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DiscoverIEx sees underlying earnings toward upper end of market expectations
StockMarketWire.com
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Customised electronics maker DiscoverIEx said it expected underlying earnings to be towards the upper end of market expectations following an ongoing recovery and positive sales momentum.
For the four month period to 31 January 2021, group and divisional orders increased by 10% organically over the prior year's pre COVID-19 levels and with a group book to bill ratio of 1.17:1, the company said.
'This represents a significant improvement on the first half of the year (H1 Group orders: 18% lower; book to bill: 0.91:1), as the COVID-19 recovery strengthened and trading momentum increased,' it added.
Sales for the period were 5% lower year-on-year organically, having been 8% lower in the first half.
This improvement was evident across both its divisions as sales in D&M, which were 67% of group sales, reduced by 3% organically, compared with a 7% decline in H1, while in custom supply sales reduced by 10% organically, compared with an 11% fall in H1, the company said.
Year to date, group orders and sales fell by 4% on a reported basis, it added.
At 9:45am: (LON:DSCV) Discoverie Group Plc share price was 0p at 632p
Story provided by StockMarketWire.com
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