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XP Power Limited on Monday said it was on track to meet full-year market expectations after a significantly improved second-half performance. The Singapore-based maker of power control systems said fourth-quarter revenue rose 2.0% to £61.2 million from £60.0 million the year prior, or 5% at constant currency. This marked an improvement from the third quarter when revenue fell 4.3%, or flat at currency. At constant currency, revenue has improved sequentially through the year, after the 18% and 4% declines reported in the first and second quarters of 2025. Full-year sales were still down 7.1% to £229.7 million from £247.3 million. The fourth quarter order book improved 29% year-on-year to £57.9 million from £44.9 million, and by 24% for the year as a whole to £225.9 million from £181.6 million. As a result, XP Power expects full-year adjusted operating profit and adjusted earnings per share to be in line with current market expectations of £17.3 million and 21.4 pence, respectively. In 2024, XP Power reported adjusted operating profit and adjusted EPS of £25.1 million and 42.9p. In late 2025, XP Power said it decided to exit the Radio Frequency market. The firm said the exit will allow the group to maximise investment and returns from other parts of the portfolio, which have a ‘far stronger market position and greater long-term growth prospects.’ XP Power said the exit will be a managed wind down over the next three years. Final delivery requirements have been agreed and are accompanied by a pre-payment of £16.4 million toward planned 2026 deliveries received from a key customer in December 2025. In 2025, the RF Division generated revenue of £24.3 million and was close to break-even including the benefit of high final deliveries to Chinese customers. Annual revenue is expected to be similar during the wind down period. Including the prepayment, net debt at the end of December was £41.6 million, £19.1 million lower than as at September 30. In addition, the firm said construction of its new manufacturing facility in Malaysia is now complete and it is expected to be operational during 2026. Completion of construction in Malaysia allowed XP Power to close its existing facility in Kunshan, China in December. Shares in XP Power were up 8.5% at 982.00 pence each in London on Monday. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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