By Adam Whittaker
XP Power said it doesn't expect global tariffs to impact its competitiveness as it reports a rise in first-quarter orders.
The electrical components manufacturer said in an update that its first-quarter order intake was 57.4 million pounds ($76.1 million). In constant currency, this is a 23% increase from the preceding quarter and 30% increase on the comparative period last year.
The company said that despite U.S. sales of imported products accounting for around 30% of its group revenue, it doesn't expect a rise in global tariffs to hit competitiveness.
In the short term, tariffs raise uncertainty, but it is expensive and time-consuming for consumers to switch suppliers, the company said. It continues to assess the short-term impact of the measures and said the range of potential outcomes for 2025 remains wide.
Revenue fell in line with expectations to 53.8 million pounds due to the previously announced exit from China's semiconductor manufacturing equipment market, the company said.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
April 24, 2025 02:54 ET (06:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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