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(Alliance News) - discoverIE Group PLC on Tuesday reported half-year profit growth despite a dip in revenue and lifted its dividend.
Shares in discoverIE grew 6.0% to 640.00 pence each in London on Tuesday morning.
In the half-year ended September 30, the Guildford, Surrey-based customised electronics manufacturer and designer said pretax profit grew 8.1% to GBP16.0 million from GBP14.8 million the year before.
Revenue fell slightly to GBP222.0 million from GBP222.6 million a year prior. discoverIE attributed this to a one-off increase in semiconductor costs of GBP2.9 million, which reduced overall sales growth by 1%.
discoverIE upped its interim dividend by 5.6% to 3.75 pence per share from 3.55p in the first half of financial 2023.
Looking ahead, discoverIE expects to deliver full-year underlying earnings in line with its forecasts.
Chief Executive Nick Jeffries said: "discoverIE performed well in the first half. Our operational focus and sustained strong sales levels, which follows two years of growth at over 20% per year, delivered significant efficiencies with underlying operating profit increasing by 17% at constant exchange rates. We are making excellent progress towards our margin targets with a 1.4 [percentage points] increase in underlying operating margin, reflecting the leverage in our technology clusters, that is enabling efficiencies and creating value from acquisitions.
By Sabrina Penty, Alliance News reporter
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