- Customised electronics manufacturer DiscoverIE Group reported that profit was flat as higher costs offset a rise in revenue.

For the year ended 31 March 2020, pre-tax profit rose 1% to £19.5m on-year as revenue increased 8% to £466m.

Profit growth was 'limited by the higher value of acquisitions this year, with resulting higher non-tax deductible acquisition costs,' the company said.

In the first quarter of the year, sales were running 10% lower on an organic basis on-year. June orders and sales, however, were tracking ahead of those in May, the company said.

'With a strong funnel of design wins and acquisition targets, the group is well positioned for a return to strong growth as conditions recover,' it added.

At 8:39am: [LON:DSCV] Discoverie Group Plc share price was +26p at 509p

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