discoverIE Group PLC on Monday said it has had a ‘good start’ to the new financial year, with continued organic growth.
The Surrey-based maker of customised electronics said that its ‘positive trading momentum’ in the final quarter of financial 2023, which ended March 31, continued into the new financial year. It noted that organic sales growth in the first quarter to June 30 stayed at a similar level to the final quarter, with earnings for the period in line with the board’s expectations.
Sales in the recent three months were up 4% annually, whilst gross margins continued to be ‘resilient’ and ahead of last year organically, the company said.
discoverIE noted that the order book has continued to normalise gradually through the period from the record level seen in September, as it converts into sales. This is in line with the board’s expectations.
‘The order book remains strong and provides good visibility of demand in the current year,’ it added.
‘With a clear strategy focused on long-term, high quality, structural and UN SDG-aligned growth markets across Europe, North America and Asia, a diversified customer base, a strong order book and pipeline of acquisition opportunities, the group is well positioned to make further progress,’ discoverIE added.
Shares in discoverIE were down 0.6% to 832.00 pence each in London on Monday morning.
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