03 August 2009

Corporate News

Interim Results

XP, one of the world's leading developers and manufacturers of critical power control components for the electronics industry, today announces its interim results for the six-month period ended 30 June 2009.

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	Six months ended	Six months ended
	30 June 2009	30 June 2008
	(Unaudited)	(Unaudited)
Income and Expenditure

Revenue Turnover	£33.1m	£34.8m
Gross profit	£14.9m	£14.9m
Gross margin	45.0%	42.8%
Adjusted (*) profit before tax	£3.8m	£4.4m
Adjusted (*) profit after tax	£3.5m	£3.5m
Diluted earnings per share adjusted (*) (see Note 10)	18.6p	18.4p
Interim dividend per share (see Note 9)	10.0p	10.0p

(*) Adjusted for amortisation of intangibles associated with acquisitions of £0.2 million (2008: £0.1 million) and one off non-cash foreign exchange gains of nil (2008: £2.1 million)

Strong financial performance in difficult market conditions – adjusted earnings per share ahead of prior year
Significant further investment made in engineering development resource - 50 new XP developed product ranges included in latest catalogue launch
Record gross margins of 45.0% (2008: 42.8%) driven by expansion of in-house developed, XP brand products
New Chinese manufacturing facility now on stream facilitating further penetration of key blue chip customer base
Maintained earnings and strong cash flows provide basis for a robust interim dividend of 10.0p per share, in line with 2008

Larry Tracey, Executive Chairman, commented:

“While the trading environment in the first half has been challenging, I am pleased to report that XP is weathering the storm well, producing a resilient performance. The launch of our second in-house manufacturing facility in China during the period was a major milestone in the Group’s development and we expect it to play a crucial role in helping drive our revenue growth going forward. Looking ahead, we expect that the ongoing implementation of our strategy will continue to underpin our resilience whilst simultaneously positioning the Group to prosper in the eventual cyclical recovery.”

Enquiries:

XP Power Limited
Larry Tracey, Executive Chairman	+44 (0)7785 387142
James Peters, Deputy Chairman	+44 (0)7785 353066
Duncan Penny, Chief Executive Officer	+65 8322 9520

Citigate Dewe Rogerson
Kevin Smith/Ged Brumby	+44 (0)20 7638 9571

Note to editors

XP designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts the power from the electricity grid into the right form for the equipment to function.

XP typically designs in power control solutions into the end products of major blue chip OEMs, with a focus on the industrial (circa 49% of sales), healthcare (circa 29% sales) and technology (circa 22% of sales) sectors. Once designed into a program, XP has a revenue annuity over the life cycle of the customer’s product which is typically 5 to 7 years depending on the industry sector.

XP has invested in research and development and its own manufacturing facility in China, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP serves a global blue chip customer base from 27 locations in Europe, North America and Asia.

For further information, please visit www.xppower.com

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