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Electronics maker DiscoverIE Group said annual earnings were expected to be 'slightly ahead' of its expectations amid a stronger-than-expected end to the final quarter in China.
Earnings for the year were expected to be 'slightly ahead' of its revised expectations set in March, with orders remaining ahead of sales, driving an order book up 7% organically to £159m, a record year-end high, the company said.
The positive update came as trading in China at the end of the final quarter was stronger than expected following a quicker recovery after the company resumed activity in the region.
Sales for the year increased by 6% with organic sales growth of 2%, driven by 5% organic growth in its D&M division.
'Sales to date for the first quarter of the new year are running 10% lower on an organic basis compared with last year, partly as a result of the short term impact of the facility closures experienced in March and April. Customer demand remains relatively resilient with a book to bill ratio of 0.95:1,' DiscoverIE Group said.
At 8:10am: (LON:DSCV) Discoverie Group Plc share price was +9.5p at 440.5p