Discoverie order book continues to grow in H1

Customised electronics firm Discoverie said on Thursday that strong order growth seen at the tail end of last financial year had carried on in the six months ended 30 September.

Discoverie said interim revenues remained "well ahead" of both the Covid-impacted prior year and the pre-Covid year ended 31 March 2020.

"Together with continued strong operational execution and despite foreign exchange headwinds in the period, group performance for the first half is ahead of the board's expectations," said Discoverie.

The AIM-listed firm said group sales for the period were 23% ahead of last year, representing organic growth of 15% over last year and 8% compared with two years ago.

Orders remained ahead of sales in the period, with organic growth of 64% and 34%, respectively, while gross margins remained firm amid a record order book at the end of the period, which was 71% higher organically than last year and 53% higher than two years ago.

Discoverie did note that it was effectively managing "widespread supply chain challenges" and, despite some limiting of growth rates in the first half, continued to grow strongly

As of 0855 BST, Discoverie shares were up 4.53% at 1,097.52p.