discoverIE Group, an international designer and manufacturer of customised electronics, has reported record half year profits of £30.2 million, up 5% on the previous year.
Revenues rose 3.5% to £216.4 million.
The company also announced the acquisition of human-machine interface (HMI) products supplier Keymat Technology for £5.5 million.
Nick Jefferies, Group Chief Executive, commented: “discoverIE delivered a good first half performance with record profits, excellent cashflow and a return to organic sales and orders growth. Trading momentum improved through the first half with second quarter orders increasing by 8% organically, sales increasing by 1% organically and orders being ahead of sales.
“Three of our four operating units (sensing, connectivity and magnetics) have now returned to good levels of organic growth after a period of significant customer destocking. Controls, which comprises typically later-cycle businesses, is expected to follow. We remain focused on generating good organic growth through the cycle, with a healthy pipeline of design wins. Additionally, we have numerous acquisition opportunities in development, including our most recent signed bolt-on transaction, Keymat.
“The group remains on track to deliver full year adjusted earnings in line with the Board’s expectations and looks forward to realising the exciting potential we see for the future,” concluded Jefferies.
Keymat Technology products are used in designing and manufacturing assistive HMI products. Its products are used in a variety of industrial applications, aligning with discoverIE’s focus on customised electronics for different sectors such as medical, security, and transport.
