DiscoverIE profit up 33% led by increased growth in D&M division

Writer,

Archived article

Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.

Electronics supplier DiscoverIE said profit rose by a third in the first half of the year, led by increased sales growth in its higher-margin D&M division amid contributions from acquisitions.

For the six months ended 30 September 2019, pre-tax profit rose 33% to £10.4m and revenue rose 10% to £232m.

Organic sales grew by 7% in the D&M division and by 5% for the group overall, the company said.

'Since the beginning of the year, the group has acquired, in the UK, Sens-Tech and Positek, and in the US, Hobart, all of which are high quality, higher margin D&M businesses,' said DiscoverIE.

'Since the period end, orders have continued ahead of sales, and with a record order book, a continuing high level of design wins and a pipeline of acquisition opportunities, the Group is on track to deliver full year earnings in line with our expectations,' it added.

At 10:00am: (LON:DSCV) Discoverie Group Plc share price was -12p at 528p