DiscoverIE reports robust first quarter of trading

by | Jul 24, 2023

(Sharecast News) – Industrial electronics specialist DiscoverIE reported positive trading momentum in a first-quarter update on Monday, with organic sales growth at a comparable level to that seen in the final three months of last financial year.
The FTSE 250 company said earnings for the period aligned with its own expectations.

During the period, the group’s sales were up 4% year-on-year, driven by 3% organic growth, while acquisitions contributed 2%.

However, foreign exchange fluctuations had a minor negative impact of 1% on sales growth.

Both divisions of the group experienced similar organic growth rates, DiscoverIE said.

In addition to robust sales growth, the group’s gross margins remained resilient, surpassing last year’s performance on an organic basis.

“As expected, the order book continued to normalise gradually through the period from the record level at 30 September as it converts into sales,” the company’s board said in its statement.

“The order book remains strong and provides good visibility of demand in the current year.

“With a clear strategy focused on long-term, high quality, structural and UN SDG-aligned growth markets across Europe, North America and Asia, a diversified customer base, a strong order book and pipeline of acquisition opportunities, the group is well positioned to make further progress.”

At 0820 BST, shares in DiscoverIE Group were down 1.77% at 822.19p.

Reporting by Josh White for Sharecast.com.

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x