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discoverIE Group PLC on Thursday said that sales growth in its last financial year has continued into its first quarter, with earnings ahead of the board's expectations.
Shares in the Surrey-based maker of customised electronics were up 8.5% to 742.00 pence each in London on Thursday morning.
discoverIE reported that in the quarter to June 30, revenue jumped by 27%, measured at constant exchange rates. It added that this boost has enabled underlying earnings to climb ahead of the board's expectations.
At June 30, the order book was a ‘record’ £240 million, up 7.1% from £224 million at March 31. The company said that this was ‘stronger’ than expected and continued to be ahead of sales with a book to bill ratio of 1.09. discoverIE expects this to normalise as the year progresses as orders convert into sales.
The company also said that one of its production facilities, which is located in Sri Lanka and accounts for 6% of sales, continues to operate at expected output levels despite the current unrest. It added that it is supporting local employees with cost of living subsidies, food and transportation, whilst also developing a contingency plan to temporarily move production to another facility if needed.
Meanwhile, discoverIE noted that the semiconductor sourcing issues flagged last year have improved.
‘With a clear strategy focused on long-term, high quality, structural and sustainable growth across Europe, North America and Asia, a diversified customer base, a record order book and a strong pipeline of acquisition opportunities, the group is well positioned to make further good progress on its key priorities,’ discoverIE said.
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