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Power-control components supplier XP Power warned its profit would come in at the lower end of market forecasts after supply chain constraints squeezed its revenue.
Adjusted operating profit for the year through December was anticipated to be at the lower end of expectations ranging between £46 million and £48 million, the company said in a trading update.
Annual revenue rose 3% to £240.2 million, or by 10% in constant currency terms, but fell 1% in the fourth quarter, with a rise of 4% in constant currency terms.
The revenue reading was slightly down on the company's expectations as supply constraints, specifically the availability of key components and freight capacity, impacted customer deliveries.
On the plus side, annual orders rose 33% to £343.4 million, including a 58% jump in the fourth quarter, meaning the company was entering 2022 with a record order book.
XP Power said its fourth-quarter dividend was not expected to be less than 36p per share, representing a minimum total dividend of 94p for the year.
'While we remain mindful of the ongoing uncertainties in respect of component supply and freight capacity and costs and are continuing to monitor the situation carefully, we are optimistic on the group's prospects for the year ahead and plan to invest in new manufacturing capacity in 2022 to support the future growth of the group,' it said.