XP Power revenues fall in FY24

(Sharecast News) - Critical power control components manufacturer XP Power said on Tuesday that it expects adjusted operating profits to still be within the �25.1m-27.6m range of current consensus expectations despite seeing both order intake and revenue fall in FY24.

XP Power said FY order intake was down 13% at �181.6m as Q4 order intake from the Semiconductor Manufacturing Equipment sector failed to match a particularly strong Q3, while revenues were 26% lower at �81.1m, with reported revenues continuing to face FX headwinds.

The FTSE 250-listed firm noted that its order book at the end of the year was �122.3m and stated it was encouraged by improving underlying conditions in the semiconductor industry. However, it was also noted that it was mindful of increased macro and geopolitical headwinds in Asia.

"Whilst it is too soon to be definitive about prospects for 2025, these trends suggest our performance is likely to be weighted toward the second half," said XP Power.

"The board remains confident in the group's long-term prospects. XP Power has leading positions in attractive end markets, has a strong pipeline of new product launches scheduled for 2025 and is winning record amounts of new business, supporting medium-term growth. This should deliver significant performance improvement when markets recover."

As of 1115 GMT, XP Power shares were down 7.25% at 1,202.0p.

Reporting by Iain Gilbert at Sharecast.com