XP Power Share Price Surges 17% to Record Highs as Profit Rises

Shares of XP Power Limited (LON: XPP) soared more than 17% today after the firm saw its first-half adjusted profit rise.

XP Power, a power control solutions manufacturer, reported that its revenue jumped 6% to £105.1 million. As a result, the adjusted pre-tax profit soared 2% to £17.0 million. 

“Once again, the group has performed extremely well in a period of macroeconomic difficulty, underlining our resilience and the structural growth end markets we address,” chairman James Peters said.

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As a consequence, XP Power reinstated an interim quarterly dividend of 18.0p per share, down 49% on-year.

“I am also pleased to report that we are in a position to reinstate dividend payments with the second quarter dividend,” Peters added.

The firm said it has a record customer order backlog, mainly due to the demand for its semiconductor equipment.

XP Power share price rose 17% to hit a new all-time high at 4480p, significantly higher than the previous record high of 3880p set in January.

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