XP Power profit falls on lower revenue from North America, Europe

Mon Feb 25, 2013 2:53am EST

Feb 25 (Reuters) - Electrical component maker XP Power Ltd 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 Dec. 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.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article