XP Power Ltd on Monday said it traded below its own expectations in the third quarter of the year due to deferred shipments, with conditions predicted to continue through to the end of the year.

Shares in XP Power were trading 42% lower at 1,376.00 pence each in London on Monday morning.

The Singapore-based manufacturer of power controllers said revenue for the third quarter of 2023 is expected to be around £75 million, down from £79.4 million in the same period a year ago.

Nevertheless, XP Power said it continues to deliver double-digit operating margins.

Looking ahead, the company said its full-year outlook will be hurt by weaker market demand, but noted it is taking ‘appropriate mitigating actions’ to reduce costs.

‘Notwithstanding these short-term challenges, the Board believes XP‘s clear strategy leaves the ggroup well positioned to grow ahead of its end markets, drive further market share gains, improve profitability and deliver strong cash generation,’ XP Power commented.

Copyright 2023 Alliance News Ltd. All Rights Reserved.