discoverIE stock jumps as forecasts adjusted earnings beat
discoverIE Group PLC on Friday highlighted its "positive outlook" alongside reporting double-digit organic growth in orders for the first quarter.
The Surrey, England-based designer and manufacturer of electronic components said that at constant exchange rates, orders grew 31% organically year-on-year, while group sales rose 6% with a book-to-bill of 1.15.
"The strong group trading momentum experienced in the fourth quarter last year continued this period," the company said.
Sales increased 10% at CER when including contributions from the recently acquired Trival and Storm, discoverIE added. It said both businesses are performing well and that the regulatory approval process is progressing for the acquisition of 3Gmetalworx.
"The positive outlook continues with full year adjusted earnings tracking ahead of the board's expectations," the company said.
It added that it "is well placed for continued growth," citing its pipeline of design wins and acquisition opportunities, as well as a "strong order book".
Shares in discoverIE were up 11% at 773.00 pence on Friday afternoon in London.
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