discoverIE hails demand in industrial electrification, as sales rise

discoverIE Group PLC on Wednesday said orders and sales rose amid "strong" demand in industrial electrification, renewable energy and security sectors.

The Surrey, England-based designer and manufacturer of electronic components said sales rose 8% organically in the six months to September 30. In the first quarter, growth had been 6%, while the rise in the second quarter was better at 10%.

The increase in sales was led by the Magnetics & Controls, M&C, division, with "strong" demand in industrial electrification, renewable energy and security sectors.

Group orders jumped 22% organically, with M&C orders up 25% and orders for its Sensing & Connectivity, S&C, division 18% higher.

Meanwhile, regulatory approval for the acquisition of 3Gmetalworx Inc is "well progressed" it added.

Back in May, discoverIE had announced that it acquired a 90% interest in 3Gmetalworx, an Ontario, Canada-based designer and manufacturer of electromagnetic shielding products for the electronics industry, for USD67.5 million.

discoverIE will publish interim results on December 2.

Looking ahead, the company said its positive outlook continued with full year adjusted earnings running ahead of its own expectations, amid "strong" earnings growth over last year.

The firm said: "With strong trading momentum, a healthy order book and pipeline of design wins, and further acquisition opportunities, discoverIE is well positioned to build on the long-term track record ofcontinued compounding growth through the cycle."

discoverIE shares were 1.8% higher at 896.00 pence each on Wednesday morning in London.

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