Business
Dividend Date Correction
Dividend Date Correction.
About this update from Xp Power Ltd.
[{"type":"text","content":"\n \n 12 October 2020\n \n XP Power Limited\n \n(“XP Power” or “the Group”)\n Dividend date correction\n As announced with the Group’s Q3 trading update this morning, XP Power has declared a dividend for the third quarter of 20 pence per share. The record date of 15 December 2020 included in that announcement was incorrect. The dividend will in fact be paid on 15 January 2021 to shareholders on the register on 11 December 2020. All other details included in the amended announcement below remain unchanged.\n Q3 Trading Update\n XP Power, one of the world's leading developers and manufacturers of critical power control components to the electronics industry, is today issuing a trading update for the third quarter and nine months ended 30 September 2020 and a further update on the impact of COVID-19.\n COVID-19\n We are continuing to monitor the global situation in respect of COVID-19. The health, safety and well-being of our colleagues remains our first priority and we are providing our teams with our full support, following all public health advice, and complying with all government directives.\n We are pleased to report that during the third quarter all of our manufacturing and logistics facilities around the world have been operating normally, with epidemic and prevention controls in place in line with all public health advice.\n Trading\n Revenue in the third quarter progressed positively as the exceptionally strong order intake we saw in the first half translated into product shipments. Order intake continues to be encouraging driven by demand in the Semiconductor Equipment Manufacturing sector. Healthcare orders have now returned to normal levels, following the COVID-19 related demand we saw in the first six months of 2020. Overall, orders were up 29% for the nine months ended 30 September 2020 compared with the prior year, including a £15-20 million net increase linked to COVID-19.\n Production volumes from our Asian manufacturing facilities increased significantly in the third quarter as we ramped up production to meet demand. This delivered significantly increased revenues in the third quarter as we fulfilled the sizeable backlog of Healthcare and Semiconductor Equipment Manufacturing orders received during the first half. The book to bill ratio, which tracks the relationship between orders received and completed sa...