The present invention relates to an AC/DC converter (1) of the type having an AC/DC conversion stage (2) and a DC/DC conversion stage (3), the AC/DC conversion stage (2) comprising an input filter stage (4), an input rectifier stage (5) and a tracking boost converter stage. The boost converter stage in turn comprises an input choke (10), a boost diode (16) and a bulk capacitor (17). The bulk capacitor (17) is arranged to store a range of voltages substantially proportional to the input voltage of the converter. The DC/DC stage (3) is arranged to receive the range of voltages from the bulk capacitor (17) and is controllable to provide a desired DC output regardless of the voltage received from the bulk capacitor (17). This is achieved through careful combination of components and use of output feedback control to control the voltage applied to an isolated transformer (41) in the DC/DC stage.