discoverIE Group PLC on Wednesday said it is on track to deliver annual underlying earnings in-line with its recently upgraded expectations after making good financial and strategic progress in the first half of its financial year.

The Guildford, Surrey-based customised electronics manufacturer and designer said sales in the half-year that ended September 30 were up 4% at constant exchange rates, comprising 1% from organic growth and 3% from acquisitions. A year ago, half-year sales were reported as £219.7 million

Orders in the second quarter of financial 2024, which ends on March 31, grew by 2%, while design wins increased by 23% in the half year, with an estimated lifetime value of £190 million. ‘Design wins are a key driver of future organic revenues, and we have a strong pipeline of future opportunities in development,’ discoverIE said.

The acquisitions of Newport, Wales-based power-over-ethernet module manufacturer and designer Silver Telecom Ltd and Bardejov, a Slovakia-based manufacturer of high-performance antennas 2J Antennas Group are progressing and integrating well, the company said.

discoverIE bought Silver Telecom in August for £21 million, while 2J Antennas was purchased last month for £45.0 million.

Looking ahead, due to good orderbook visibility into the second half of financial 2024, discoverIE said it is on track to deliver earnings in line with its full-year expectations.

Shares in discoverIE were up 2.8% at 660.00 pence each in London on Wednesday morning.

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