XP Power chairman spends £200k

XP Power, which manufacturers power controllers for electrical equipment, saw its executive chairman raise his stake in the group.

Larry Tracey bought 80,000 shares for £204,000, or £2.55 each. He has increased his holding to 2.66m, which is nearly 14% of the group.

XP Power yesterday saw pre-tax profit for the half-year slide to £3.6m from £6.4m on sales that slipped to £33.1m from £34.8m.

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But shares rose as the group said the launch of its second in-house manufacturing facility in China in the first half will play a "crucial role" in helping drive its revenue growth going forward.

"Looking ahead, we expect that the ongoing implementation of our strategy will continue to underpin our resilience whilst simultaneously positioning the Group to prosper in the eventual cyclical recovery," it added.

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