- Electrical component supplier XP Power upgraded its annual profit guidance as revenue jumped 25% in the fourth quarter and it achieved efficiency gains in its healthcare division.

XP Power said its profit for the year through December would be 'ahead of expectations' because strong healthcare demand led to production efficiency gains and improved margins.

Overall revenue for the three months through December increased to £58.8 million, up from £47.2 million year-on-year, brining the rise in revenue for the full year to 16%, as expected.

XP Power said its fourth-quarter dividend was not expected to be less than 34p per share, representing a minimum total dividend of 72p for the year.

Fourth-quarter orders fell 4% to £55.9 million, or by 2% on a constant currency basis.

'Order intake for the fourth quarter was positive and the group is performing well, despite the challenges created by Covid-19, and we therefore expect further underlying revenue growth in 2021,' XP Power said.

'Longer term, the group remains well positioned to continue to deliver growth.'

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