4th Dec 2018 11:29
LONDON (Alliance News) - discoverIE Group PLC on Tuesday said its revenue rose in the first half of its current financial year, but profit slipped on higher operating expenses.
The customised electronics supplier said pretax profit in the six months to the end of September fell to GBP6.4 million from the GBP6.9 million reported for the same period a year earlier.
The company saw a sharp rise in its operating expenses, with selling & distribution costs increasing to GBP27.8 million from GBP26.4 million year-on-year and administrative expenses up to GBP34.0 million from GBP26.4 million.
Meanwhile, revenue rose 11% to GBP211.7 million from GBP190.2 million the year prior. On a constant currency basis, revenue climbed by 12%.
discoverIE declared an interim dividend of 2.8 pence per share, up 5.7% from 2.65p paid the year before.
"Trading in the second half has started well with further strong growth," said Chief Executive Nick Jefferies.
"We are on track to deliver full-year earnings in line with our expectations and we have a healthy pipeline of acquisition opportunities being developed," added Jefferies.
discoverIE shares were trading 6.9% higher on Tuesday at 370.00p each.
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