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Power controller manufacturer XP Power (LON:XPP) said revenue increased by 16% (+25% in constant currency) to £93.2 million for the six months to 30 June, while order intake increased by 9% to £101.4 million (+17% in constant currency).
Our strong performance is enabling us to invest part of the cash generated from this revenue growth to expand our engineering capabilities by acquisition,” commented Chairman James Peters. “The acquisition of Glassman High Voltage in May 2018 added market leading High Power High Voltage products to the XP portfolio’ further increasing our addressable market.”
“While we remain conscious of potential risks arising from component cost inflation and, macroeconomic challenges, our strong order book, combined with design wins over recent years entering production, means that the Board continues to anticipate that the Group’s performance for the full year will be in line with its existing expectations.”
Shares in XP Power climbed 90p to 3,660p (as at 11:31 BST).