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XP Power

Demand remains strong; earnings upgraded

Update | Technology | 09 Oct 2017

Hot on the heels of its recent US acquisition, XP Power’s trading update confirms that strong trading continued into Q3. Q3 revenues were 35% higher than a year ago, with nine-month revenues up 34% y-o-y and 21% in constant currency. We revise up our revenue forecasts to reflect much stronger than expected trading in Q3, which results in normalised EPS upgrades of 5.7% in FY17e and 7.1% in FY18e.

XP Power

Entering the RF power supply market

Update | Technology | 02 Oct 2017

XP has acquired Comdel, a US-based RF power supply company, for $23m/GBP 17m. This marks the entry into a new market for XP and gives it the potential to expand the amount it sells to a sub-sector of its customer base. We have revised our forecasts to reflect both the acquisition and the strengthening pound versus the dollar. We increase our normalised EPS forecast by 1.2% in FY17 and 1.7% in FY18

XP Power

Broad based demand drives upgrade

Update | Technology | 31 Jul 2017

XP reported a strong performance in H117 and is seeing good demand across its customer base. Based on the order intake in H1, management has a more positive outlook for FY17 and we have upgraded our forecasts accordingly. Our normalised EPS forecasts increase by 8% in FY17 and 3% in FY18. To support future growth, XP is investing in manufacturing capacity in Vietnam and engineering resource, and continues to look for suitable acquisitions.

XP Power

Firing on all cylinders

Update | Technology | 11 Apr 2017

After a strong H216, XP saw further acceleration in order intake in Q117, with growth of 55% y-o-y and 27% q-o-q. Q117 revenues grew 23% on a constant currency basis. Revenue and bookings strength combined with sterling weakness lead us to upgrade our forecasts. We lift our revenue forecasts by 4% and normalised EPS forecasts by 2% for FY17 and FY18.

XP Power

Strategy evolution

Outlook | Technology | 08 Mar 2017

XP Power has successfully transitioned its business and now designs and manufactures the majority of the products it sells. To reflect this achievement, management has refined its strategy to focus on maintaining its competitive position, increasing penetration of its existing customer base and targeting new high-value customers. With strong cash flow generation, the company has the resources to fund growth, whether through internal product development or via acquisition.

XP Power

Strong trading in Q4

Update | Technology | 13 Jan 2017

XP Power had a strong finish to 2016, with good order intake in Q416 and underlying revenue growth ahead of our forecast, boosted by the strength of the dollar versus sterling. Year-end net cash was higher than we forecast. The company expects to generate revenue growth in FY17 – we leave our forecasts unchanged pending the company’s FY16 results.

XP Power

Strong orders support FY16 outlook

Update | Technology | 07 Oct 2016

XP has seen an improving order trend through the course of Q316, with orders 44% above the Q315 intake and 9% above the record level reported in Q216 providing a strong backlog going into Q4. Management expects trading to be in line with expectations for FY16 and we leave our estimates unchanged.

XP Power

Solid H1 performance

Update | Technology | 25 Jul 2016

XP reported revenue and order growth in H116, benefiting from the recent EMCO acquisition and the weakness in sterling. Despite Brexit uncertainty, the higher backlog supports management confidence in H216 growth. We have revised our forecasts to reflect the significantly weaker pound versus the dollar, resulting in EPS upgrades of 1.8% in FY16e and 2.6% in FY17e.

XP Power

Positive Q1 trading update

Update | Technology | 11 Apr 2016

XP confirmed that Q116 revenues and orders grew year-on-year on both a reported and constant currency basis, remaining at the strong level achieved in the previous quarter. Trading continues to support management's expectations for revenue growth in 2016 and, accordingly, we leave our estimates unchanged.

XP Power

Recent investment to drive FY16 growth

Outlook | Technology | 22 Feb 2016

XP reported better than expected FY15 earnings and expects further revenue growth in FY16. The recent acquisition of EMCO expands XP's product range and is in line with the company's strategy to support customers' complex power requirements. We expect the company to focus on driving cross-selling while continuing to seek out acquisitions to provide additional products and engineering expertise.

XP Power

Encouraging Q4 order intake

Update | Technology | 08 Jan 2016

XP Power saw Q4 trading in line with expectations, driving revenue growth of 8% in FY15 (4% in constant currency). Helped by a recovery in orders from the US, Q4 order intake was strong, providing positive momentum going into FY16. The recently acquired EMCO business is also trading well and the company has already identified cross-selling opportunities. We leave our forecasts unchanged pending FY15 results on 22 February.

XP Power

Expanding into high-voltage products

Update | Technology | 26 Nov 2015

With the acquisition of EMCO for £7.8m, XP is expanding its product range to encompass high-voltage products. EMCO brings new verticals and new customers to the group, and should benefit from access to XP's sales channels. The company expects the deal to be earnings accretive in FY16 o we upgrade our FY15e EPS by 0.2% and FY16e EPS by 1.4%.