XP Power Ltd on Thursday said revenue increased in the first quarter of 2022, though it noted industry-wide supply chain constraints continued to hit shipments.

Shares in the Singapore-based maker of power controllers were 1.7% lower at 3,416.36 pence each in London on Thursday afternoon.

XP Power said revenue rose 8.2% to £61.8 million in the first quarter, from £57.1 million a year prior.

Revenue rose 1% annually on a constant currency basis when excluding the contribution of the FuG and Guth businesses in Germany, which were acquired on January 31.

Orders totalled £102.4 million, up 39% annually.

‘As previously highlighted industry-wide supply chain constraints, specifically the availability of key components, global logistics challenges and the ongoing effects of Covid-19 continued to impact product shipments,’ XP Power cautioned.

It declared an 18.0 pence first quarter dividend, unchanged annually.

XP Power added: ‘The group enters the second quarter with a very strong order book. While we remain mindful of the ongoing uncertainties in respect of component supply and freight capacity and costs, we are optimistic on the group’s prospects for the full year and are progressing with our planned investment in a manufacturing facility in Malaysia, as well as other capacity improvements, to support the future growth of the group.’

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