DiscoverIE Group plc has released a trading update for the first half of the year. The company reported strong performance, with both revenue and order intake exceeding expectations. The group's revenue for the first half increased by 20% on a reported basis and by 10% on an organic basis. The order intake also grew by 20% on a reported basis and by 10% organically. The company attributes this growth to its focus on long-term growth markets and its ability to provide innovative solutions to its customers.
The company's Design & Manufacturing division performed particularly well, with revenue growth of 23% on a reported basis and 13% organically. This division specializes in providing customized electronic solutions to customers in various sectors, including renewable energy, transportation, and medical technology.
DiscoverIE Group plc also highlighted its strong balance sheet and cash generation, which has allowed the company to continue investing in its growth strategy. The company has made several acquisitions during the first half of the year, including the recent acquisition of Limitor Solutions Limited, a UK-based designer and manufacturer of thermal management products.
The company remains optimistic about its future prospects and expects to deliver full-year results in line with market expectations. The CEO of DiscoverIE Group plc, Nick Jefferies, commented, "We have made a strong start to the year, with good organic growth and a healthy order book. Our focus on long-term growth markets and our ability to provide innovative solutions to our customers continues to drive our success."
Overall, DiscoverIE Group plc has reported strong performance in the first half of the year, with revenue and order intake exceeding expectations. The company's Design & Manufacturing division performed particularly well, and the company remains optimistic about its future prospects.