IN BRIEF: XP Power profit drops in 2021 despite revenue growth
1st Mar 2022 14:38
XP Power Ltd - FTSE-250 listed Singapore-based maker of power controllers - Revenue is up 33% year-on-year to GBP343.4 million in 2021, from GBP258.0 million. Profit before tax dropped 20% to GBP28.4 million from GBP35.7 million in 2020. Adjusted pretax profit is GBP43.8 million, down 1% year-on-year from GBP46.0 million, with the key adjusting item being an ongoing legal case in North America. Gross margin decreases by 210 basis points to 45%, due to increased freight costs and higher production costs at Vietnamese factory due to Covid. Read More