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(Alliance News) - discoverIE Group PLC on Wednesday lifted its outlook following strong trading momentum and orders.
Shares in discoverIE were up 4.3% at 880.00 pence in London morning trade.
The maker of customised electronics, for sectors such as renewables and transport, said orders in the four months to January 31 grew organically 18% year-on-year and were up 30% on two years ago. The order book at the end of January stood at a record level of GBP216 million.
Sales in the period were up 20% organically on a year ago and 17% higher than two years prior.
Trading was strong in both its new operating divisions, as announced in a separate restructuring update on Wednesday. It has split the ongoing Design & Manufacturing division into two operating segments, Magnetics & Controls and Sensing & Connectivity.
"Accordingly, the group is on track to deliver full year underlying earnings for continuing operations ahead of the board's previous expectations, despite ongoing supply chain headwinds," said discoverIE.
With the record order book and a strong pipeline of acquisition opportunities, discoverIE said it is well positioned to make further progress on its key priorities.
By Lucy Heming; lucyheming@alliancenews.com
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