Electronic components specialist discoverIE Group said its full-year results would be in line with expectations as revealed 'further margin progress'.
Despite currency headwinds and a modest decrease in organic sales, discoverIE reported a 1% year-over-year rise in group sales at constant exchange rates.
In a trading statement for the year ended March 31, it highlighted a robust recovery in the final quarter, with a 2% rise in organic sales.
Notably, the Sensing & Connectivity Division saw 7% growth, driven by strong performances in the sensing businesses. However, the Magnetics & Controls Division experienced a slight decline due to a slower recovery in industrial magnetics.
discoverIE made two bolt-on acquisitions in North America and disposed of a lower-margin unit, focusing on boosting its high-margin business areas. These changes are anticipated to enhance the Group's operational margins moving forward.
The company remains financially robust, with strong free cash flow and a year-end gearing of 1.5 times.
"With a clear strategy focused on structural and sustainable international growth, we are well-positioned to make further good progress on our key priorities," the company said.