StockMarketWire.com - Electronics supplier DiscoverIE Group saw profits rise nearly a third, led by growth in its design & manufacturing division amid a boost from acquisitions.

For the year ended 31 March, reported pre-tax profit rose 34% to £19.3m and revenue increased 13% to £438.9m.

Group organic sales and orders grew by 8% and underlying operating profit increased by 25%.

The growth was led by its design & manufacturing division, which saw) sales rise 10%, and now accounted for 61% of group sales, up from 57% last year.

The company made three acquisitions in the last eight months - Cursor Controls, Hobart and Positek - all of which were 'high quality, higher margin custom design businesses, selling into international markets, and further build our business in line with our strategic objectives,' DiscoverIE said.

The full year dividend was increased by 6% to 9.55p a share.

'This year has seen an excellent Group performance with strong organic growth complemented by the contribution from acquisitions, resulting in 22% growth in underlying earnings per share,' said Nick Jefferies, Group Chief Executive.

'As a business we are focused on four key structurally growing markets with 66% of Group revenue and 75% of design wins derived from our target markets of renewable energy, transportation, medical and industrial & connectivity.'

'With a record year end order book and a high level of design wins, we are well positioned for continued progress and excited by the opportunities that lie ahead as we continue to build a high-quality, global business.'


At 8:59am: [LON:DSCV] Discoverie Group Plc share price was +5.5p at 425.5p



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