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XP Power shares tumble on 2024 financial outlook warning

Investing.com -- XP Power (LON:XPP) has warned that its 2024 financial outlook will likely be significantly below market expectations, citing weak demand for its power control components.

In a statement, the Singapore-based power converter provider predicted it will be hit by a shortfall in revenue in its current fiscal year, flagging an "ongoing cyclical slowdown" in the market for semiconductor manufacturing equipment. Sales to its customers in the industrial technology and healthcare sectors are also expected to decelerate as clients reduce inventories in response to shorter delivery lead times, XP Power said.

The firm noted that these conditions are anticipated to be "short lived," although it said the timing and speed of this recovery is hard to predict. It added that a previously announced cost savings push remains on track, and further expense reductions will be delivered in its current quarter.

"We expect 2024 to be significantly second half weighted with an improvement in trading as the year progresses," the company said.

London-listed shares in XP Power were sharply lower in mid-day trading on Friday.

Next month, the company will unveil its results for the fiscal year until the end of last December.

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