XP Power (LON:XPP) confirmed that Q116 revenues and orders grew year-on-year on both a reported and constant currency basis, remaining at the strong level achieved in the previous quarter. Trading continues to support management’s expectations for revenue growth in 2016 and, accordingly, we leave our estimates unchanged.
Q116 trading a continuation of Q415
XP saw encouraging trading in Q116: revenues grew 10% y-o-y to £28.2m (+6% constant currency) and 1% from the previous quarter. Order intake of £30.3m was marginally higher than the Q415 intake and 9% higher than a year ago (+4% constant currency). Net debt of £3.7m at the end of Q116 was flat compared to the end of FY15. The Q1 dividend of 14p was in line with our expectations and 8% higher than a year ago. It will be paid on 8 July to shareholders as at 17 June.
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