XP Power – from “expect that market conditions will improve as the year progresses” to “significantly below market expectations” in just 5 weeks!

An 11th January trading update from XP Power (XPP) which, not-modestly, describes itself as “one of the world's leading developers and manufacturers of critical power control solutions for the Industrial Technology, Healthcare and Semiconductor Manufacturing Equipment sectors”, stated that the company continued to expect 2024 “market conditions will improve as the year progresses… our performance will be supported by the actions taken to reduce our cost base and we will continue to respond decisively to market conditions as they evolve. We will provide a further update and outlook with our full year results announcement”. So what now already another “Trading Update”, despite the full year results announcement not scheduled for until March 5th?

XP Power (#XPP) – demand conditions and destocking mean now expects 2024 “significantly below market expectations”

XP Power (#XPP) – Q4 constant currency revenue -5% YoY, order intake -22%, expects 2024 “market conditions will improve as the year progresses”

XP Power (#XPP) – raises £45.4m at 1150p per share including via PrimaryBid

XP Power (#XPP) – trading and costs/cash update, notes discussions with its lending banks

XP Power – scraps dividend due next week as cash crisis intensifies

Stating that it “typically designs power control solutions into the end products of major blue-chip OEMs”, XP Power (XPP) has announced that it has decided to cancel the second quarter dividend of 19p per share that was due to be paid next week but that “the board believes XP has a positive longer term outlook and we are fully focused on ensuring that the group realises its potential”. What of a current 6% lower share price response to 760p?

XP Power (#XPP) – cancels Q2 dividend due to be paid next week to help the near-term balance sheet

XP Power – from an H2 “good order book and significant visibility” to significant profit warning (and much worse) in just 2 months!…

Describing itself as “one of the world's leading developers and manufacturers of critical power control components to the electronics industry”, XP Power (XPP) has issued a “trading update” including “the second quarter dividend will be paid on 12 October 2023 to all eligible shareholders, as previously announced… Operating profit for the year ended 31 December 2023 now expected to be broadly similar to last year… our customers’ outlook for 2024 and 2025 is encouraging”. What about the shares currently at 1210p, down approaching 50% then?!

XP Power (#XPP) – Q1 update, strong order book, “optimistic on the group’s prospects”

XP Power (#XPP) – damages of $40m against for “trade secret misappropriation”, to consider in detail before deciding next steps

XP Power (#XPP) – strong order book, though notes uncertainties and increased costs in global supply chains

XP Power (#XPP) – anticipates FY “towards the top end of current analyst expectations”, CFO Gavin Griggs to become CEO with effect from 1st January 2021

XP Power (#XPP) – trading “in line”, Q4 order intake “strong… encouraged by the healthy order book and ongoing new design wins”

XP Power (#XPP) – warns due to disruption to shipments from new ERP system, argues “2020 outlook unchanged”

XP Power (#XPP) – Q3 update, book to bill ratio of 1.04 sees anticipates FY “in line with its current expectations”

XP Power (#XPP) – anticipates FY in line with expectations, quarterly DPS +6%

XP Power (#XPP) – Q1 LFL revenue +17%, LFL orders +12%, DPS +7%, confident

XP Power (#XPP) – Q4 “in line”, expects to grow orders and revenue in 2018 above that in 2017

XP Power (#XPP) – now anticipates FY performance “ahead of its previous expectations”

XP Power (#XPP) – Q1 trading “strong”, DPS +7%, “encouraged by the outlook”