12th Oct 2020 10:55
(Alliance News) - Power control components maker XP Power Ltd on Monday said its revenue has jumped by just shy of a third so far in 2020, but added its chief executive officer will step down from the role at the end of the year.
Duncan Penny will step down as CEO on December 31, before retiring from the company's board altogether at April's annual general meeting.
Penny will be replaced by Chief Financial Officer Gavin Griggs. Griggs has been CFO since 2017 and a search for his successor kicked off on Monday.
On its trading in the three months to September 30, XP Power said the quarter "progressed positively".
"The exceptionally strong order intake we saw in the first half translated into product shipments. Order intake continues to be encouraging driven by demand in the Semiconductor Equipment Manufacturing sector. Healthcare orders have now returned to normal levels, following the Covid-19 related demand we saw in the first six months of 2020," the company said.
In the nine months ended September 30, revenue was up 28% to GBP69.0 million from GBP53.9 million. In constant currency, revenue was 32% higher year-on-year.
XP Power declared a 20 pence per share third quarter payout, unchanged year-on-year.
XP Power added: "The board anticipates the group's performance for full year 2020 will be towards the top end of current analyst expectations, although we remain conscious of potential risks arising from a second wave of Covid-19 and the resultant global macroeconomic impact, and ongoing trade tensions."
Shares in the company were 1.7% higher at 4,779.09p each in London on Monday morning.
By Eric Cunha; [email protected]
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