viewdiscoverIE Group PLC

Customised electronics maker discoverIE enjoys strong first half

First-half sales grew 13% year-on-year and with the order book continuing to increase, discoverIE said it is well-positioned to grow further in the second half

The Design & Manufacturing division generates more than three-quarters of group profits

Customised electronics maker discoverIE Group plc (LON:DSCV) remains on track to meet market expectations this year after enjoying a “strong” second quarter.

The company, which makes everything from sensors and lasers through to high-speed cameras, saw organic sales growth increase from 3% in the first quarter to 5% in the second quarter.

READ: discoverIE makes a strong start to the year

The growth was driven by a “continued strong performance” in its core Design & Manufacturing division, which benefited from strong demand, previous contract wins and steadier trading in China.

A pick-up in UK trading and another decent showing in Europe meant sales also edged higher in the smaller Custom Supply division.

As a result, first-half sales, including the impact of acquisitions, grew 13% year-on-year, while orders also grew by a similar percentage.

The higher turnover is expected to feed down to the bottom line, with gross margins increasing, reflecting the firm’s continued focus on products with higher added value.

discoverIE said it is well positioned for “further growth in the second half” given that the group order book is now 18% ahead of where it was a year ago.

“With a clear organic growth strategy and an active pipeline of acquisition opportunities, the board expects to make further progress throughout the year.”

Quick facts: discoverIE Group PLC

Price: 502 GBX

Market: LSE
Market Cap: £445.3 m

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