XP Power Ltd. (DI) (XPP)

Up
Share Price:
1,836.00p
Market Cap:
£514.67m
Change Today:
94.00p
Sector:
Electronic and Electrical Equipment

XP Power ends year as expected, plans exit from RF business

By Josh White

Date: Monday 19 Jan 2026

LONDON (ShareCast) - (Sharecast News) - XP Power said on Monday that its full-year performance for 2025 was in line with market expectations, supported by a significantly stronger second half, as it reported improving order momentum alongside a managed exit from its radio frequency (RF) business and progress on its manufacturing footprint.

For the fourth quarter, order intake rose 29% year on year to £57.9m, or 32% on a constant currency basis, while revenue increased 2% to £61.2m, up 5% in constant currency terms.

The London-listed firm said its quarterly book-to-bill ratio improved to 0.95x from 0.75x a year earlier.

For the full year, order intake climbed 24% to £225.9m, or 28% in constant currency, while revenue fell 7% to £229.7m, reflecting softer conditions earlier in the year.

Full-year book-to-bill strengthened to 0.98x from 0.73x, and the order book stood at £116.1m at the end of December.

Subject to audit, the board said it expected full-year profit and earnings per share to be in line with current market expectations, citing the delivery of a materially improved second-half performance.

Company-compiled analyst consensus as of 19 January forecast adjusted operating profit of £17.3m and adjusted earnings per share of 21.4p for 2025.

The group also announced a strategic decision to exit the RF market, citing historically lower margins and returns compared with the rest of the business, as well as the impact of US export controls introduced in late 2024 that will prevent sales of RF products to key Chinese customers after 2025.

XP Power said the exit would be managed over three years to support customers through an orderly transition, with final delivery requirements agreed and a £16.4m pre-payment received from a key customer in December for planned 2026 deliveries.

The RF division generated revenue of £24.3m in 2025 and was close to break-even, with annual revenue expected to remain at a similar level during the wind-down period.

On manufacturing, XP Power confirmed that construction of its new facility in Malaysia was complete and expected to become operational during 2026.

Completion of the site enabled the closure of its Kunshan factory in China in December, with the group saying Malaysia offered greater flexibility to serve global markets, particularly the US, and that it had sufficient spare capacity elsewhere in its network to manage the transition.

Net debt at 31 December was £41.6m, down £19.1m from the end of September, including the RF-related pre-payment, with leverage ending the year at around 1.2 times.

XP Power said it would publish its full-year results on 3 March.

At 0922 GMT, shares in XP Power were up 4.29% at 943.8p.

Reporting by Josh White for Sharecast.com.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

XPP Market Data

Currency UK Pounds
Price 1,836.00p
Change Today 94.00p
52 Week High 2,010.00p
52 Week Low 857.00p
Volume 9,277
Shares Issued 28.03m
Market Cap £514.67m

Performance Indicators

Compare performance with the sector and the market.

Key
Vs Market
Vs Sector
Value
market
  1. full market star
  2. full market star
  3. full market star
  4. half market star
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. half sector star
  4. empty sector
  5. empty sector
Price Trend
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Income
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. half market star
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. empty sector
  5. empty sector
Growth
market
  1. full market star
  2. full market star
  3. half market star
  4. empty market
  5. empty market
sector
  1. empty sector
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Price Chg 6m
market
  1. full market star
  2. full market star
  3. full market star
  4. full market star
  5. half market star
sector
  1. full sector star
  2. half sector star
  3. empty sector
  4. empty sector
  5. empty sector
P/E
market
  1. full market star
  2. full market star
  3. full market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. half sector star
  3. empty sector
  4. empty sector
  5. empty sector
PEG
market
  1. half market star
  2. empty market
  3. empty market
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. full sector star
  4. full sector star
  5. half sector star
Dividend Yield
Not Available
EPS Growth
market
  1. full market star
  2. half market star
  3. empty market
  4. empty market
  5. empty market
sector
  1. half sector star
  2. empty sector
  3. empty sector
  4. empty sector
  5. empty sector
Operating Margin
market
  1. full market star
  2. full market star
  3. full market star
  4. empty market
  5. empty market
sector
  1. full sector star
  2. full sector star
  3. half sector star
  4. empty sector
  5. empty sector