(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
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
DiscoverIE (DSCV)