XP Power on track for in-line full year after good start to 2017

XP Power says it is on track to perform in line with its full-year outlook, after making a good start to the financial year.

The developer and manufacturer of critical power control components to the electronics industry reported continued growth in revenues and strong momentum in order intake.

"We are encouraged by the outlook and the Group remains on track to be in line with our expectations in 2017," said XP Power. At 13:58 GMT, shares in XP Power were up 8.8% to 2410p each.

It said first-quarter trading was strong, with the positive momentum established in the second half of 2016 having continued.

"Revenue growth, which had been building sequentially over the previous two quarters, accelerated once again in the first quarter of the new financial year," said XP Power.

The company's revenues in the three months to 31 March totalled £39.6m, up from £28.2m previously. Order intake in the quarter was £47.0m, from £30.3m.