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DiscoverIE to resume dividend payments amid 'good' momentum; acquires Phoenix America for $11.0m
StockMarketWire.com
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Electronics maker DiscoverIE said it would resume dividend payments when it releases half-year results in November amid ongoing momentum.
The company also said it had acquired Phoenix America for $11.0m. The US-based company, manufactures magnetically actuated sensors, encoders and related products for industrial customers in the US.
'Its complementary product range and wider access to customers will create good cross-selling opportunities in our target markets for both Variohm in the US and Phoenix in Europe,' DiscoverIE said.
For the six months ended 30 September 2020, sales were 6% below last year.
The company exited the first half with 'good momentum, with orders being ahead of sales in September and growing by 6% organically over the prior year. This trend has continued into October with orders at a similar level and ahead of sales,' the company said.
'As a result of the resilient trading, improving outlook and strong balance sheet, the group intends to re-instate dividends, with an interim payment to be declared at the time of publication of the half year results on 30 November 2020,' it added.
At 8:57am: (LON:DSCV) Discoverie Group Plc share price was -3p at 657p
Story provided by StockMarketWire.com
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