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XP Power Issues Trading Update; Gavin Griggs To Succeed Duncan As CEO - Quick Facts

XP Power Ltd (XPP.L) reported that orders were up 29% for the nine months ended 30 September 2020 compared with the prior year, including a 15-20 million pounds net increase linked to COVID-19. Revenue in the third quarter progressed positively, the Group said. The Board anticipates the Group's performance for full year 2020 will be towards the top end of current analyst expectations.

Net debt at 30 September 2020 was 28.2 million pounds, compared to 34.4 million pounds at 30 June 2020. The Group has immediately available committed liquidity of approximately 64 million pounds through bank facilities and cash balances. During the third quarter, all of the Group's manufacturing and logistics facilities have been operating normally.

The Board proposed a dividend for the third quarter of 20 pence per share which will be paid on 15 January 2021 to shareholders on the register on the 15 December 2020.

The Board also announced that Duncan Penny will step down as CEO on 31 December 2020. Gavin Griggs, currently Chief Financial Officer, will succeed Duncan as Chief Executive Officer on 1 January 2021. The Group has commenced the search for Gavin's successor as Chief Financial Officer.

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