XP Power trading performance improves 'significantly' in Q3

Power control components manufacturer XP Power said on Tuesday that trading "improved significantly" in the third quarter, in line with internal expectations.

XP Power stated the strong momentum in order intake seen in the first half of the year was maintained in Q3, with year-to-date order intake hitting £294.2m - up 8% at constant currency and "robust" in each segment.

Revenues of £79.4m in the quarter were up 28% sequentially, and year-on-year by 15% on a constant currency basis and 29% as reported, reflecting supply chain conditions easing and XP's efforts to mitigate the challenges.

The London-listed group said its solid Q3 trading performance had provided it with "excellent visibility" for the remainder of the year and well into 2023.

"The board's expectations for the full year are in line with current market expectations. We are pleased with the performance in the third quarter and while this needs to continue to improve through the final quarter we are better demonstrating our potential as supply chain issues continue to improve," said XP Power.

"Demand remains robust and our record order book gives us excellent visibility through year-end and into 2023, underpinning our confidence in the group’s future prospects."

As of 0805 BST, XP Power shares were up 5.10% at 1,669.0p.

Reporting by Iain Gilbert at Sharecast.com