DiscoverIE Group plc has released its interim results for the six months ended 30 September 2023. The company's revenue increased by 15% to £242.7 million, compared to £211.2 million in the same period last year. The underlying operating profit also rose by 15% to £26.1 million, up from £22.7 million in the previous year.
The company's order intake increased by 12% to £256.2 million, with a book-to-bill ratio of 1.06. The order book stood at £159.2 million, representing a 9% increase from the previous year. DiscoverIE Group plc's adjusted earnings per share increased by 14% to 16.1 pence.
The company's Design & Manufacturing division saw a revenue growth of 16%, driven by strong demand in renewable energy, medical, and transportation markets. The Custom Supply division also experienced a revenue growth of 14%, supported by increased demand in industrial markets.
DiscoverIE Group plc's CEO, Nick Jefferies, commented on the results, stating, "We have delivered another strong set of results, with double-digit growth in revenue, profit, and earnings per share. Our Design & Manufacturing division continues to perform well, and we are seeing good momentum in our Custom Supply division."
Jefferies also highlighted the company's focus on sustainability, stating, "We are committed to supporting our customers in their transition to a low-carbon economy and are pleased to have achieved our target of reducing our own carbon emissions by 50% by 2023, three years ahead of schedule."
Looking ahead, DiscoverIE Group plc remains confident in its growth prospects and expects to deliver full-year results in line with market expectations. The company will continue to invest in its strategic growth initiatives and pursue acquisition opportunities to expand its market presence.
In conclusion, DiscoverIE Group plc has reported strong interim results, with revenue and profit growth in both its Design & Manufacturing and Custom Supply divisions. The company remains focused on sustainability and is confident in its future growth prospects.