XP power announce a proposed final dividend for 2020 of 36 pence per share (2019: nil due to COVID-19 uncertainty). Total dividend for 2020 74 pence per share (2019: 55 pence per share).
Other financial highlights include:
- Strong growth in order intake and revenue driven by the recovery in the Semiconductor Manufacturing Equipment sector and demand from Healthcare customers as they increased supply of critical care devices for the treatment of COVID-19, offsetting weakness in Industrial Technology sector.
- Order intake increased by 20% to £258.0 million, including £15 - £20 million related to COVID-19 Healthcare orders.
- Revenue grew 17% to £233.3 million.
- Gross margin increased to 47.2% due to manufacturing efficiencies from increased production.
- Net debt of £17.9 million, a decrease of 57% compared to 2019, driven by strong operating cash conversion.
- Expansion of our Vietnam manufacturing facility and active supply chain management enabled the Group to demonstrate its resilience and maintain product deliveries to customers, despite the temporary shutdown of our Chinese factory during Q1 2020 in response to COVID-19.
- Further production and supply chain optimisation across the Group, including the transfer of low-power, high voltage DC-DC manufacturing from Nevada to Vietnam.
- The Group enters 2021 with an order book of £124.1 million (2019: £98.2 million), which gives confidence for the year ahead.