LONDON (dpa-AFX) - XP Power Limited (XPP.L) issued a trading update for the first quarter ended 31 March 2024. On a constant currency basis, first quarter revenue was 64.6 million pounds, 15% lower than last year. Order intake was 43.7 million pounds, 27% lower than last year. Net debt at 31 March 2024 was 103.4 million pounds.
Looking forward, XP Power said its second quarter revenue is likely to be slightly lower than first quarter due to ongoing customer destocking. The Group's full year expectations are unchanged.
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