- Electrical components supplier XP Power posted an 11% fall in first-quarter revenue, but orders jumped and it increased its dividend for the period.

Revenue for the three months through September dropped to £61.6 million, down from £69.0 million year-on-year. On a constant currency basis, revenue fell 5%.

XP Power said the fall was expected as exceptional Covid-19 related healthcare sales in the prior year were not repeated.

Orders jumped 73% to £97.2 million, or by 87% in constant currency, driven by continued strength in the semiconductor manufacturing equipment sector and ongoing recovery in industrial technology.

XP Power declared a third-quarter dividend of 21p per share, up from 20p year-on-year.

Looking forward, it said expectations for the full year remained in line with current market forecasts.

Citing a supply squeeze, XP Power said an extension of lead times to customers had brought orders forward as they seek to secure supply.

'While our order book provides us with excellent visibility well into 2022, we continue to monitor closely the impact of the current uncertainties in global supply chains, including shortages of key components, ongoing Covid-19 challenges and freight capacity constraints, with associated increased costs,' it said.

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