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(Alliance News) - discoverIE Group PLC on Thursday said the strong order growth seen in the second half of last year has continued into the first half of its current financial year.
Shares in the Guildford, Surrey-based electronic components maker were 3.5% higher in London morning on Thursday at 1,086.72 pence each.
In the six months that ended September 30, discoverIE said revenue remained "well ahead" of both the Covid-impacted prior year and the pre-Covid year.
In the first half last year, discoverIE recorded revenue of GBP217.9 million, which was down from GBP232.0 million seen in the first half of financial 2020.
"Together with continued strong operational execution and despite foreign exchange headwinds in the period, group performance for the first half is ahead of the board's expectations," discoverIE said.
Sales were up 23% year on year at constant currency in the first half. discoverIE noted this represents organic growth of 15% over last year and 8% compared with two years ago.
It added: "Orders remained well ahead of sales in the period, with organic growth of 64% and 34% respectively, against last year and two years ago. Gross margins have remained firm. Growth was similar in both divisions and resulted in a record order book at the end of the period, being 71% higher organically than last year and 53% higher organically than two years ago."
discoverIE said it managing supply chain challenges "effectively," but did note "some limiting" of growth rates in the first half.
"With a clear strategy focused on long-term, high quality, structural growth markets 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 progress on its key priorities," the company added.
By Paul McGowan; paulmcgowan@alliancenews.com
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