DiscoverIE shares surge on strong interims
By Frank Prenesti
Date: Wednesday 23 Nov 2022
(Sharecast News) - Shares in electronics maker discoverIE Group surged on Wednesday as interim profits more than doubled.
Revenue for the six months to September 30 rose 26% to £219.7m. Pre-tax profit came in at £14.8m from £6.4m a year earlier and rose 46% to £23.5m on an underlying basis.
The company said sales growth had been driven by operating leverage through efficiency gains and stable gross margins".
Its order book hit a record £257m, up 30%.
"The second half has started well with continued organic sales growth over last year and a record order book level, which we expect to begin to normalise as it converts into sales through the second half of the year," said chief executive Nick Jefferies.
"The group is on track to deliver full year underlying earnings in line with the board's expectations."
An interim dividend of 3.55p a share was declared, a rise of 6%.
Reporting by Frank Prenesti for Sharecast.com
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