XP Power reports revenue fall but order intake surges
XP Power Ltd on Tuesday reported a narrowed loss but decreased revenue for its latest year.
The Singapore-based maker of power control systems said revenue fell 7.0%, or 4% at constant exchange rates, to £230.1 million from £247.3 million in 2024. Order intake increased 24%, or 28% at CER, to £225.9 million from £181.6 million, with XP Power noting strong growth from the industrial technology and healthcare sectors due to lower customer destocking.
The company’s pretax loss narrowed to £7.3 million from £7.7 million, while its diluted loss per share narrowed to 42.0 pence from 40.4p.
Its gross margin expanded to 41.9% from 39.2%, and operating profit fell 81% to around £700,000 from £3.6 million.
XP Power said that its actions taken in 2025 have created a ‘baseline’ for improved financial performance this year, and expects improved market demand to also drive better performance, despite expecting that US export restrictions will reduce sales to China.
‘While 2025 brought slower market conditions in which customer destocking reached a peak leading to lower profits, I am encouraged by the underlying progress we have made,’ commented Chief Executive Gavin Griggs. ‘We remained focused on delivering against our strategy, demonstrated by increased new business wins, strategic portfolio decisions, improved gross margins, disciplined cost control and further progress in sustainability.
‘We took decisive action to improve our profitability in the second half of the year and we have made some important structural changes to ensure that the business has the right foundations for long-term growth.’
He added: ‘There are growing signs of a market recovery, with financial performance expected to build as 2026 progresses.
‘I am confident that our innovative product offering, ability to deliver complex solutions at speed and improved supply chain efficiency will enable us to capitalise as conditions improve.’
Shares in XP Power were down 2.7% at 1,344.37 pence on Tuesday afternoon in London.
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