- Electronics maker DiscoverIE said it would resume dividend payments when it releases half-year results in November amid ongoing momentum.

The company also said it had acquired Phoenix America for $11.0m. The US-based company, manufactures magnetically actuated sensors, encoders and related products for industrial customers in the US.

'Its complementary product range and wider access to customers will create good cross-selling opportunities in our target markets for both Variohm in the US and Phoenix in Europe,' DiscoverIE said.

For the six months ended 30 September 2020, sales were 6% below last year.

The company exited the first half with 'good momentum, with orders being ahead of sales in September and growing by 6% organically over the prior year. This trend has continued into October with orders at a similar level and ahead of sales,' the company said.

'As a result of the resilient trading, improving outlook and strong balance sheet, the group intends to re-instate dividends, with an interim payment to be declared at the time of publication of the half year results on 30 November 2020,' it added.

At 8:57am: [LON:DSCV] Discoverie Group Plc share price was -3p at 657p

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