discoverIE Group - Trading on track in Q124
discoverIE’s Q124 trading update confirmed that earnings for the period were in line with the board’s expectations. The reduction in supply chain challenges has helped gross margins and is also driving a normalisation of the order book. Organic growth of 3% y-o-y against tough comparators is in line with our forecasts, which we maintain. With a focus on structural growth markets, a strong order book and a pipeline of acquisition opportunities, the company is well positioned to make progress towards its FY28 goal of a 15% operating margin (FY23: 11.5%).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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