DiscoverIE annual profits up 70% on strong sales

Niche electronics maker DiscoverIE Group reported a 70% rise in annual profits, driven by a strong order book.

The company on Wednesday said pre-tax profit for the year to March 31 came in at £29.1m. Revenue was up 18% to £449m.

It added that the current financial year had started well with continued organic sales growth and its order book remained at a higher-than-expected level, in line with last year, “providing good visibility of demand”.

Reporting by Frank Prenesti for Sharecast.com