30th Jan 2025 12:03
(Alliance News) - discoverIE Group PLC on Thursday said trading during its current financial year remains in line with its underlying profit growth forecast, despite flat third-quarter sales.
The Guildford, Surrey-based customised electronics manufacturer and designer said group sales for the financial third quarter that ended December 31 were flat on-year at constant exchange rates.
discoverIE said its order book increased by 4% during the three-month period, while organic sales performance recovered slightly at a 3% on-year decline, compared to a 7% fall in the second quarter and a 12% tumble in the first quarter.
Its Sensing & Connectivity division saw a return to organic sales growth for the quarter, whilst its Magnetics & Controls arm remains negative, "albeit improving over the first half", it added.
The group said it remains on track to deliver full-year underlying earnings in line with the board's expectations.
Though discoverIE did not on Thursday outline its guidance, broker Shore Capital has forecast GBP432.0 million in revenue for the company in financial 2025, which ends on March 31, down 1.2% from GBP437.0 million in financial 2024.
Shore Capital also forecast GBP50.3 million in adjusted pretax profit, up 4.3% from GBP48.2 million.
"With an excellent pipeline of organic and inorganic opportunities and strong cashflow, the group is well positioned to deliver sustainable growth as markets recover," discoverIE said.
Shares in discoverIE were up 1.7% at 642.00 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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