(Alliance News) - XP Power Ltd on Tuesday maintained its outlook for 2020, but said it no longer expects 2019 to be in line with consensus.
The critical power control components manufacturer said it has experienced some short-term disruptions to shipments in the period from the start of October to date, which it expects to result in revenue and adjusted pretax profit for 2019 being below current market consensus.
Despite that, XP Power said the outlook for 2020 is unchanged. The company said it is "encouraged" by a "robust" order intake during the first two months of the fourth quarter of 2019.
"Given the recent investments we have made in our supply chain, in engineering resources to drive new products and the expansion of our addressable market through acquisition, we remain confident regarding our long-term strategy for growth," XP Power said in its statement Tuesday.
XP Power said it will issue a further trading update on January 13.
The stock was trading 1.4% higher in London on Tuesday afternoon at 2,920.00 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Xp Power (XPP)