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discoverIE Group PLC

DiscoverIE on track to meet full-year underlying earnings expectations

The group is on track to deliver full-year underlying earnings in line with the Board's expectations.

discoverIE Group PLC - DiscoverIE on track to meet full-year underlying earnings expectations

Custom electronics maker discoverIE Group PLC (LON:DSCV) said trading in the July-September quarter was good and the company is on track to meet full-year expectations.

Group sales in what is the second quarter of the group’s fiscal year were up 11% year-on-year on a constant exchange rates (CER) basis and by 9% in the first half of the fiscal year.

The group’s margins remained in line with those from a year earlier.

Like-for-like (LFL) sales on a CER basis were up by 6% in the second quarter, accelerating from the 4% growth in the first quarter and cranking up the half-year growth rate to 5%.

The Design & Manufacturing (D&M) division was the star performer, notching up 12% year-on-year LFL growth on a CER basis in the first half of the fiscal year, lifting its share of group revenues to 64% from 61% at the end of the previous fiscal year.

The Custom Supply division’s LFL revenues were on par with the same period of 2018.

Group orders for the second quarter grew by 7% on an LFL basis, up from 3% in the first quarter, leading to first-half group order growth of 4%.

Once again, the D&M division did the heavy lifting, with orders in Custom Supply division orders down slightly from a year earlier.

DiscoverIE’s order book as at the end of September stood at £153mln, of which more than four-fifths is for delivery over the next twelve months.

The end-September 2019 order book was up 15% in CER terms and by 11% on an LFL basis.

“With a clear strategy focused on markets that offer long term sustainable organic growth prospects and an active pipeline of acquisition opportunities, the board expects to make further progress throughout the year,” the group’s statement said.


 

Quick facts: discoverIE Group PLC

Price: 420 GBX

Market: LSE
Market Cap: £338.82 m
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