XP Power Ltd (LSE:XPP) saw its share price increase by 5% following a trading update and the announcement of significant cost-cutting measures.
High on the agenda also was news the power control components group is in "advanced and constructive" discussions with its lending banks to strengthen its balance sheet and address future covenant requirements.
The company reported Q3 revenue of £75.1 million, slightly down from £79.4 million in 2022, but with operating profit exceeding prior expectations.
Full-year forecasts remain unchanged. Since early October, XP Power has initiated a comprehensive cost-reduction programme, including headcount reductions and curtailed non-discretionary spending.
At 8.45 am, the shares were up 50p at 1,056p.