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discoverIE Group - strong trading third quarter with earnings inline

discoverIE Group - strong trading third quarter with earnings inline

Thu 31 Jan 2019 07:59 by about : trading updates, trading updates - 0 Comments - 744 words

discoverIE Group plc (LSE: DSCV, "discoverIE" or the "Group"), a leading international designer, manufacturer and supplier of customised electronics to industry, today issues a trading update for the year ending 31 March 2019, covering the three month period from 1 October 2018 to 31 December 2018.


Trading in the third quarter continued strongly and the Group remains on track to deliver full year earnings in line with our expectations. 


Group sales for the third quarter1 increased by 18% on a reported basis, by 20% CER2 and by 10% organically (excluding acquisitions)3, with organic growth of 11% in Design & Manufacturing and 9% in Custom Supply. Growth across the Group was widespread and led by our businesses in Germany and Asia. Cross-selling initiatives for the third quarter generated sales of £3.0m, an increase of 26% on the prior year.


Group orders for the third quarter remained strong, growing by 7% organically in both divisions with a book to bill ratio of 1.08. The Group order book, of which over 80% is for delivery over the next twelve months, rose to another record high of £145m, up 21% CER year-on-year and up 12% organically. 


For the 9 months to 31 December 2018, Group sales increased by 15% CER and by 8% organically, with orders up 7% organically.


Cursor Controls, which was acquired in October has performed well since joining the Group with strong growth in orders and sales compared with its equivalent pre acquisition period last year. Orders in Santon, which was acquired in February 2018, also grew strongly in the period helping third quarter sales grow well compared with the prior two quarters.  


Group gross margin for the third quarter remains firm and in line with the first half.  


These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.

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