DiscoverIE Group PLC enjoyed a strong finish to the financial year, meaning results will be ahead of expectations.
The designer and manufacturer of customised electronics for industrial applications said group orders in the final two months of the year to the March remained well ahead of sales, growing organically 13% year-on-year and 27% compared with two years ago.
This was driven by widespread strong demand across the group's target markets.
Sales in the two-month period were up 20% year-on-year on a like-for-like (LFL) basis and were up 22% compared with two years ago,
The increase came despite ongoing supply chain headwinds, in particular semiconductor shortages which delayed sales in two of its twenty businesses.
For the year as a whole, orders were up 28% on a constant exchange rates (CER) basis on the year before.
LFL sales were up 17% year-on-year and up 13% compared with two years ago.
The group said it is well-funded with good liquidity and strong cash flow.
Following the sale of the Acal BFi distribution business gearing at 31 March 2022 was 70% of annual underlying earnings (EBITDA).
The board is normally happy to live with a gearing ratio of between 1.5:1 and 2:1, so there is significant headroom for further acquisitions and the pipeline of opportunities remains strong.