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XP Power Ltd on Thursday said it is encouraged by an improvement in its order intake in the first quarter, as demand from the semiconductor manufacturing equipment sector increased. The Singapore-based maker of power control systems said order intake totalled £57.4 million during the first quarter that ended March 31, up 31% from £43.7 million a year ago. Revenue from the three month period, however, declined 17% to £53.8 million from £64.6 million the year before. Shares in XP Power closed up 13% at 702.00 pence in London on Thursday. It noted that demand from the semiconductor manufacturing equipment sector increased, with some customers in the industrial technology and healthcare sectors placing orders earlier than expected as channel inventory normalised. US sales of imported products account for around 30% of the group’s revenue, but ‘whilst [US tariffs] may create some short-term market uncertainty, we do not believe they will impact our competitive position,’ the company said. XP Power noted that the US power supply market is ‘heavily reliant’ on overseas production. ‘Power supplies represent a small proportion of the cost of the customers’ products and switching supplier is expensive and time-consuming. US tariffs on Chinese imports introduced in 2018 were passed through the supply chain,’ XP Power said. The firm remains confident in its long-term prospects, and expects its current pipeline of new products and new business to support medium-term growth. ‘However, we remain mindful of geopolitical uncertainty. It is too early to tell what impact, if any, tariffs will have on our markets in the short-term, albeit we do not believe they will impact our competitive position. The range of potential outcomes for 2025 remains wide,’ XP Power said. The company said the advisory vote on the directors’ remuneration report was not passed at the annual general meeting on Thursday. 52% of votes were cast against the adoption of the report. The re-appointment of Chair Jamie Pike was passed with 22% votes cast against, while the authority for directors to allot shares up to two-thirds of issued share capital was passed with 25% votes cast against. ‘The company takes the outcome of shareholder votes extremely seriously and will engage with shareholders to fully understand their concerns in relation to the number of votes recorded not in favour of [the resolutions] to ensure their feedback continues to inform the company’s approach to governance and remuneration matters,’ XP Power said. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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