XP Power - Fully funded for medium-term growth
With weaker end demand than originally expected in Q323, XP Power’s trading update confirmed a lower outlook for FY23 operating profit and a consequent rise in net debt. To mitigate the risk of hitting debt covenants, the company has initiated a series of cost and cash saving measures, renegotiated its debt covenants and undertaken a fundraise. With revised debt covenants in place and reduced gearing, we believe XP is now well positioned for growth as end market conditions improve.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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