DiscoverIE turns in solid performance from design and manufacturing unit
DiscoverIE saw some strong trading throughout the second quarter of the year, telling investors on Thursday that it remained on track to deliver full-year earnings in line with its expectations.
The customised electronics designer and manufacturer saw organic sales accelerate from 3% in the first quarter to 5% in the second, primarily driven by a continued solid performance at its design and manufacturing division.
As a result, DiscoverIE's first-half sales increased 13% year-on-year - 4% from organic growth and 9% from acquisitions.
Sales on a reported basis increased by 12% and orders in the first half also increased by 13%.
DiscoverIE also revealed that its order book had increased by 18% year-on-year, positioning the AIM-listed outfit well for further growth in the second half of its trading year.
The company's design and manufacturing wing, which generates over 75% of the group's total profits, saw first-half sales increase 21% thanks to the benefits of previous design wins and a strong demand from its key target markets during the period in most parts of the division.
"With a clear organic growth strategy and an active pipeline of acquisition opportunities, the board expects to make further progress throughout the year," the group said.
As of 1230 BST, DiscoverIE shares had fallen 4.89% to 378.55p.