Business
Q1 Trading update
Q1 Trading update.
About this update from Xp Power Ltd.
[{"type":"text","content":"\n \n 13 April 2021\n \n XP Power Limited\n \n(“XP Power”, “the Group” or “the Company”)\n Q1 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 first quarter ended 31 March 2021.\n Trading\n Trading in the first quarter of 2021 has been in line with the Board’s expectations. The Group made a good start to the year with order intake up 7% on Q1 2020 on a constant currency basis and 1% ahead as reported. This performance was driven by the continued strength in the Semiconductor Manufacturing Equipment sector and a recovery in the Industrial Technology sector. As expected, Healthcare orders decreased compared to the prior year, due to the exceptional COVID-19 related orders received in Q1 2020 not repeating.\n Revenue in the first quarter of 2021 was up 23% year-on-year on a constant currency basis and 16% ahead as reported. The strong year-on-year revenue growth partially reflects the COVID-19 related extended shutdown of our manufacturing facility in China and the associated supply chain challenges in the prior year.\n The book to bill ratio, which tracks the relationship between orders received and completed sales, and which is an indicator of future revenue growth, was 1.29 for the first quarter of 2021 (Q1 2020: 1.49) driven particularly by the demand from Semiconductor Manufacturing Equipment and Industrial Technology customers.\n \n \n \n £ Millions\n \n \n Q1 2021\n \n \n Q1 2020\n \n \n Q4 2020\n \n \n Q1 2020\n \n \n Q4 2020\n \n \n \n \n Change\n \n \n Change in constant currency\n \n \n Change\n \n \n Change in constant currency\n \n \n \n \n Orders\n \n \n 73.7\n \n 73.1\n 55.9\n 1%\n 7%\n 32%\n 38%\n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue\n \n \n 57.1\n \n 49.1\n 59.2\n 16%\n 23%\n -3%\n 1%\n \n \n \n \n \n \n \n \n \n \n \n \n \n Book to Bill\n \n \n 1.29\n \n 1.49\n 0.94\n -0.20\n \n 0.35\n \n \n \n \n \n \n \n \n \n \n \n \n \n Financial Position and dividend\n Net debt at 31 March 2021 was £18.4 million, compared with £17.9 million at 31 December 2020. The Group will continue its disciplined approach to capital allocation, prioritising a strong balance sheet and the flexibility that this provides.\n The Board has recommended a dividend for the first quarter of 1...