Industrial Goods & Services
XP Power designs and manufactures power-conversion products used in specialist industrial, semiconductor, healthcare and technology equipment. Its products convert and control electrical power in applications where reliability, efficiency and regulatory compliance are critical.
AC-DC and DC-DC power supplies, high-voltage and radio-frequency power systems, custom power solutions, engineering support and manufacturing.
Global semiconductor-equipment, industrial technology, healthcare and specialist electronics markets, with customers across North America, Europe and Asia.
Semiconductor-equipment spending, industrial demand, order intake, product mix, gross margins, cost reduction, debt reduction and recovery from customer destocking.
Semiconductor cyclicality, customer concentration, supply-chain disruption, high debt, currency movements, litigation exposure and volatile order patterns.
4 August 2026: first-half order intake rose 55% at constant currency to £167.2m, while revenue was £109.1m and adjusted diluted EPS improved to 14.2p from 0.4p a year earlier. The sharp order recovery suggests improving demand, but converting that backlog into cash, rebuilding margins and reducing debt remain the key 2027 tests.
XP Power has not paid a dividend since 2023 and no dividend has been reinstated in 2026. Cash generation is being prioritised for balance-sheet repair and investment while profitability recovers.
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