XP Power announced its annual results for the year ended 31 December 2010.
Total orders increased by 51% to €103.4 million (2009: €68.4 million). Total sales increased by 36% to €91.8 million (2009: €67.3 million). Sales of product based on XP Power’s own designed/own manufactured product increased by 68% to €44.1 million (2009: €26.2 million). Another increase in the proportion of higher margin, own design/own manufactured products in the sales mix helped to drive a further improvement in gross margins to 48.0% (2009: 45.0%). Operating profit increased to €19.7 million (2009: €9.6 million). Diluted adjusted earnings per share grew to 52.6 pence per share in the second half and increased by 105% to 83.7 pence per share for the year (2009: 40.8 pence per share), another record for the Group.
Net debt at the year end was €18.4 million compared to €18.7 million at the end of 2009. Operating cash flow was €10.3 million (2009: €16.3 million) representing 52% of operating income.
Larry Tracey, Executive Chairman, commented, "The trading environment was favorable throughout 2010 as a result of the recovery in world economic conditions. In these improved markets, I am pleased to report that XP Power’s well established strategy of moving up the value chain to develop and manufacture its own range of market leading products has enabled the Group to report another very strong performance.
"In 2010 we also continued to invest for the future, further expanding our product range and commencing a further expansion of our production capacity to establish a solid foundation for future revenue and earnings growth."
