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discoverIE Group PLC on Tuesday reported improved half-year earnings and an increased dividend, and said it is on track for annual earnings in line with expectations. The Surrey, England-based designer and manufacturer of electronic components for industrial applications said it made progress in its first half despite ‘the disruption created by US-led trade tariffs’ and some destocking at some customers. discoverIE said pretax profit in the half-year ended September 30 rose 11% year-on-year to £17.6 million from £15.8 million. Revenue grew 2.5% to £216.4 million from £211.1 million. Adjusted operating profit improved 3.8% on-year to a record £30.2 million from £29.1 million. ‘discoverIE delivered a good first half performance with record profits, excellent cashflow and a return to organic sales and orders growth,’ Chief Executive Nick Jefferies said. ‘Trading momentum improved through the first half with second quarter orders increasing by 8% organically, sales increasing by 1% organically and orders being ahead of sales. Three of our four operating units (Sensing, Connectivity and Magnetics) have now returned to good levels of organic growth after a period of significant customer destocking. Controls, which comprises typically later-cycle businesses, is expected to follow.’ Jefferies added: ‘The group remains on track to deliver full year adjusted earnings in line with the board’s expectations and looks forward to realising the exciting potential we see for the future.’ discoverIE upped its interim dividend by 3.8% to 4.05 pence per share from 3.90p. Shares in the company fell 1.0% to 599.00p each in London on Tuesday morning. They are down 5.4% over the past 12 months. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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