XP Power Ltd said Tuesday its revenue and orders grew in the third quarter, and noted it feels well positioned to grow ahead of end markets.
The Singapore-based maker of power controllers said quarterly revenue, for the three months ended September 30, climbed 29% to £79.4 million from £61.5 million a year prior. Comparing the nine months to September 30 year-on-year, revenue grew 12% to £203.0 million from £181.3 million.
Orders increased 4% to £101.1 million from £97.2 million in the third quarter. They were up 15% to £294.2 million from £254.8 million over the nine-month period.
The firm cited a ‘robust end market demand’ as order intake remained above historic levels.
XP Power declared a quarterly dividend of 21.0 pence per share, unchanged from a year ago.
Looking ahead, the firm said expectations for 2022 are in line with current market expectations. It said: ‘Demand remains robust and our record order book gives us excellent visibility through year-end and into 2023, underpinning our confidence in the group’s future prospects.’
‘Longer term, the board believes XP Power remains very well positioned to grow ahead of its end markets, recover profitability and deliver strong cash generation. We have bold ambitions for the group and the wherewithal to deliver this,’ it added.
The company referred to a judgment by a jury that it noted last week Monday. A jury awarded $40 million of damages to Comet Technologies USA Inc. Further, the judgment imposed an injunction upon XP Power in regard to some trade secrets. ‘The board is considering next steps and will provide a further update as soon as possible,’ it said Tuesday.
Meanwhile, the company announced it appointed Sandra Breene to its board as non-executive director. Breene currently serves as president of the Regional Delivery unit of FTSE100-listed chemicals maker Croda International PLC.
XP Power shares fell 3.8% to 1,528.00 pence each in London on Tuesday afternoon.
Copyright 2022 Alliance News Limited. All Rights Reserved.
