Edison Investment Research - XP Power (XPP) XP Power - Entering FY23 with positive momentum

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Edison Investment Research

Richard Williamson

XP Power - Entering FY23 with positive momentum

XP Power (XP) battled through FY22 to meet strong customer demand despite numerous supply chain challenges. H2 performance was significantly better than H1 as supply chain pressures started to ease, and XP enters FY23 with a record £308m order book. The company is targeting 10% organic revenue growth across the cycle and a return to historic profitability levels; we expect XP to make progress towards these targets in FY23 and FY24 while reducing gearing.

28/02/2023 1 EN

Underlying

XP Power

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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SG9999003735 London Stock Exchange Singapore

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Richard Williamson

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XP Power - Entering FY23 with positive momentum

XP Power - Expecting better market conditions in 2024

XP Power - Fully funded for medium-term growth

XP Power - Solid H123, outlook for FY23 maintained

Nabaltec - Resilience and margin expansion

The Platform Group - Significant acceleration in growth in Q324

Theon International - Clear vision for growth

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