LONDON (dpa-AFX) - Shares of XP Power Limited (XPP.L, XPPLF) were losing around 3 percent in London stock exchange after the manufacturer of critical power control components reported lower profit in its first half and weak orders, while revenues were higher.
For the first half, profit before tax declined 30 percent to 12.9 million pounds from 18.5 million pounds last year. Profit attributable to equity holders dropped 29 percent to 10.3 million pounds from 14.6 million pounds a year ago.
Earnings per share declined to 52.8 pence from last year's 74.9 pence.
Adjusted profit before income tax was 16.6 million pounds, compared to 20.3 million pounds last year. Adjusted earnings per share were 69.2 pence, compared to 83.7 pence a year ago.
Revenue, however, grew 6 percent to 98.9 million pounds from 93.2 million pounds last year.
Order intake was 100.6 million pounds, down 1 percent from 101.4 million pounds a year ago.
Further, the company announced that dividend for the first half of 2019 increased 6 percent to 35.0 pence per share, reflecting the confidence the Board has in the longer term prospects.
Looking ahead, the company noted that it continues to see a robust performance from Healthcare, Industrial and Technology businesses. Meanwhile, continued softness in the Semiconductor Equipment Manufacturing sector and the task of recovering Section 301 tariffs will continue to challenge the results.
The Board expects further revenue growth in the second half of the year, despite the softness in the Semiconductor Equipment Manufacturing market.
In London, XP Power shares were trading at 1,975.50 pence, down 3.16 percent.
Copyright RTT News/dpa-AFX