XP Power Q1 revenues rise as order momentum continues

(Sharecast News) - Power converter maker XP Power said first quarter revenues were up 7% year on year as it reported a record order book.

The company said sales for the three months to March 31 rose to £61.8m on a constant currency basis. Order intake momentum from the end of 2021 continued, rising 37% to £102.4m.

"Demand remains encouraging across all three sectors. The group has a record order book of £260m, providing very high levels of cover compared to full year revenue consensus expectations," XP Power said.

"As previously highlighted industry-wide supply chain constraints, specifically the availability of key components, global logistics challenges and the ongoing effects of Covid-19 continued to impact product shipments."

XP Power said that while supply, freight capacity and costs uncertainties persisted it was optimistic on full-year prospects and progressing with its planned investment in a manufacturing plant in Malaysia.