XP Power (XPP.L), a developer and maker of industrial critical power control solutions, said on Friday that its expects a decline in revenue for full-year 2024, which is significantly below the market expectations due to weak demand.
The Group's expectation is based upon the recent order intake, revenue performance, and discussions with customers, particularly within the Healthcare and Industrial Technology sectors, which confirm unusual, temporarily soft demand conditions and destocking. The slowdown in 2024 is driven by customer stock movements as they reduce their inventory in response to shorter delivery lead times.
"The timing and speed of the recovery is hard to predict however. We expect 2024 to be significantly second half weighted with an improvement in trading as the year progresses," XP Power noted.
For the full-year 2023, the company has identified some capitalized product development costs that needed to be amortized or impaired, adding 4 million pounds to costs, which is a non-cash item.
XP Power noted that its underlying operating profit for full-year 2023 is in line with its expectations.
The Group is scheduled to release its annual results on March 5, 2024.
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