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discoverIE Group PLC on Thursday reported strong half-year sales growth and a record orderbook.
In the six months to September 30, the Surrey-based maker of customised electronics said sales were up 26% year-on-year, or up 23% at constant exchange rates.
discoverIE said sales increased by 17% organically in the Magnetics & Controls division and by 11% organically in the Sensing & Connectivity division.
Its orders were ‘stronger than expected’. The orderbook as of September 30 increased to £257million, up 15% from £224 million as of March 31. The firm expects its orderbook level to begin to normalise as it converts into sales.
It also said that the facility at Sri Lanka, which accounts for around 6% of group sales, has continued at expected output levels throughout the period.
Looking ahead, discoverIE said it is on track to deliver full-year underlying earnings in line with board's expectations.
Shares were up 2.9% at 644.00 pence each on Thursday morning in London.
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