Dividend Cancellation

Further to the trading update announced on 2 October 2023, and having taken account of the views expressed by the Company’s major shareholders, the Board has decided to cancel the second quarter dividend of 19.0 pence per share (approximately £3.75 million of cash spend) that was due to be paid to eligible shareholders on 12 October 2023. The Group continues to take all necessary internal actions to manage its cost base and cash resources, in order to strengthen the balance sheet in the near term.

As previously announced, the Board intends that no further dividends will be paid in respect of the 2023 financial year. The Group recognises the importance of dividends to shareholders and will recommence paying dividends as soon as appropriate.

Jamie Pike, Chair of XP Power, commented:

“Notwithstanding these short-term challenges, the Board believes XP has a positive longer term outlook and we are fully focused on ensuring that the Group realises its potential.”