XP powers up Chinese production

Commenting on the company's annual; results for 2009, executive chairman Larry Tracey said: "Throughout the past two years of economic turmoil, we have increased the level of investment in our products, our people and capital equipment. We start the new decade in a strong position in our industry, which now appears to be recovering rapidly. XP Power's combination of a market leading product portfolio and low cost manufacturing capability should allow shareholders to benefit from above average earnings and dividend growth as the recovery takes hold." Revenue for 2009 was £67.3 million (2008: £69.3m) while pre-tax profits climbed a little to £8.7 million (£8.0m). XP said its new Chinese manufacturing facility was successfully securing new approved vendor agreements from blue chip customers and production volumes increased rapidly in the fourth quarter of 2009. The year had seen record levels of new product investment and product launches to underpin growth in future years as new customer programmes reach production phase, the company went on. Current trading was encouraging, with most markets now in recovery.