discoverIE Group PLC (LSE:DSCV) has revealed the details of its newly reshuffled business units – which sees the Design & Manufacturing (D&M) division split into Magnetics & Controls division (M&C) and the Sensing & Connectivity division (S&C).
The designer and manufacturer of customised electronics for industrial applications also released a trading update showing orders growing organically by 18% year-on-year and 30% compared with two years ago, leading to an order book at a record level of £216mln at the end of January, over 65% higher organically than both a year ago and two years ago.
Group sales in the four months to the end of last month were 34% ahead of the prior year, growing organically by 20% year-on-year and 17% compared with two years ago.
DSCV said the change to its operating segments follows the disposal of Acal BFi distribution and Vertec SA businesses, along with the discontinuation of the custom supply division.
“This new structure, which aligns business units by technology area, will enable greater collaboration between business units and improve visibility for the group's growth initiatives,” discoverIE said in a statement.
“Both divisions have good exposure to the group's target markets and geographies. The management and structure of each business unit is unchanged.”
The company detailed that M&C comprises eight businesses including a magnetics cluster and will be led Martin Pangels, previously development director in the D&M division and a member of the DiscoverIE’s group executive committee (GEC).
S&C, meanwhile, is made up of a cluster of five component sensing businesses and seven component connectivity businesses. It is to be led by Paul Hill, who joined the GEC in December and was previously chief executive of Antenova.
Broker Liberum said the revenue and order growth "shows the group's capabilities" amid the ongoing supply-chain headwinds.
DSCV shares were up 4.5% to 882p by midday on Wednesday.