Shares in discoverIE Group PLC jumped 7.5% after the designer and manufacturer of customised industrial electronics said recent trading had 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.
Following the update, finnCap raised its earnings per share forecast by 4.5% and restated its 1,220p a share price target. The stock, up 51p at 735p, is currently trading 66% below the City broker’s valuation.