XP Power's quarterly order intake slides

XP Power, the maker of power control components, had a good finish to 2018 as it ended the year trading in line with expectations.

XP Power reported revenue growth across all regions and sectors thanks to healthy demand witnessed throughout the fourth quarter.

However, the impact of the weakness in the semiconductor manufacturing equipment sector meant that both total order intake and revenues in the fourth quarter were 4% lower than those achieved in the third at £45.1m.

Despite this dip, order intake for the twelve months ended 31 December still came in at £198.4m - an increase of 8% over 2017. On a like-for-like basis, order intake for 2018 was up 1%.

Revenues improved 14% to £48.9m in the quarter, resulting in revenue for the calendar year of £194.8m.

Net debt widened 419% to £52.5m as a result of the group's acquisition of US power supplies manufacturer Glassman High Voltage in May.

Looking forward, XP said: "While we are not immune from macroeconomic conditions we are encouraged by our ongoing new design wins and healthy order book."

"On this basis and with the benefit of the Glassman acquisition, we expect further revenue growth in financial year 2019."

As of 1200 GMT, XP shares had lost 7.57% to 2,070.50p.