XP Power, the FTSE 250 power control solutions manufacturer, says 2027 is shaping up slightly ahead of market expectations, buoyed by record order intake and improving revenue momentum.
Analyst consensus for 2027 puts adjusted operating profit at £35.9 million and adjusted earnings per share at 75.4 pence, and XP Power says it expects to beat both figures.
Full-year 2026 expectations are unchanged, with the group reiterating its guidance for a significantly stronger second-half performance than the first half.
Order intake in the third quarter hit a record £106.8 million, up 93% on the same period last year in constant currency and 22% higher than the second quarter.
The book-to-bill ratio, which measures orders against revenue and indicates future pipeline health, stood at 1.67 times, up from 0.96 times a year earlier.
XP Power noted that some customers placed orders earlier than usual in response to lengthening industry lead times, with underlying demand estimated to be similar to the second quarter.
The order book at the end of September stood at £216.9 million.
Third-quarter revenue rose 10% in constant currency to £63.8 million, though the reported figure included a one-off £3.7 million reduction relating to a US tariff refund.
Stripping that out, revenue was £67.5 million, consistent with the group's guidance for £135 million in the second half.
Net debt fell sharply to £4.5 million from £47.7 million at the end of June, after the company received £50.2 million from the release of a bond related to ongoing Comet litigation.
XP Power expects to be in a net cash position by the end of the fourth quarter.
Chief executive Gavin Griggs said broad-based demand and improving operational performance give the board confidence in the company's long-term prospects.
