XP Power (XPP) – cracking trading update from a superb business
The UK listed developer and manufacturer of critical power control components to the electronics industry issued a trading update for the quarter ended 30 June 2013 that was clearly much better than many anticipated pushing the shares materially higher.
Trading was in line with the Board’s expectations during the first half with revenues for the six months ended 30 June 2013 up 5% on the prior period or 4% stripping out currency impact. Orders for the first half of 2013 were flat versus the first half of 2012 but increased by 7% over the second half of 2012. It was pleasing to note that the new factory in Vietnam is now supplying approximately half of the Group’s monthly demand for the magnetic components used within their power converters with the facility has now at break even position. As a…