XP Power ups dividend on increased order intake

Critical power control solutions developer XP Power upped its first-quarter dividend on Thursday after it saw the strong order intake witnessed towards the end of its last trading year continue into 2018.

XP Power's order intake hit £51.2m during its first trading quarter, a 9% increase year-on-year on a reported basis, for a 12% increase on a like-for-like basis.

The Singapore based firm posted revenues of £46.6m for the quarter, up 18% on the prior year, with sales moving ahead 17% on a like-for-like basis.

Elsewhere, XP reduced its net debt to £6.8m in the quarter, which was down from the £9m it owed at the end of its previous trading year.

As a result of this, XP declared a first-quarter dividend of 16p per ordinary share, for a 7% increase year-on-year.

"The momentum seen in 2017 has continued into the first quarter of 2018 and we are encouraged by the continued strong order intake experienced across the business and the book to bill level gives us confidence for the future. The board's expectations for the company's full-year performance remain unchanged," XP said in its Friday morning trading update.

As of 0930 BST, shares had climbed 4.49% to 3,678.00p.