XP Power profit falls on lower revenue from North America, Europe
(Reuters) - Electrical component maker XP Power Ltd (XPP.L) reported a 17 percent fall in adjusted pretax profit, hurt mainly by a decline in revenue from its North American and European businesses.
The company said it expects 2013 revenue to remain at last year's level or grow slightly, as orders remained weak. XP Power recorded a 2 percent fall in 2012 orders.
Adjusted profit before tax fell to 20.2 million pounds ($30.9 million) in the year ended December 31 from 24.3 million pounds a year earlier.
Revenue declined 9 percent to 93.9 million pounds.
The company, which gets more than 90 percent of its revenue from customers in the industrial, technology and healthcare businesses in North America and Europe, has been hurt by fewer orders as customers cut spending.
XP Power raised its total dividend for the year to 50 pence per share from 45 pence a year earlier, with a final dividend of 17 pence in the fourth quarter.
Shares in the company closed at 1125 pence on the London Stock Exchange on Friday.
(Reporting By Abhirup Roy in Bangalore; Editing by Joyjeet Das)
- U.S. man sues soccer star Cristiano Ronaldo over CR7 trademark
- Moscow fights back after sanctions; battle rages near Ukraine crash site |
- Wall St. tumbles; S&P below 50-day moving average
- Netanyahu vows to complete Gaza tunnels destruction |
- Argentina defaults but investors see eventual deal possible |