XP Power Ltd

XP Power reported a 55% year-over-year increase in first-half order intake to £167.2 million, driven by a broad-based demand recovery across its semiconductor, industrial technology, and healthcare markets. Revenue rose 2% at constant currency to £109.1 million, constrained by the expiry of U.S. export licenses for RF sales into China and a weaker U.S. dollar. Adjusted gross margin improved by 450 basis points to 45.9%, reflecting the closure of its China factory, restructuring actions, product cost savings, and better pricing and mix. Semiconductor manufacturing equipment orders more than doubled, producing a record book-to-bill ratio of 1.81 for that sector, while industrial technology and healthcare orders rose 22% and 25% respectively. The company maintained its full-year expectations, supported by an order book of £174 million that includes £135 million of firm orders scheduled for second-half delivery.