DiscoverIE FY underlying earnings expected to beat previous guidance

Electronics manufacturer DiscoverIE said on Thursday that trading in the final two months of the year continued to be strong, with the group now expecting to deliver full-year underlying earnings from continuing operations ahead of previous guidance.

Group orders for the year were well ahead of sales, growing organically by 36% year-on-year and 32% when compared to two years ago, while DiscoverIE's period-end order book of £224.0m was a new record level and 62% higher organically than a year ago.

The FTSE 250-listed firm stated group sales for the year were also higher than previously expected, up 28%. Organically, sales grew by 17% and 13% compared with 2019-20 and 2020-21, respectively, amid strong trading in each of its two divisions.

"With a clear strategy focused on long-term, high quality, structural, and sustainable growth markets across Europe, North America, and Asia, a diversified customer base, a record order book, and a strong pipeline of acquisition opportunities, the group is well-positioned to make further progress on its key priorities," said DiscoverIE.