- Power-control solution supplier XP Power booked a 49% jump in annual profit, driven by a recovery in the semiconducter sector and robust demand from healthcare customers.

Pre-tax profit for the year through December increased to £35.7 million, up from £24.0 million year-on-year, as revenue climbed 17% to £233.3 million.

Gross margin increased to 47.2% due to manufacturing efficiencies from increased production.

XP Power declared a full-year dividend of 74p per share, up 35% from 55p year-on-year.

The company said it entered 2021 with an order book of £124.1 million, up from £98.2 million, year-on-year, 'which gives us confidence for the year ahead'.

Chairman James Peters said: 'Despite the challenges and uncertainty that remain regarding Covid-19 we enter the year with a strong order book and an ongoing positive backdrop within the semiconductor manufacturing equipment sector.

'While we are mindful of the headwind that the recent strengthening of sterling creates and the continued uncertainty created by Covid-19 we currently expect further underlying revenue growth this financial year.'

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