PR Newswire
30 January 2025
XP Power Limited
(`XP Power' or `the Group')
Re: Comet Legal Action - Judgement on legal fees and interest
XP Power, one of the world's leading developers and manufacturers of critical power control components to the electronics industry, announces an update on the US legal case with Comet Technologies USA Inc ("Comet") relating to legal fees and interest.
Yesterday the trial judge ruled that plaintiff's legal fees and pre-judgement interest of c.$19m in total are to be paid by the Group. While there was always a range of potential outcomes, this ruling was disappointing and has required us to reconsider our provision, increasing it by c.$10m to include pre and post judgement interest for the expected period until the appeal concludes. When the legal fees and interest are paid, Net Debt : Adjusted EBITDA is expected to increase by c.0.35x and on a pro-forma basis the 2024 year-end position is c.2.65x.
XP Power has already lodged documentation for an appeal against the original judgement and now plans to progress the appeal process. Further announcements will be made as appropriate.
Enquiries:
XP Power
Gavin Griggs, Chief Executive Officer
+44 (0)118 984 5515
Matt Webb, Chief Financial Officer
+44 (0)118 984 5515
Citigate Dewe Rogerson
Kevin Smith/Lucy Gibbs
+44 (0)207 638 9571
XP Power designs and manufactures power controllers, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.
XP Power typically designs power control solutions into the end products of major blue-chip OEMs, with a focus on Semiconductor Manufacturing Equipment (circa 38% of revenue in 2024), Healthcare (circa 24% revenue in 2024) and Industrial Technology (circa 38% of revenue in 2024) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer's product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in China, North America, and Vietnam, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE All Share Index. XP Power serves a global blue-chip customer base from over 30 locations in Europe, North America, and Asia.
For further information, please visit www.xppowerplc.com.
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