XP Power Ltd.

XPP · Main Market · Industrial Goods and Services · mcap £547m · 1980.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 04 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £555.0m
Owner’s net cash: −£51.4m
Net cash / market cap: -9%
EV ex leases: £607.0m
Revenue: £228.3m
Operating profit: £3.4m
Free cash flow after leases: £21.1m
EV / EBIT: 178.5×
FCF yield: 3.8%
Price / tangible book: 11.26×
ROCE: 1%
Net income (owners): −£8.5m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 04 Aug 26 · read the results ↗

Source ↗

	Adjusted £m	Adjustments £m	Six months ended 30 June 2026 £m	Adjusted £m	Adjustments £m	Six months ended 30 June 2025 £m
Revenue	109.1	-	109.1	110.9	-	110.9
Cost of sales	(59.0)	(0.1)	(59.1)	(65.0)	0.2	(64.8)
Gross profit	50.1	(0.1)	50.0	45.9	0.2	46.1
Operating Expenses
Distribution and marketing	(29.2)	(2.2)	(31.4)	(28.6)	(1.7)	(30.3)
Administrative	(1.9)	(1.0)	(2.9)	(2.1)	(0.7)	(2.8)
Research and development	(10.4)	-	(10.4)	(10.4)	-	(10.4)
Operating profit	8.6	(3.3)	5.3	4.8	(2.2)	2.6
Net finance expense	(3.5)	0.2	(3.3)	(4.0)	-	(4.0)
Profit/(loss) before tax	5.1	(3.1)	2.0	0.8	(2.2)	(1.4)
Tax expense	(1.0)	0.1	(0.9)	(0.6)	0.2	(0.4)
Profit/(loss) for the period	4.1	(3.0)	1.1	0.2	(2.0)	(1.8)
Attributable to
Equity shareholders	1.0	(1.9)	–	–	–	–
Non-controlling interests	0.1	0.1	–	–	–	–
Profit/(loss) for the period	1.1	(1.8)	–	–	–	–
Earnings per share (pence)
Basic earnings/(loss) per share	14.3	(10.7)	3.6	0.4	(7.6)	(7.2)
Diluted earnings/(loss) per share	14.2	(10.6)	3.6	0.4	(7.6)	(7.2)

Source ↗

	30 June 2026 £m	31 December 2025 £m
ASSETS
Current assets
Cash and bank balances	14.8	33.8
Inventories	73.8	57.0
Trade receivables	34.2	34.2
Bond receivables	50.4	48.8
Other current assets	7.8	5.9
Derivative financial instruments	0.3	-
Current income tax receivables	0.5	1.2
Total excluding a ssets of disposal group held for sale	181.8	180.9
Assets of disposal group held for sale	1.8	-
Total current assets	183.6	180.9
Non-current assets
Goodwill	72.8	72.8
Intangible assets	54.3	54.2
Property, plant and equipment	64.8	65.6
Right-of-use assets	47.4	47.8
Cash collateral	1.7	1.7
Deferred income tax assets	1.8	0.7
Total non-current assets	242.8	242.8
Total assets	426. 4	423.7
LIABILITIES
Current liabilities
Accrued consideration	0.9	-
Current income tax liabilities	1.7	2.6
Trade and other payables	67.7	59.2
Lease liabilities	1.9	1.8
Provisions	50.9	50.1
Borrowings	0.2	0.3
Total excluding liabilities of disposal group held for sale	123.3	114.0
Liabilities of disposal group held for sale	0.6	-
Total current liabilities	123.9	114.0
Non-current liabilities
Accrued consideration	0.9	1.7
Borrowings	65.1	76.7
Deferred income tax liabilities	8.0	7.9
Provisions	2.3	1.2
Lease liabilities	49.8	49.6
Total non-current liabilities	126. 1	137.1
Total liabilities	250.0	251.1
NET ASSETS	176.4	172.6
EQUITY
Equity attributable to equity holders of the Company
Share capital	110.8	110.8
Merger reserve	0.2	0.2
Share-based payments reserve	4.3	3.3
Translation reserve	(5.0)	(5.6)
Other reserve	11.2	10.1
Retained earnings	54.3	53.3
Total equity attributable to equity holders of the Company	175.8	172.1
Non-controlling interests	0.6	0.5
TOTAL EQUITY	176.4	172.6

Source ↗

	2026 £m	2025 £m
Cash flows from operating activities
Profit/(loss) after income tax	1.1	(1.8)
Adjustments for
- Income tax expense	0.9	0.4
- Amortisation and depreciation	9.1	9.4
- Net finance expense	3.3	4.0
- Share-based payment expenses	1.6	0.8
- Loss on disposal of property, plant and equipment	-	0.1
- Unrealised currency translation (gain)/loss	(0.5)	2.3
- Impairment of intangible assets	0.1	-
- Provision for doubtful debts	-	0.1
Change in working capital
- Inventories	(16.0)	6.5
- Trade and other receivables and other current assets	(2.9)	(4.8)
- Trade and other payables	14.3	(2.4)
- Provision for liabilities and other charges	0.1	(1.3)
Cash generated from operations	11.1	13.3
Income tax paid, net of refund	(1.2)	(1.5)
Net cash provided by operating activities	9.9	11.8
Cash flows from investing activities
Government grant relating to the purchase of property, plant and equipment	1.2	1.5
Purchases and construction of property, plant and equipment	(6.7)	(1.3)
Additions of product development costs	(3.7)	(4.8)
Additions of software and software under development	(0.9)	(0.1)
Purchase of bond receivables	-	(11.6)
Bond premium paid	(0.3)	(0.2)
Proceeds from disposal of property, plant and equipment	0.1	-
Interest received	0.1	-
Net cash used in investing activities	(10.2)	(16.5)
Cash flows from financing activities
Proceeds from issuance of new ordinary shares	-	39.6
Proceeds from borrowings	14.1	19.6
Repayment of borrowings	(27.0)	(44.4)
Principal payment of lease liabilities	(1.0)	(0.9)
Interest paid	(3.8)	(4.4)
Dividends paid to non-controlling interests	-	(0.1)
Net cash (used in)/provided by financing activities	(17.7)	9.4
Net (decrease)/increase in cash and cash equivalents	(18.0)	4.7
Cash and cash equivalents at beginning of financial period	33.8	13.9
Effects of currency translation on cash and cash equivalents	0.1	(1.0)
Cash and cash equivalents at end of financial period	15.9	17.6

Source ↗

	Adjusted £m	Adjustments £m	2025 £m	Adjusted £m	Adjustments £m	2024 £m
Revenue	230.1	-	230.1	247.3	-	247.3
Cost of sales	(131.9)	(1.9)	(133.8)	(146.0)	(4.3)	(150.3)
Gross profit	98.2	(1.9)	96.3	101.3	(4.3)	97.0
Operating expenses
Distribution and marketing	(55.3)	(11.0)	(66.3)	(52.1)	(6.6)	(58.7)
Administrative	(4.1)	(3.7)	(7.8)	(4.2)	(10.6)	(14.8)
Research and development	(21.5)	-	(21.5)	(19.9)	-	(19.9)
Operating profit	17.3	(16.6)	0.7	25.1	(21.5)	3.6
Net finance expense	(7.8)	(0.2)	(8.0)	(11.3)	-	(11.3)
Profit / (loss) before tax	9.5	(16.8)	(7.3)	13.8	(21.5)	(7.7)
Tax ( expense) / credit	(3.3)	(0.7)	(4.0)	(3.4)	1.7	(1.7)
Profit / (loss) for the year	6.2	(17.5)	(11.3)	10.4	(19.8)	(9.4)
Attributable to
Equity shareholders	(11.4)	(9.6)	–	–	–	–
Non-controlling interests	0.1	0.2	–	–	–	–
Loss for the year	(11.3)	(9.4)	–	–	–	–
Earnings per share
Basic earnings/(loss) per share	22.5	(64.5)	(42.0)	43.0	(83.5)	(40.5)
Diluted earnings/(loss) per share	22.5	(64.5)	(42.0)	42.9	(83.3)	(40.4)

Source ↗

	2025 £m	2024 £m
ASSETS
Current assets
Cash and cash equivalents	33.8	13.9
Inventories	57.0	71.1
Trade receivables	34.2	30.2
Bond receivable	48.8	39.2
Other current assets	5.9	5.6
Current income tax recoverable	1.2	0.7
Total current assets	180.9	160.7
Non-current assets
Goodwill	72.8	73.2
Intangible assets	54.2	63.5
Property, plant and equipment	65.6	64.4
Right-of-use assets	47.8	51.8
Cash collateral	1.7	1.5
Deferred income tax assets	0.7	1.0
ESOP loan to employees	-	0.1
Total non-current assets	242.8	255.5
Total assets	423.7	416.2
LIABILITIES
Current liabilities
Accrued consideration	-	0.8
Current income tax liabilities	2.6	0.4
Trade and other payables	59.2	40.8
Lease liabilities	1.8	1.6
Provisions	50.1	54.0
Borrowings	0.3	0.3
Total current liabilities	114.0	97.9
Non-current liabilities
Accrued consideration	1.7	0.7
Borrowings	76.7	108.6
Deferred income tax liabilities	7.9	9.1
Provisions	1.2	1.3
Lease liabilities	49.6	52.7
Total non-current liabilities	137.1	172.4
Total liabilities	251.1	270.3
NET ASSETS	172.6	145.9
EQUITY
Equity attributable to equity holders of the Company
Share capital	110.8	71.2
Merger reserve	0.2	0.2
Share-based payments reserve	3.3	3.1
Translation reserve	(5.6)	(2.6)
Other reserve	10.1	8.6
Retained earnings	53.3	64.8
Total equity attributable to equity holders of the Company	172.1	145.3
Non-controlling interests	0.5	0.6
TOTAL EQUITY	172.6	145.9

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
Loss for the year	(11.3)	(9.4)
Adjustments for
- Income tax expense	4.0	1.7
- Amortisation and depreciation	18.8	18.7
- Net finance expense	8.0	11.3
- Share-based payment expenses	2.1	1.6
- Loss on disposal of property, plant and equipment	0.4	0.1
- Impairment loss on goodwill	-	1.4
- Impairment loss on intangible assets	5.3	0.2
- Impairment loss on right-of-use of assets	-	0.3
- Realisation of translation reserve upon liquidation of subsidiary	(0.7)	-
- Property, plant and equipment written off	-	0.2
- Unrealised currency translation loss/(gain)	2.5	(1.0)
- Provision for doubtful debts	0.1	-
Change in working capital
- Inventories	9.9	21.2
- Trade receivables and other current assets	(4.2)	15.4
- Trade and other payables	14.6	(8.0)
- Provision s	(0.2)	8.3
Cash generated from operations	49.3	62.0
Income tax paid, net of refund	(3.2)	(6.6)
Net cash provided by operating activities	46.1	55.4
Cash flows from investing activities
Government grant relating to the purchase of property, plant and equipment	1.5	-
Purchases and construction of property, plant and equipment	(7.1)	(9.8)
Additions of development costs	(8.7)	(10.0)
Additions of software and software under development	(0.3)	(0.3)
Purchase of bond receivables	(11.7)	-
Bond premium paid	(0.7)	-
Proceeds from repayment of ESOP loans	0.1	-
Interest received	0.2	0.1
Net cash used in investing activities	(26.7)	(20.0)
Cash flows from financing activities
Proceeds from issuance of ordinary shares	39.6	-
Proceeds from borrowings	40.0	3.8
Repayment of borrowings	(67.3)	(23.4)
Principal payment of lease liabilities	(1.8)	(1.6)
Interest paid	(8.3)	(12.1)
Dividend paid to equity holders of the Company	(0.1)	-
Dividend paid to non-controlling interests	(0.2)	(0.2)
Bank deposits pledged	(0.3)	-
Net cash provided by/(used in) financing activities	1.6	(33.5)
Net increase in cash and cash equivalents	21.0	1.9
Cash and cash equivalents at beginning of financial year	13.9	12.0
Effects of currency translation on cash and cash equivalents	(1.1)	-
Cash and cash equivalents at end of year	33.8	13.9

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	228.3	230.1	247.3
Gross profit	100.2	96.3	97.0
EBITDA	–	34.7	40.9
Adjusted operating profit	21.1	17.3	25.1
Operating profit	3.4	0.7	3.6
Share-based payments	2.9	2.1	1.6
Operating profit to net income
Finance costs	(7.3)	(8.0)	(11.3)
Profit before tax	(3.9)	(7.3)	(7.7)
Tax	(4.5)	(4.0)	(1.7)
Net income (owners)	(8.5)	(11.4)	(9.6)
Per share
EPS basic	(4,189.2p)	(4,200.0p)	(4,050.0p)
EPS diluted	(4,189.2p)	(4,200.0p)	(4,040.0p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	109.1	−2%	119.2	110.9
Gross profit	50.0	+8%	50.2	46.1
Adjusted operating profit	8.6	+79%	12.5	4.8
Operating profit	5.3	+104%	(1.9)	2.6
Share-based payments	1.6	+100%	1.3	0.8
Operating profit to net income
Finance costs	(3.3)	−18%	(4.0)	(4.0)
Profit before tax	2.0	n/m	(5.9)	(1.4)
Tax	(0.9)	+125%	(3.6)	(0.4)
Net income (owners)	1.0	n/m	(9.5)	(1.9)
Per share
EPS basic	3.6p	–	(4,192.8p)	(7.2p)
EPS diluted	3.6p	–	(4,192.8p)	(7.2p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	44.2	46.1	55.4
Interest paid	(7.7)	(8.3)	(12.1)
Tax paid	(2.9)	(3.2)	(6.6)
Investing activities
Capex (PP&E)	(12.5)	(7.1)	(9.8)
Capex (intangibles)	–	(8.7)	(10.0)
Financing activities
Lease principal paid	(1.9)	(1.8)	(1.6)
Dividends paid	–	(0.1)	–
Shares issued	0.0	39.6	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	9.9	−16%	34.3	11.8
Interest paid	(3.8)	−14%	(3.9)	(4.4)
Tax paid	(1.2)	−20%	(1.7)	(1.5)
Investing activities
Capex (PP&E)	(6.7)	+415%	(5.8)	(1.3)
Financing activities
Lease principal paid	(1.0)	+11%	(0.9)	(0.9)
Shares issued	0.0	n/m	0.0	39.6

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	72.8	72.8	73.2
Other intangibles	54.3	54.2	63.5
Property, plant & equipment	64.8	65.6	64.4
Non-current assets	242.8	242.8	255.5
Current assets
Inventories	73.8	57.0	71.1
Trade receivables	34.2	34.2	30.2
Cash	14.8	33.8	13.9
Current assets	183.6	180.9	160.7
Total assets	426.4	423.7	416.2
Current liabilities
Trade payables	67.7	59.2	40.8
Borrowings, current	0.2	0.3	0.3
Lease liabilities, current	1.9	1.8	1.6
Current liabilities	123.9	114.0	97.9
Non-current liabilities
Borrowings, non-current	65.1	76.7	108.6
Lease liabilities, non-current	49.8	49.6	52.7
Deferred consideration	0.9	1.7	–
Non-current liabilities	126.1	137.1	172.4
Total liabilities	250.0	251.1	270.3
Equity
Non-controlling interests	0.6	0.5	0.6
Total equity	176.4	172.6	145.9
Net cash and other figures
Net cash / (debt) ex leases	–	(41.5)	(93.5)
Net cash / (debt) incl. leases	(47.7)	–	–
Order book	173.9	115.8	122.3

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	72.8	72.8	–	73.2
Other intangibles	54.3	54.2	–	63.5
Property, plant & equipment	64.8	65.6	–	64.4
Non-current assets	242.8	242.8	–	255.5
Current assets
Inventories	73.8	57.0	–	71.1
Trade receivables	34.2	34.2	–	30.2
Cash	14.8	33.8	–	13.9
Current assets	183.6	180.9	–	160.7
Total assets	426.4	423.7	–	416.2
Current liabilities
Trade payables	67.7	59.2	–	40.8
Borrowings, current	0.2	0.3	–	0.3
Lease liabilities, current	1.9	1.8	–	1.6
Current liabilities	123.9	114.0	–	97.9
Non-current liabilities
Borrowings, non-current	65.1	76.7	–	108.6
Lease liabilities, non-current	49.8	49.6	–	52.7
Deferred consideration	0.9	1.7	–	–
Non-current liabilities	126.1	137.1	–	172.4
Total liabilities	250.0	251.1	–	270.3
Equity
Non-controlling interests	0.6	0.5	–	0.6
Total equity	176.4	172.6	–	145.9
Net cash and other figures
Net cash / (debt) ex leases	–	(41.5)	–	(93.5)
Net cash / (debt) incl. leases	(47.7)	–	(57.9)	–
Order book	173.9	115.8	121.8	122.3

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