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DiscoverIE group sales rise in Q3
(Sharecast News) - Customised electronics manufacturer DiscoverIE said on Monday that group sales had risen in the three months ended 31 December, driven by a 9% jump in group orders at constant currency. DiscoverIE said its controls operating unit, which had been slower to recover than its other three operating units, showed "an improved trend in sales" from the first half, and stated gross margins "remained robust", working capital was "tightly managed" and cash generation continued to be "strong".
The FTSE 250-listed firm also said its order book "gives good coverage for the final quarter", and accordingly, stated it remains on track to deliver full year adjusted earnings in line with internal expectations.
"The group is well positioned to continue its through-cycle growth both organically and inorganically," it said.
DiscoverIE added that ollowing receipt of regulatory approval, its acquisition of Keymat Technology has now been completed, while approval for its acquisition of Trival Antene was said to still be in progress.
As of 0805 GMT, DiscoverIE shares were up 1.10% at 641p.
Reporting by Iain Gilbert at Sharecast.com
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