(Sharecast News) - Electronics specialist DiscoverIE said group sales for the year to March 31 were 1% ahead of last year on a constant currency basis, after two years of strong growth when the rose 48%.
Net revenue growth of 2% from acquisitions, less disposals, was partly offset by a 1% reduction in organic sales with customers processing inventory reductions in the middle part of the year, the company added.
"As expected, the group returned to organic growth in the latter part of the year delivering fourth quarter organic sales growth of 2% year-on-year and 11% sequentially," DiscoverIE said in a trading statement.
"The group continues to make good financial and strategic progress and is on track to deliver growth in full year underlying earnings in-line with the board's expectations."
Reporting by Frank Prenesti for Sharecast.com
DiscoverIE (DSCV)