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(Alliance News) - discoverIE Group PLC on Wednesday said it is on track to deliver annual underlying earnings in-line with its recently upgraded expectations after making good financial and strategic progress in the first half of its financial year.
The Guildford, Surrey-based customised electronics manufacturer and designer said sales in the half-year that ended September 30 were up 4% at constant exchange rates, comprising 1% from organic growth and 3% from acquisitions. A year ago, half-year sales were reported as GBP219.7 million
Orders in the second quarter of financial 2024, which ends on March 31, grew by 2%, while design wins increased by 23% in the half year, with an estimated lifetime value of GBP190 million. "Design wins are a key driver of future organic revenues, and we have a strong pipeline of future opportunities in development," discoverIE said.
The acquisitions of Newport, Wales-based power-over-ethernet module manufacturer and designer Silver Telecom Ltd and Bardejov, a Slovakia-based manufacturer of high-performance antennas 2J Antennas Group are progressing and integrating well, the company said.
discoverIE bought Silver Telecom in August for GBP21 million, while 2J Antennas was purchased last month for GBP45.0 million.
Looking ahead, due to good orderbook visibility into the second half of financial 2024, discoverIE said it is on track to deliver earnings in line with its full-year expectations.
Shares in discoverIE were up 2.8% at 660.00 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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