LONDON (Alliance News) - Electrical component manufacturer DiscoverIE Group PLC said Thursday the momentum from its first quarter means it is on track to deliver its full-year earnings.
DiscoverIE's sales in the period from April to June increased by 12% at constant exchange rate and 3% organically. Orders increased 16% at constant exchange rates and 7% organically.
The company's order book, of which over 80% is for delivery in the next 12 months, increased to a record high of GBP135 million. That is a year-on-year increase of 20% at constant exchange rates and 13% organically.
DiscoverIE's Design & Manufacturing division - which generates 75% of the company's profits - posted an organic sales increase of 5% and an orders increase of 13% in the first quarter.
Shares in DiscoverIE were up 0.2% Thursday at 425.00 pence each.
DiscoverIE (DSCV)