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XP
  • 11 Jan 24
XP Power - Expecting better market conditions in 2024

XP Power closed FY23 with higher-than-expected revenue, benefiting from the delay to relocation of its California facility, which pulled shipments worth c £5m into Q423 and pushed c £12m capex into Q124. Q423 order intake was higher than we forecast, with upside from semiconductor equipment customers partially offset by weaker demand from healthcare and industrial customers. Timing issues and currency resulted in lower-than-expected gearing at end-FY23, although it is expected to rise in H124 be

Companies: XP Power Ltd.

Edison
  • 09 Nov 23
XP Power - Fully funded for medium-term growth

With weaker end demand than originally expected in Q323, XP Power’s trading update confirmed a lower outlook for FY23 operating profit and a consequent rise in net debt. To mitigate the risk of hitting debt covenants, the company has initiated a series of cost and cash saving measures, renegotiated its debt covenants and undertaken a fundraise. With revised debt covenants in place and reduced gearing, we believe XP is now well positioned for growth as end market conditions improve.

Companies: XP Power Ltd.

Edison
  • 02 Aug 23
XP Power - executive interview

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xp-power-executive-interview-02-08-2023
  • 01 Aug 23
XP Power - Solid H123, outlook for FY23 maintained

XP Power reported year-on-year revenue growth of 30% in H123 as it made good progress shipping from its elevated backlog. As expected, orders declined year-on-year, but the c £250m backlog still provides at least nine months’ revenue visibility. The company continues to invest for the longer term in Malaysia (manufacturing) and the United States (R&D). With no change to management’s full year expectations, we maintain our normalised operating profit forecasts for FY23 and FY24 and nudge up our i

Companies: XP Power Ltd.

Edison
  • 13 Apr 23
XP Power - Maintaining FY23 outlook

XP Power confirmed that trading in Q123 was in line with its expectations. As expected, order intake declined from the record level a year ago, reflecting an improving supply chain and softening end-market demand, particularly for semiconductor equipment and industrial technology. Revenue and profitability were higher than a year ago. The strong backlog provides good visibility for the remainder of the year and we expect it to gradually reduce as current year orders are shipped and customers rev

Companies: XP Power Ltd.

Edison
  • 01 Mar 23
XP Power - executive interview

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xp-power-executive-interview-01-03-2023
  • 28 Feb 23
XP Power - Entering FY23 with positive momentum

XP Power (XP) battled through FY22 to meet strong customer demand despite numerous supply chain challenges. H2 performance was significantly better than H1 as supply chain pressures started to ease, and XP enters FY23 with a record £308m order book. The company is targeting 10% organic revenue growth across the cycle and a return to historic profitability levels; we expect XP to make progress towards these targets in FY23 and FY24 while reducing gearing.

Companies: XP Power Ltd.

Edison
  • 12 Jan 23
XP Power - Strong H222 with good visibility for FY23

XP Power’s FY22 trading update confirmed that its H222 performance was significantly stronger than H122 as supply chain conditions improved. As expected, Q4 order intake moderated as customers adapted to longer lead times. The year-end order book provides good visibility for FY23 and management is optimistic on XP’s prospects for the year. We have revised our forecasts to reflect moderating order intake and higher levels of debt.

Companies: XP Power Ltd.

Edison
  • 11 Oct 22
XP Power - Q3 output picks up; demand remains strong

Quarter-on-quarter revenue growth of 28% in Q322 confirmed that supply chain challenges have started to ease for XP. Despite the current uncertain economic environment, and reports of weaker consumer demand from some semiconductor companies, XP reported robust order intake and a book-to-bill of 1.27x for Q3, closing the quarter with a record order book. The discount to peers has widened, in our view reflecting uncertainty around demand and the Comet litigation case.

Companies: XP Power Ltd.

Edison
  • 03 Oct 22
XP Power - Update on COMET legal action

On Friday 30 September, the judge in the COMET trades secret misappropriation case confirmed the jury award and imposed an injunction on XP Power in relation to certain trade secrets. With the award and related legal fees already provided for, and no current business using the trade secrets, we make no changes to estimates. The company will provide a Q322 trading update on 11 October but confirmed that trading in Q3 had improved from the H122 run rate.

Companies: XP Power Ltd.

Edison
  • 01 Aug 22
Executive interview: XP Power FY22 interim results

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executive-interview-xp-power-fy22-interim-results-01-08-2022
  • 01 Aug 22
XP Power - Demand remains strong despite supply issues

The continuation of component shortages and further COVID-19 disruption reduced the amount of product XP Power could ship in H122, weighing on gross margins and adjusted operating profit. At the same time, customer demand remains strong and the company has a record order backlog. With component availability improving, XP is already seeing better financial performance and expects a much stronger H2. We have revised our forecasts to reflect H122 results and the strengthening US dollar, resulting i

Companies: XP Power Ltd.

Edison
  • 14 Apr 22
XP Power - Demand outpacing supply

XP’s Q122 trading update confirms demand has remained strong across the board, with order intake up 39% y-o-y. Ongoing supply chain issues limited the amount of product that could be shipped in the quarter, with revenue up 8% y-o-y. We have revised our forecasts to take account of supply chain headwinds and the recent US legal case, reducing our normalised diluted EPS forecast by 7.1% for FY22 and 4.2% for FY23.

Companies: XP Power Ltd.

Edison
  • 01 Mar 22
XP Power - Focused on efficiency and growth

XP Power saw another year of strong customer demand, with orders up 33% y-o-y after 20% growth in FY20. FY21 results reflected the challenges of dealing with component shortages, increased freight costs and further COVID-19 restrictions, which constrained H221 revenue and weighed on gross margin. XP enters FY22 with its strongest ever backlog providing good visibility for the year. The company is focused on building further operational and supply chain agility while investing in product developm

Companies: XP Power Ltd.

Edison
  • 28 Feb 22
Executive interview – XP Power FY21 results

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executive-interview-xp-power-fy21-results-28-02-2022

XP Power Ltd.

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Research Tree provides access to ongoing research coverage, media content and regulatory news on XP Power Ltd.. We currently have 592 research reports from 10 professional analysts.

Latest News/RNS

(more news)
Date Source Announcement
10Apr24 07:00 PRN XP Power Ltd - Q1 Trading Update
21Mar24 11:46 PRN XP Power Ltd - Annual Financial Report
19Mar24 14:32 PRN XP Power Ltd - Holding(s) in Company
18Mar24 16:47 PRN XP Power Ltd - Holding(s) in Company
18Mar24 16:01 PRN XP Power Ltd - Holding(s) in Company
13Mar24 07:01 PRN XP Power Ltd - Grant of LTIP, RSP and DBP awards
13Mar24 07:00 PRN XP Power Ltd - Director/PDMR Shareholding
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