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DiscoverIE Group makes strong start to new financial year

Despite going up against tough comparatives, the electronics group remains on a growth trajectory

Circuit board
New project design wins, remain strong with a number of successes in the key target sectors

Trading in the current fiscal year has been strong at custom electronics maker discoverIE Group PLC (LON:DSCV).

The group said in a trading statement covering its financial first quarter that it is on track to deliver full-year earnings that are in line with the board’s expectations.

READ discoverIE sparks as it hikes dividend after strong full-year performance

Group sales in the quarter increased by 8% year-on-year, and by 4% organically (i.e. on a like-for-like basis), with organic growth of 4% in the Design & Manufacturing division and 3% in the Custom Supply division.

Sales in the higher-margin Design & Manufacturing division accounted for 64% of the group’s sales, up from 61% at the end of March, with gross margin for the group in line with last year.

Group orders grew 3% organically, and the order book stood at £154mln, up 13% year-on-year on a constant exchange rates basis and up 8% on a like-for-like basis.

Hobart and Positek, which were both acquired in April this year, are settling in well, with integration underway.

READ DiscoverIE raises £29mln to expand international footprint with two acquisitions

“With a clear strategy focused on markets that offer long term sustainable organic growth prospects and an active pipeline of acquisition opportunities, the board expects to make further progress throughout the year,” the group’s stock market statement said.

Quick facts: discoverIE Group PLC

Price: 514 GBX

Market: LSE
Market Cap: £459.8 m

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on 12/12/19

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