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Discoverie H1 revenue and profits grow

By Iain Gilbert

Date: Tuesday 30 Nov 2021

Discoverie H1 revenue and profits grow

(Sharecast News) - Electronic components manufacturer Discoverie said on Tuesday that both revenue and profits had grown in the six months ended 30 September, with the group now trading "well ahead" of pre-Covid levels.
Discoverie said revenues had improved 21% year-on-year to £174.3m, while underlying operating profits were up 32% at £18.0m and underlying pre-tax profits were 38% higher at £16.1m. Underlying earnings per share were 37% stronger at 13.0p.

The FTSE 250-listed firm stated that organic orders were up a record 63% and organic sales were 15% higher when compared to the previous trading year, or 34% and 8% versus 2019's pre-Covid comparative.

Discoverie added that it was "well positioned for future growth", with a record order book of £198.0m and further acquisition opportunities developing.

Chief executive Nick Jefferies said: "The second half has started well with continued order and sales growth over the same period last year and two years ago, and the group is on track to deliver full-year underlying earnings for the continuing operations ahead of the board's previous expectations despite ongoing supply chain and foreign exchange headwinds."

As of 0900 GMT, Discoverie shares were up 4.61% at 1,022.0p.

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