Update: Solid H1 performance
XP reported revenue and order growth in H116, benefiting from the recent EMCO acquisition and the weakness in sterling. Despite Brexit uncertainty, the higher backlog supports management confidence in H216 growth. We have revised our forecasts to reflect the significantly weaker pound versus the dollar, resulting in EPS upgrades of 1.8% in FY16e and 2.6% in FY17e.XP Power is engaged in the design and manufacture of electronic power converters, which is required to convert the power output from the mains wall socket to the usable power that allows the equipment to function. Co. supplies these products to the healthcare, industrial and technology industries.
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