LONDON (dpa-AFX) - XP Power Limited (XPP.L), a manufacturer of critical power control components, reported Thursday that its revenues for the months of April and May, amid Covid-19, grew 10 percent to 37.2 million pounds from last year's 33.7 million pounds. Revenues grew 5 percent at constant currency rates.
Trading during April and May has been encouraging and order intake continued to be strong, building on the levels seen in the first quarter. The company said it experienced strong demand from Healthcare and Semiconductor Equipment Manufacturing clients.
Orders for April and May surged 84 percent to 54.9 million pounds from prior year's 29.9 million pounds.
For the five months ended May 31, revenue grew 7 percent to 86.3 million pounds from last year's 80.6 million pounds. Revenues increased 5 percent at constant currency rates.
Five-month orders climbed 52 percent to 128 million pounds from 84.5 million pounds a year ago.
XP Power said its local supply chains in China and Vietnam are working at pre-COVID-19 capacity levels.
The company said in its statement, 'Despite experiencing a modest level of certain specific component shortages, overall the supply chain is proving resilient, but we continue to monitor the situation closely. The recent significant reduction in air freight capacity has resulted in substantial increases in air freight costs on routes from Asia into Europe and North America which are subject to negotiation with customers.'
Regarding outlook, the company said it expects the strong level of demand from Healthcare and Semiconductor Equipment Manufacturing clients to normalise in the second half.
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