XP Power - Strong demand drives record performance in H1
XP Power reported strong H1 revenue and earnings growth, despite significant currency headwinds. Order intake remained robust, providing good support going into H218. While management’s expectations for FY18 are unchanged, we have revised our forecasts to reflect currency moves and tightness in the supply chain. This results in normalised EPS upgrades of 0.2% in FY18 and 2.4% in FY19. Post the recent acquisitions, we believe the company’s more comprehensive product range positions it well to grow market share further.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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