Guildford’s DiscoverIE reports encouraging interim results
DiscoverIE, the Guildford-based electronics designer and manufacturer, has reported encouraging results for the half year ended 30 September 2022.
The firm has reported underlying operating profit for H1 of 2022/23 of £25.6 million, up 42 per cent on the same period for 2021/22 (£18 million).
The group say it is “well positioned for further growth”, with a record order book of £257 million and a strong pipeline of acquisition opportunities in development.
Group chief executive Nick Jefferies said: "DiscoverIE performed well in the first half, with further strong growth in sales and order book along with good operating efficiencies, leading to 37% growth in underlying earnings per share.
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"We continue to focus on generating organic growth in sustainable markets, enhanced by earnings accretive acquisitions. Alongside this, good progress is being made in reducing our carbon emissions and today we have announced our commitment to reach net zero scope 1 & 2 emissions by 2030 and scope 3 by 2040.
"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. The Group is on track to deliver full year underlying earnings in line with the Board's expectations.
"We are well positioned in a changing world. Our products are essential in customers' applications and amount to a small proportion of their spend, providing us with revenue visibility and stable margins. Additionally, our broad international footprint enables us to respond quickly to production movements.
"The discoverIE business model has proven resilient through differing market conditions and with a pipeline of acquisition opportunities and a strong balance sheet, the Group is well positioned to make further progress."
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