discoverIE Group PLC on Wednesday reported an increase in yearly profit and revenue, with the company maintaining an optimistic outlook in the face of inflation pressure.

Shares in discoverIE were up 3.3% to 823.00 pence in London on Wednesday morning, among the best FTSE 250-listed performers.

The Surrey-based maker of customised electronics reported a pretax profit of £29.1 million in the year ended March 31, up 70% from the previous year’s £17.1 million.

‘The group continues to manage supply chain and inflationary headwinds effectively with gross margins in the year being robust and slightly ahead of last year on an organic basis,’ the firm said.

Revenue climbed 18% to £448.9 million from £379.2 million in the prior year. Organic sales alone rose 10% to £434.0 million from £395.1 million.

The company said its order book stood at £223 million, down marginally from £224 million the year prior.

discoverIE declared a final year dividend per share of 7.9 pence, up 6.0% from 7.45p the previous year. This brings the full-year dividend to 11.45 pence per share, also up 6.0% from 10.8 pence the prior year

Looking forward, the company said its order book remained at a higher than expected level, providing visibility of strong demand.

However, it noted that the macroeconomic risks and supply chain disturbances had increased during the financial year.

‘We continue to focus on generating organic growth in high momentum, sustainable markets, enhanced by earnings-accretive acquisitions whilst reducing our carbon footprint,’ said Chief Executive Nick Jeffries.

‘The discoverIE business model has proven to be very resilient through difficult market conditions. With a strong pipeline of acquisition opportunities and a robust balance sheet, the group is well positioned to make further good progress.’

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