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DiscoverIE on course to meet full-year expectations

The two acquisitions made last year - Santon and Cursor Controls - have bedded down well

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As sweet as Raspberry Pi

Trading in discoverIE Group PLC’s (LON:DSCV) fiscal third quarter continued strongly leaving the group on track to meet full-year earnings expectations.

The customised electronic components maker’s sales for the final three months of 2018 increased by 18% from a year earlier on a reported basis, by 20% on a constant exchange rates (CER) basis and by 10% organically (i.e. excluding acquisitions).

READ: discoverIE surges as it hikes interim dividend amid first-half profits rise

Organic growth in the Design & Manufacturing division of 11% marginally outstripped the 9% growth in the Custom Supply division.

Growth across the group was widespread and led by the businesses in Germany and Asia. Cross-selling initiatives for the third quarter generated sales of £3.0mln, an increase of 26% from the prior year.

Group orders for the quarter remained strong, growing by 7% organically in both divisions with a book-to-bill ratio of 1.08. The group order book, of which more than 80% is for delivery over the next twelve months, rose to another record high of £145mln, up 21% on a CER basis year-on-year and up 12% organically.

The group said Cursor Controls, which was acquired in October, has performed well since joining the group with strong growth in orders and sales compared with its equivalent pre-acquisition period last year.

Santon, which was acquired in February 2018, also saw orders climb steeply in the period helping third-quarter sales grow well compared with the prior two quarters, discoverIE said.

The gross margin for the quarter remained firm and in line with the first half of the fiscal year.   

Quick facts: discoverIE Group PLC

Price: 542 GBX

LSE:DSCV
Market: LSE
Market Cap: £480.79 m
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