XP Power Ltd shares dropped on Tuesday, after it swung to a full-year loss despite an improvement in the second half of 2022.
It also said that iChief Financial Officer Oskar Zahn will step down, in order to join WAG Payment Solutions PLC.
Shares in the Singapore-based maker of power controllers were down 8.8% to 2,235.56 pence each in London on Tuesday afternoon.
XP Power reported that revenue in 2022 rose 21% to £290.4 million from £240.3 million.
However, it swung to a reported pretax loss of £30.2 million from a profit of £28.4 million a year before.
XP Power said that performance improved ‘significantly’ in the second half of 2022 as supply chain conditions stabilised allowing increased product shipments.
It added that reported results for the year have been impacted by the exceptional costs associated with the Comet legal case which totalled £59.7 million.
The company also declared a final dividend of 26.0 pence, bringing the total to dividend to 94.0p. This is unchanged year-on-year. It said that this reflects the company’s ‘long term confidence’ in its trading prospects.
Looking ahead, XP Power said it has entered 2023 with a record order book of £308.4 million, up from £217.0 million at the end of 2021. It explained that this provides the company with ‘good visibility.’
Chair James Peters said: ‘2022, while challenging, was a year of further strategic progress that positions us well for the long term. Trading improved as the year progressed and we are pleased with our second half performance, which better reflects what we are capable of and is testament to the hard work of our teams.’
Separately, XP Power said that its Chief Financial Officer Oskar Zahn has resigned to take to the position of CFO at WAG Payment Solutions PLC. WAG Payment Solutions, known as Eurowag, processes toll and fuel payments for trucks around Europe.
Zahn joined XP Power in May 2021. Prior to XP Power, he was CFO of Scapa Group PLC, a manufacturer to the Healthcare and Industrial markets, from 2018 until its acquisition by SWM International Inc in early 2021.
The company said he will leave at the end of March, at which point Group Finance Director David Stibbs will assume the responsibilities of CFO on an interim basis.
The board has begun the search for a permanent successor.
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