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XP Power Ltd - FTSE-250 listed Singapore-based maker of power controllers - Revenue is up 33% year-on-year to £343.4 million in 2021, from £258.0 million. Profit before tax dropped 20% to £28.4 million from £35.7 million in 2020. Adjusted pretax profit is £43.8 million, down 1% year-on-year from £46.0 million, with the key adjusting item being an ongoing legal case in North America. Gross margin decreases by 210 basis points to 45%, due to increased freight costs and higher production costs at Vietnamese factory due to Covid.
Declares final dividend of 36.0p, unchanged from the prior year. Total dividend is up 27% to 94.0p from 74.0p in 2020. Order book at December 31 is at a record high of £217.0 million, up from £124.1 million a year before.
‘The clear highlight of the year was our record order book which underlines the strength of demand for XP Power's products. Revenues were above those achieved for 2020 and we delivered robust profitability and strong cash conversion despite the difficult global backdrop,’ said Chair James Peters.
Peters announces he will resign after company's annual general meeting in April 2023. Jamie Pike succeeds him, and is appointed as chair designate and non-executive director. Pike has been chair at Spirax-Sarco Engineering PLC since 2019.
Current stock price: 4,040.00 pence, down 6.9% on Tuesday
12-month change: down 25%
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