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XP Power Share Price Surges to Record Highs on Strong 3Q Orders

Practice Stock Trading
Updated: 12 October 2020

Shares of XP Power Limited (LON: XPP) gained around 5% on Monday after the power components producer reported an “exceptionally strong order intake” in the third quarter. 

XP Power posted revenues of £69 million, which is up 28% year-on-year. Revenues in the year to date jumped 14% to £174 million while orders rose 29% to £202.1 million.

“The board remains confident in the long-term market opportunity for the group, supported by the structural growth drivers in the marketplace, and in our ability to capture this opportunity”, the company said.

The company had to increase production facilities in Asia to cope with a surge in demand. It still has a “sizeable backlog” of health and semiconductor equipment orders received in the first half of the year. 

An order backlog stands at £125.7 million, lower from £138.2 million at the end of June.

XP Power also said that its current CEO Duncan Penny has announced plans to step down at the end of this year. Its current chief financial officer, Gavin Griggs, will replace Penny as the new chief executive.

XP Power stock price prints fresh record highs on strong 3Q October 2020

XP Power share price made gains of around 5% to log fresh record highs at 4930p.

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