Source - Alliance News

discoverIE Group PLC on Tuesday reported half-year profit growth despite a dip in revenue and lifted its dividend.

Shares in discoverIE grew 6.0% to 640.00 pence each in London on Tuesday morning.

In the half-year ended September 30, the Guildford, Surrey-based customised electronics manufacturer and designer said pretax profit grew 8.1% to £16.0 million from £14.8 million the year before.

Revenue fell slightly to £222.0 million from £222.6 million a year prior. discoverIE attributed this to a one-off increase in semiconductor costs of £2.9 million, which reduced overall sales growth by 1%.

discoverIE upped its interim dividend by 5.6% to 3.75 pence per share from 3.55p in the first half of financial 2023.

Looking ahead, discoverIE expects to deliver full-year underlying earnings in line with its forecasts.

Chief Executive Nick Jeffries said: ‘discoverIE performed well in the first half. Our operational focus and sustained strong sales levels, which follows two years of growth at over 20% per year, delivered significant efficiencies with underlying operating profit increasing by 17% at constant exchange rates. We are making excellent progress towards our margin targets with a 1.4 [percentage points] increase in underlying operating margin, reflecting the leverage in our technology clusters, that is enabling efficiencies and creating value from acquisitions.

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Discoverie Group PLC (DSCV)

+24.00p (+3.58%)
delayed 18:38PM