discoverIE Group PLC followed in the footsteps of some of the blue chips reporting this week by saying that trading has been stronger than expected.
Specifically, the designer and manufacturer of customised industrial electronics said underlying earnings for the first quarter ended March 31 had been ahead of forecast, boosted by a 27% jump in revenues measured at constant exchange rates.
As of June 30, the order book was a record £240mln. Semiconductor sourcing issues flagged last year have improved, although supplies remain tight. Gross profit margins were described as resilient.
Finally, discoverIE said the recent acquisition CDT group4 was ‘settling in well’.
“With a clear strategy focused on long-term, high quality, structural and sustainable growth across Europe, North America and Asia, a diversified customer base, a record order book and a strong pipeline of acquisition opportunities, the group is well positioned to make further good progress on its key priorities,” the company said in a trading statement.