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(Alliance News) - Power control component manufacturer XP Power Ltd said Thursday its year-to-date revenue is up despite no recovery in the semiconductor equipment sector and full-year expectations remain unchanged.
In the nine months to September 30, XP Power generated revenue of GBP152.7 million compared to GBP146.1 million in the corresponding period a year earlier, a 4.5% rise.
Orders in the same period rose 2.1% year-on-year to GBP156.5 million from GBP153.3 million.
In the third quarter - which encompasses the three months to September 30 - recorded revenue was GBP53.8 million, 1.7% higher than the GBP52.9 million seen the year before. Third quarter orders grew 7.1% to GBP55.9 million from GBP51.9 million.
XP Power also declared a 20 pence dividend for the third quarter, taking the total dividend for the nine-month period to 55p - 5.8% higher than the year before when 52p was distributed over the first three quarters.
Looking ahead, XP Power said the order intake for its Healthcare, Industrial and Technology units "remains robust" but has seen "no notable recovery" in the end markets for Semiconductor Equipment, which represented 18% of revenue in the first half.
"With the third-quarter book to bill ratio at 1.04, the board anticipates the group's performance for the full-year will be in line with its current expectations as outlined at the time of its interim results," the company added.
In its interim results, XP Power said its expects revenue growth in the second half despite the "softness" in the semiconductor market.
At the time, XP Power said: "Although we do not anticipate any meaningful upturn in the semiconductor equipment manufacturing sector before 2020, once the recovery takes hold we expect the combination of our recent design wins and the cyclical recovery to produce significant growth in this sector."
Shares in XP Power were 3.3% higher in London on Thursday at 2,416.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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