18th Apr 2024 10:10
(Alliance News) - discoverIE Group PLC on Thursday said it is on track to meet its full-year expectations.
The Guildford, Surrey-based customised electronics manufacturer and designer said in the financial year ended March 31, sales were up 1% at constant exchange rates following "two years of strong growth".
Net revenue grew by 2% as a result of acquisitions, it added.
However, discoverIE said that sterling strength during the year hurt its sales by around 4%, with reported revenue being 3% below GBP448.9 million last year.
discoverIE added that as expected, it returned to organic growth in financial 2024.
Looking ahead, the company said its operational performance continues to be strong, with discoverIE benefiting from its "broad footprint and decentralised model."
"With robust gross margins and tight control of operating expenses, the group continues to perform well through the cycle with full year underlying profit higher than last year organically and augmented by the contribution from acquisitions," discoverIE said.
The firm added that acquisitions made in financial 2024 are performing as expected with integrations proceeding well and as planned.
By Sabrina Penty, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.