DAVY VIEW

XP Power’s (XPP) FY23 out-turn is broadly as expected at revenue, adjusted EBITA and profit before tax (PBT) lines. Adjusted EPS has been impacted by US tax losses. Importantly, net debt was as guided at 2.0x EBITDA. Management still anticipates a drop-off in order intake in the remainder of H124, although February intake was only slightly down month-on-month. With no change to FY guidance, we expect little change to consensus forecasts.