LONDON (dpa-AFX) - XP Power Limited (XPP.L), a manufacturer of critical power control components, reported Thursday that its fourth-quarter revenue increased 49 percent to 87.6 million pounds from last year's 58.9 million pounds. Revenues grew 30 percent at constant currency, and 24 percent on a like-for-like basis.
Orders for the quarter, meanwhile, fell 23 percent to 68.5 million pounds from last year's 88.6 million pounds. Orders dropped 31 percent at constant currency, and 34 percent on a like-for-like basis.
For fiscal 2022, revenues grew 21 percent to 290.6 million pounds, and orders grew 6 percent to 362.7 million pounds.
The company said its trading performance improved significantly in the second half of 2022, as supply chain conditions improved.
For the full year, adjusted operating profit is expected to be approximately in the middle of the range of current market expectations.
The current range of analyst expectations for adjusted operating profit for the year 2022 is 41 million pounds to 46 million pounds.
The company further said its proposed dividend for the fourth quarter of 2022 will be announced with the 2022 Final Results on February 28. It is expected to be not less than 36 pence per share, representing a minimum total dividend of 94 pence per share for the year as a whole.
Looking ahead for fiscal 2023, the company said it enters the new year with a greater visibility than normal with an order book of about 300 million pounds. Order book visibility is expected to return to more normal levels during 2023.
'We remain mindful of the ongoing uncertainties relating to component supply, China, inflation and recessionary concerns and are continuing to monitor the situation closely. That said, we are generally optimistic on the Group's prospects for the current year based on our strong H2 2022 trading momentum and the benefits of price increases coming through our order book to a greater extent during 2023,' the company said.
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