Record orders, revenues and pre-tax profits indicate that XP Power's (XPP) transformation from distributor to fully-fledged manufacturer was a smart one. A strong US dollar also provided a helping hand as the power converter specialist benefited from a resurgent European economy and technology market.
While the US has steadied, Europe has "come back with a bang", says boss Duncan Penny. That turn of events sent healthcare revenues climbing 13 per cent to more than £17m as the group secured a number of key new accounts on the continent. At 25 per cent, however, revenue growth in the technology business led the pack. After a prolonged period of inactivity, semiconductor customers returned in droves, fuelling a strong turnaround for the division.