £46.6mln for the quarter, up 18% for the 2017 period, with basis revenue up 17% on a LFL basis.
There was also good news for the company’s net debt, which fell to £6.8mln in the quarter from £9mln at the end of 2017.
XP’s book to bill ratio, which tracks the relationship between orders received and completed sales and is an indicator of future revenue growth, was 1.10 for the first quarter.
The company declared a dividend for the first quarter of 16p per share, a 7% increase over the prior year.
In its outlook, the group said its expectations for the full-year remained unchanged.
XP Power shares were up 2.8% at 3,620p in early trading Friday.
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