XP Power Ltd - Singapore-based maker of power controllers, which convert power from the electricity grid into the form needed by industrial equipment - Reports strong momentum in order intake which has accelerated in the third quarter, with orders up 73% to GBP97.2 million. Order growth is attributed to continued strength in the semiconductor manufacturing equipment sector, the ongoing recovery in its Industrial Technology division and a pick-up in Healthcare, where third quarter orders are 70% above 2019 levels.
Third quarter revenue for the nine months ended September 30 is GBP181.4 million, 4.2% higher than GBP174.1 million a year before. Third quarter revenue is down 11% to GBP61.6 million from GBP69.0m in 2020, due to one-off Covid-19 related Healthcare revenue generated in the prior year.
XP Power declares a dividend for the third quarter of 21.0 pence per share, up slightly from 20.0p a year earlier. Looking ahead, XP says its outlook for the full year remains in line with current market expectations.
"While our order book provides us with excellent visibility well into 2022, we continue to monitor closely the impact of the current uncertainties in global supply chains, including shortages of key components, ongoing Covid-19 challenges and freight capacity constraints, with associated increased costs," XP Power says.
Current stock price: 5,090.00p
Year-to-date change: up 8.5%
By Will Paige; willpaige@alliancenews.com
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Xp Power (XPP)