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23 Apr 2026 07:00
23 April 2026
XP Power Limited
(`XP Power' or `the Group')
Q1 2026 Trading Update
Strong order intake
Full Year expectations unchanged
XP Power Limited ("XP Power" or "the Group"), one of the world's leading developers and manufacturers of critical power control solutions for the Semiconductor Manufacturing Equipment, Healthcare and Industrial Technology sectors, is today issuing a trading update for the first quarter ended 31 March 2026.
Trading
Q1 2026 | Q1 2025 | Change | Change in constant currency | |
Order intake (£m) | 79.1 | 57.4 | 38% | 48% |
Revenue (£m) | 51.8 | 53.8 | (4)% | 3% |
Book-to-bill | 1.53x | 1.07x | 0.46x | |
Quarterly performance (£m) | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
Order intake | 55.3 | 55.3 | 57.9 | 79.1 |
% change vs prior year - constant currency | 32% | 18% | 32% | 48% |
Revenue | 57.1 | 57.6 | 61.6 | 51.8 |
% change vs prior year - constant currency | (4)% | - | 6% | 3% |
Book-to-bill | 0.97x | 0.96x | 0.94x | 1.53x |
Q1 order intake was £79.1m, 38% higher than preceding quarter and 48% higher than the comparative period in constant currency. Order intake improved across all three sectors and all regions, with particularly strong demand from the Semiconductor Manufacturing Equipment sector and continued progress in the Industrial Technology and Healthcare sectors. Book-to-bill was 1.53x.
Q1 revenue was £51.8m and in line with our expectation. Revenue was 16% lower than the preceding quarter but 3% higher than the comparative period in constant currency. The sequential reduction was due to normal seasonal patterns, the end of some US export licences for Semiconductor Manufacturing Equipment customers in China as previously highlighted, as well as the planned transfer of production from our now closed China site to Vietnam, which caused a temporary slowdown in deliveries. We would expect revenue to increase in Q2.
Our order book at the end of the quarter was £143.1m.
Financial Position
Net debt as of 31 March 2026 was £41.8m, similar to the 2025 year end. Leverage ended the quarter at 1.2x. Net debt is expected to increase modestly in Q2 due to final payments for building work at the Malaysia site and investment in inventory to support the delivery of increased orders.
Outlook
We are encouraged by the material increase in order intake at the start of the year which has significantly improved visibility for 2026. We expect quarterly order intake to remain above 2025 run rates but may not reach the highs of Q1 2026. We also remain mindful of macroeconomic and geopolitical conditions that could impact supply chains and future demand although at the current time we have not seen this.
Our full year expectations are unchanged, including for a second half weighting.
The Group's strong market position, exciting product pipeline and portfolio, robust operational performance and proven business model gives the Board confidence in our long-term prospects and the strategic value of the Company.
The Group will publish its 2026 interim results on 4 August 2026.
Enquiries:
XP Power | |
Gavin Griggs, Chief Executive Officer | +44 (0)118 984 5515 |
Matt Webb, Chief Financial Officer | +44 (0)118 984 5515 |
CDR | |
Claire de Groot | +44 (0)207 638 9571 |
XP Power designs and manufactures power controllers, essential hardware components in all electrical equipment that converts power from the electricity grid into the correct form for equipment to function. Power controllers are critical for optimal delivery in challenging environments but are a small part of the overall customer product cost.
XP Power designs power control solutions into the end products of major blue-chip OEMs, with a focus on the Semiconductor Manufacturing Equipment (circa 37% of sales), Industrial Technology (circa 38% of sales) and Healthcare (circa 25% sales) sectors. Once designed into a programme, XP Power has a revenue annuity over the life cycle of the customer's product which is typically five to seven years depending on the industry sector. XP Power has invested in research and development and its own manufacturing facilities in Vietnam, North America and Germany, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.
Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE SmallCap Index. XP Power serves a global blue-chip customer base from over 20 locations in Europe, North America, and Asia.
For further information, please visit www.xppowerplc.com
Forward-looking statements
This announcement contains forward-looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. No assurances can be given that the forward-looking statements in this announcement will be realised.
The forward-looking statements reflect the knowledge and information available to management at the date of preparation of this announcement. XP Power and its Directors accept no responsibility to third parties and undertake no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.
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