XP Power annual revenue up 17%; though order intake slows in fourth quarter
Source - SMW
Power control component supplier XP Power said it expected to post further revenue growth in 2019 after notching up growth of 17% in 2018 that it said met market expectations.
Revenue for the year through December rose to £194.8m, boosted, in part, by acquisitions. On a like-for-like basis, excluding acquisitions, revenue rose 7% to £172.8m.
Revenue in the fourth quarter rose 14%, though the company's order intake fell 4% to £45.1m.
'Our industrial, healthcare and technology markets reported healthy demand across the year and in the fourth quarter,' XP Power asid.
'But the impact of the widely-reported weakness in the semiconductor manufacturing equipment sector meant that both total order intake and revenues in the fourth quarter were lower than that achieved in the third quarter,' it added.
A recommended dividend for the fourth quarter would be announced with the 2018 final results on 5 March, but was not expected to be less than 32p per share.
That would represent a minimum total dividend of 84p per share for 2018, an increase of 8% over the total dividend of 78p per share paid for 2017.
'While we are not immune from macroeconomic conditions we are encouraged by our ongoing new design wins and healthy order book,' XP Power said.
'On this basis and with the benefit of the Glassman acquisition, we expect further revenue growth in financial year 2019.'