XP Power Ltd on Tuesday said it continues to see an improvement in trading in the fourth quarter from the conversion of new orders as it revealed a revenue decline in the third.

The Singapore-based maker of power control systems said revenue fell 20% to £60.2 million in the third quarter of 2024 from £75.1 million a year ago.

However, order intake rose 9.2% to £48.8 million from £44.7 million, and was up 11% on a constant currency basis. This was the first quarter of growth since late 2022, XP Power noted.

‘The group’s performance in the third quarter reflects the market conditions experienced throughout 2024 with currency now becoming an additional headwind. As previously indicated, the performance for the full year continues to be subject to an improvement in trading in the fourth quarter from the conversion of new orders within the semiconductor manufacturing equipment sector and a slower rate of channel destocking in the industrial technology and healthcare sectors,’ XP Power said.

Looking ahead, the company expects its 2024 results to be in line with the range of current analyst expectations. These are an adjusted operating profit range of £27.4 million to £30.1 million, which would be at least 21% lower than the £38.1 million that XP Power booked in 2023.

XP Power shares were down 1.8% to 1,331.79 pence each on Tuesday morning in London.

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