StockMarketWire.com - Power control solutions group XP Power booked a 59% rise in first-half profit, more than doubled its interim dividend and upgraded its annual guidance.

Pre-tax profit for the six months through June increased to £16.4 million, up from £10.3 million year-on-year, as revenue climbed 14% to £119.9 million.

XP Power declared an interim dividend of 37p, up from 18p year-on-year.

The company said order growth was driven by continued strength in the semiconductor manufacturing equipment sector and a recovery in industrial technology.

That growth had offset an expected normalisation in the healthcare after exceptional Covid-19 related performance in 2020.

Looking forward, XP Power said it expected full-year trading to be 'modestly' ahead of analysts' consensus expectations 'while remaining mindful of certain headwinds'.

The challenges included price and availability pressures within the component supply chain.

The current range of forecasts for adjusted pre-tax profits for the year ended 31 December 2021 was £41.5 million to £47.0 million with a consensus of £44.6 million,


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