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(Sharecast News) - Customised electronics maker discoverIE Group on Wednesday lifted annual earnings guidance on the back of stronger sales and a healthy order book.
Group sales for the year to March 31 rose 16% year-on-year, with fourth-quarter revenue up 8%, despite challenging comparators.
"Positive trading momentum continued through the final quarter with the group on track to deliver full year underlying earnings ahead of the board's expectations," the company said.
The order book continued to be at a higher than expected and in line with last year, normalising less than previously anticipated as a result of stronger order intake in Q4, which was up 16% on the third quarter and in line with sales.
"As previously guided, during the second half the order book has been normalising from the record level at 30 September 2022 as it converts into sales and we expect this to continue in the new year. The strong order book provides good visibility of demand heading into full year 2024."
Gross margins remained robust and semiconductor sourcing issues flagged last year had been mostly resolved with availability at required levels and lead-times returned to near normal levels.
Reporting by Frank Prenesti for Sharecast.com
