LONDON (Alliance News) - discoverIE Group PLC said Thursday that trading since January has gone well, with profit expected to grow strongly in its recently ended financial year.
The electronics manufacturer posted an increase in sales for its year ended March of 15% on a reported basis and 11% at constant exchange rates. Organic sales growth was 6%.
Cross-selling was strong, discoverIE said, generating sales of GBP9.0 million, almost double its prior year. Orders were up 5% organically, and at the end of March the order book stood at GBP122.0 million, a record high and 12% up at constant rates year-on-year.
Design & Manufacturing, which makes up around three-quarters of group profit, performed "strongly", it said, with organic sales up 11% and orders rising 10%.
Gross margins are continuing to strengthen, discoverIE said, being higher in its second half than the third.
Shares were up 0.2% on Thursday at 423.00 pence each.
DiscoverIE (DSCV)