We continue to develop a fresh portfolio of leading edge, ultra-high efficiency products, allowing us to take further market share. With the addition of high voltage modules into our portfolio from the acquisition of EMCO, we see further opportunities to grow our market share.
We have a broad exposure to the Healthcare, Industrial and Technology Markets. We therefore have a diverse customer base of over 3,500 customers and approximately a further 5,000 customers serviced through our distribution channels.
We deal with the following proportions of the Standard & Poor's 500 Equipment Manufacturers:
The diversity of our business is a significant strength, with no one customer exceeding more than 7% of revenue. Further, there is no one dominant player in the markets we address due to the diversity of customer requirements.
Industrial Revenue (£ millions)
Industrial remains our most diverse end market. There appears to be cyclical weakness in North America in this sector from the third quarter of 2015.
Healthcare Revenue (£ millions)
Further gains from corporate approvals at the major blue chip customers.
Technology Revenue (£ millions)
Technology continues to be the most cyclical sector but has swung back in 2015.
North America Revenue (US$ millions)
The North American market shows steady momentum driven by larger opportunities in blue chip accounts but appears to have experienced some cyclical weakness in the industrial sector from the third quarter of 2015.
Europe Revenue (£ millions)
The market in Europe remains mixed. It has been more difficult to grow in the markets such as the UK where the Group already has a strong share and the programmes are more project based. However, despite the weak Euro, growth in Europe has been robust in 2015, particularly in central Europe.
Asia Revenue (US$ millions)
In prior years, the Asia business had benefitted from one usually large account which peaked in 2011 and reduced to zero in 2013 when the programme went end of life. The Asian business is now showing steady growth from customers that place value on XP Power's value proposition.