XP Power revenue edges higher in first quarter thanks to currency tailwinds
Source - SMW
Power control component supplier XP Power grew its first-quarter revenue by less than 1%, though sales fell on a like-for-like and constant currency basis.
The company's revenue for the three months through March edged up to £46.9m, from £46.6m on-year.
On a constant currency basis, revenue fell 5% and on a like-for-like basis it fell 12%.
Order intake in the first quarter rose 7% to £54.6m.
XP Power declared a dividend for the first quarter of 17p per share, up 6% on-year.
'Revenue growth in the first quarter was encouraging across the industrial, healthcare and technology sectors,' the company said.
'The semiconductor manufacturing equipment sector continued to feel the impact of the widely reported slowdown with both order intake and revenue down on the strong comparatives of 2018.'
The book to bill ratio, which tracked the relationship between orders received and completed sales, and which is an indicator of future revenue growth, was 1.16 for the first quarter, up from 1.10 times in 2018.
'We are encouraged by the continued strength of order intake experienced across the industrial, healthcare and technology sectors, and the book to bill level gives us confidence for the future,' XP Power said.
'We continue to expect further revenue growth in 2019 which will be weighted to the second half of the year.'
'The board's expectations for the company's full year performance remain unchanged.'