Revenue piles up at XP Power thanks to strong US order book
UK-based critical power control components developer and manufacturer XP Power announced on Monday that it witnessed "robust" trading in its third quarter, improving year-to-date revenue 34% over the same time a year earlier, or 21% on a constant currency basis.
Electronic & Electrical Equipment
9,721.29
16:59 26/04/24
FTSE All-Share
4,423.59
17:14 26/04/24
FTSE Small Cap
6,484.28
16:59 26/04/24
XP Power Ltd. (DI)
1,084.00p
16:49 26/04/24
XP said reported £123.9m in revenue over the nine months leading to 30 September, up from the £92.6m it had made at the same time a year earlier after North American market growth had continued.
Order intake was 44% higher than it was 12 months earlier at £137.5m, with third quarter intake momentum being seen as "encouraging" after bumping up from £34.2m in 2016 to £44.1m in 2017.
The group said it had entered into a new revolving credit facility at the end of the quarter worth $40m, with an additional $20m available upon request, and intended to use the new funds made available to the company to assist XP's acquisition strategy.
"The group believes it is continuing to take market share as its portfolio of industry-leading power technology products is increasingly designed-in to new equipment by our target customers. These design wins will translate into orders as our customers’ projects move to production phase over the coming years," read the Monday morning trade update.
"The Board now anticipates the Group’s performance for the full year will be ahead of its previous expectations outlined at the time of the Group’s interim results on 31 July 2017," the update added.
As of 1140 BST, XP shares had grown 7.53% to 3,086.25p.