discoverIE Group shares enjoyed a rise of 2.8% to 782p in early morning trading on Thursday, following reports that the company expected its underlying earnings for continuing operations result to deliver above management expectations.
The electronics firm’s group orders remained ahead of its sales with a 36% year-on-year organic growth and a 32% two-year growth driven by strong demand across the company’s target markets.
The group delivered 17% year-on-year sales growth alongside a 13% two-year growth.
The company grew its sales for the past two months 20% year-on-year and 22% over two years, despite ongoing supply chain challenges including semiconductor shortages which caused disruption in two of its 20 businesses.
discoverIE Group highlighted its agility in navigating Covid-19-linked challenged and noted that its exposure to Ukraine remained minimal, with the Russian invasion causing few disruptions its business operations.
The company also celebrated its A rating from the MSCI ESG Research group in recognition of discoverIE Group’s environmental and social governance, along with its strategic focus on sustainable technologies such as renewable energy.
The firm commented that it was well-funded with strong liquidity and a reliable cash flow, alongside additional capital from the sale of its Acal BFi distribution business providing it with significant capacity for future acquisitions and steady pipeline of opportunities for the group to expand.
The discoverIE Group said that the company currently looks well-positioned to make progress on its key priorities going into 2022, with a record order book and “sustainable growth” markets across Europe, North America and Asia.