14th Jun 2022 09:32
(Alliance News) - discoverIE Group PLC on Tuesday reported its full-year earnings were ahead of pre-Covid figures despite an inflationary environment and supply chain headwinds.
Shares in the company were 4.0% higher at 709.00 pence each in London on Tuesday morning.
The Surrey-based maker of customised electronics reported a pretax profit of GBP17.1 million in the year ended March 31, up 27% against the previous year's figure of GBP13.5 million.
Revenue climbed 25% to GBP379.2 million from GBP302.8 million a year prior. In financial 2019/20, the figure stood at GBP303.3 million, also representing 25% growth against the last pre-Covid period.
The company reported a record order book of GBP224 million at March 31. This represented growth of 62% year-on-year and 71% growth against the pre-Covid period.
discoverIE declared a full-year dividend of 10.8 pence, up from 10.15p the previous year and up sharply from 2.97p paid in financial 2019/20.
Chief Executive Nick Jefferies said: "These results reflect the strength of the discoverIE business model which is performing well in good demand conditions and an inflationary environment and follows a resilient performance through the weaker Covid conditions of the year before. With record growth in orders, sales, order book and underlying earnings per share, which increased by 31%, continuing revenues and earnings are now well ahead of the pre-Covid period."
Looking forward, Jefferies expects any continued supply chain issues or inflationary pressures to be "manageable" and said the group is "well positioned" to make good progress in the year ahead.
By Heather Rydings; [email protected]
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