DiscoverIE Group PLC reported strong increases in both sales and profits in the period just ended with orders also healthy as it headed into the current year.
Revenues rose 18% to £449mln in the 12 months to end March 2023, with underlying profits 23% higher at £45.3mln as margin ticked up despite inflationary headwinds.
Nick Jefferies, the electrical component specialist’s chief executive, said it made good progress over the year with "excellent sales growth helped by significant operational efficiencies".
Organic sales growth was 10%, he added, and continued to be strong at the start of this financial year though orders have started to normalise after the record rush seen post-the-pandemic and are line with last year at £223mln.
Jefferies added the performance last year underlined the resilience of the company's acquisition-led model with a strong pipeline of opportunities in development.
Carbon emissions were also cut by 35%, said Jefferies, who added the group is on track to hit its margin target of 13.5% (11.5% last year) by 2025.
“With a strong pipeline of acquisition opportunities and a robust balance sheet, the group is well positioned to make further good progress,” he added.
The dividend for the year rises by 6% to 11.45p.