DiscoverIE interim earnings in line with expectations
Discoverie Group
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12:00 15/10/24
Electronic components manufacturer DiscoverIE said on Tuesday that first-half earnings were in line with internal expectations and noted that it "remains on-track" to meet guidance for the financial year.
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DiscoverIE said its strategy and focus on operational improvements had enabled continued margin development and robust earnings performance through the economic cycle.
The FTSE 250-listed group stated that while de-stocking continued at some customers, it did so at a lesser rate. It also said order levels stabilised and design wins, a key forward-looking barometer, increased strongly.
Group sales were 4% lower year-on-year, with organic sales down 10% in the half. However, orders returned to growth in the half, up 8% year-on-year, and design wins increased 8%, with an estimated lifetime value of £205.0m.
"With an excellent pipeline of design wins and acquisition opportunities supported by high cashflow, the group is well positioned to build on its strong through-cycle growth record and deliver on its strategic objectives as market conditions stabilise," said DiscoverIE.
As of 0840 BST, DiscoverIE shares were up 5.33% at 632.50p.
Reporting by Iain Gilbert at Sharecast.com