XP Power has followed a clear and consistent strategy of moving up the value chain, powered by six strategic initiatives. Our strategy point of increasing the contribution of our own design/own manufactured product has been achieved, with over 68% of our product now coming from this source. The portion of our revenue coming from own designed/own manufactured product is expected to naturally increase from current levels. As we enter 2016 we are placing emphasis on productivity as a new strategy point and in particular are looking at lean principles across the organisation to enhance our performance.
We released 22 new product families in 2015 (2014: 26 new product families).
New releases included the GCS265 and GCS350 series which extend our popular GCS180 and GCS250 product lines upwards in power. With the acquisition of EMCO we added high voltage modules to our product portfolio.
Revenue from "green" products increased by 27% to £23.6 million representing 22% of revenues (2014: £18.6 million or 18% of revenues), setting a new record for the Group.
Revenue from the top 30 customers represented 44% of revenue (2014: 40%).
In 2012 we became more vertically integrated when we started manufacture of magnetic components in our Vietnamese facility. This gives us access to lower costs and quicker lead times for these critical components.
In 2015 we ramped the production of complete power converters in our Vietnam factory, which will preserve our cost advantage and expand our capacity to meet customer demand.
In 2015 we manufactured a record 1.4 million (2014: 1.3) million power converters.
We have seen a further increase in our own designed product in 2015 to £74.6 million or 68% of revenue (2014: £67.2 million or 66% of revenue), setting a new record.
The majority of our revenues are now coming from own design/own manufactured products. This metric is expected to naturally grow from this point. We therefore consider this strategy point to have been achieved.
We continued to launch a number of high efficiency products, including the GCS265 and GCS350 series products which bring high efficiency at lower cost points.