30th Nov 2021 09:31
(Alliance News) - discoverIE Group PLC on Tuesday reported a stellar interim performance with record order books and fully recovered revenue and earnings, setting the electronics firm up for a bumper second half.
The maker of customised electronics, for sectors such as renewables and transport, posted pretax profit of GBP6.4 million in the six months that ended September 30, rising 14% from GBP5.6 million a year before.
Guildford, Surrey-based discoverIE's rise in profit came on the back of a 21% revenue increase to GBP174.3 million from GBP143.8 million.
Chief Executive Nick Jefferies said: "These strong results demonstrate the strength of the discoverIE business model, with record growth in orders, order book and underlying earnings per share.
"Revenues and earnings are now well ahead of the pre-Covid period."
In 2019, discoverIE booked GBP5.6 million in pretax profit from GBP143.8 million in revenue.
discoverIE upped its interim dividend 6.3% to 3.35 pence from 3.15p.
Looking ahead, Jefferies said: "The second half has started well with continued order and sales growth over the same period last year and two years ago, and the group is on track to deliver full year underlying earnings for the continuing operations ahead of the board's previous expectations despite ongoing supply chain and foreign exchange headwinds."
discoverIE shares rose 2.6% to 1,002.00 pence each in London on Tuesday morning.
By Greg Roxburgh; [email protected]
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