XP Power Ltd on Thursday reported a decline in order intake and revenue in 2023, while both recovered in the fourth quarter when compared to the third quarter.
The Singapore-based designer and manufacturer of power controllers said revenue fell 7.1% to £81.2 million in the fourth quarter of 2023 from £87.4 million a year prior. Order intake declined 29% to £49.1 million from £68.7 million.
For all of 2023, revenue rose 9.0% to £316.5 million in 2023 from £290.4 million in 2022. Order intake declined 42% to £208.9 million from £362.9 million.
Comparing the fourth to the third quarter however, revenue grew 8.1% to £81.2 million from £75.1 million in the third quarter, while order intake edged up 11% to £49.1 million from £44.2 million.
XP Power said order intake in the fourth quarter grew from the third ‘due to an increase in orders for High Voltage products for Semiconductor Manufacturing applications. We saw slower order intake from the Healthcare and Industrial Technology sectors.’
Looking ahead, the company said: ‘Whilst it is too soon to be definitive about prospects for 2024, we continue to expect that market conditions will improve as the year progresses, with our results being weighted towards the second half. Our performance will be supported by the actions taken to reduce our cost base and we will continue to respond decisively to market conditions as they evolve.’
XP Power shares were 1.3% higher at 1,306.40 pence each on Thursday morning in London.
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