DiscoverIE revenues and order book continue to improve

(Sharecast News) - Customised electronics manufacturer DiscoverIE Group said on Wednesday that strong trading momentum seen in the first half had carried over into the four months ended 31 January, with a further strengthening of the firm's order book and significant year-on-year revenue growth.
DiscoverIE stated it was on track to deliver full-year underlying earnings for continuing operations ahead of previous internal expectations, despite ongoing supply chain headwinds, as group orders were up 18% year-on-year in the four-month period and its order book hit a record level of £216.0m on 31 January. Group sales were 34% ahead of the prior year at constant currency.

The FTSE 250-listed firm said orders for the continuing group grew 42% organically in the 10 months ended 31 January, while year-to-date sales were 28% higher at constant currency and grew organically by 17% against 2021.

"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," said the group.

Separately, DiscoverIE revealed that it had divided its ongoing design and manufacturing division into two operating segments - the magnetics and controls unit and its sensing and connectivity wing.

DiscoverIE said the new structure, which aligns business units by technology area, will enable greater collaboration between divisions and improve visibility for the group's growth initiatives.