discoverIE Group - H1 organic growth supports FY19 outlook
discoverIE reported H119 revenue growth of 11%, with 7% organic growth and 5% growth from the Santon acquisition offset by a 1% currency effect. Good order intake in H1 provides support for growth in H2 and management sees FY19 trading in line with its expectations. We have revised our forecasts to reflect H1 trading, resulting in upgrades to our normalised EPS forecasts of 3% in FY19e and 2% in FY20e.discoverIE Group designs, manufactures and supplies electronic products, supplying customers in the transportation, medical, renewable energy and industrial sectors. Co.'s business is focused in five technology areas, which include communication and sensors, imaging and photonics, power and magnetics, microsystems, and electromechanical and cabling. Co. operates across two divisions: Design & Manufacturing, which supplies custom electronic products which are designed or modified from an existing product to customer specifications; and Custom Distribution, which provides technically demanding, customized electronic, photonic and medical products to industrial manufacturers.
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