discoverIE reports 'positive trading momentum' in interim trading update

Guildford-based designer and manufacturer of customised electronics discoverIE has reported positive growth in its latest interim trading update.

The firm said that Group Sales were 4 per cent ahead of the previous year, this growth was made up by 1 per cent organic growth and 3 per cent from acquisitions.

Sales increased by 2 per cent organically in the Magnetics & Controls division and by 1 per cent organically in the Sensing & Connectivity division.

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The acquisitions of Silvertel on 31 August 2023 and 2J Antennas on 18 September 2023 are, according to the company, performing as expected - with further integration still to happen but progressing 'as expected'.

A spokesperson for the company said: ''Following a strong performance in the Period and with good orderbook visibility into the second half, the Group is on track to deliver full year underlying earnings in-line with the Board's recently upgraded expectations.

''With a clear strategy focused on structural and sustainable international growth, a diversified customer base, a healthy order book and pipeline of design wins and acquisition opportunities, the Group has a resilient business model that, despite varied market conditions,  is well positioned to make further good progress on its key priorities.''

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