discoverIE Group plc - Year End Trading Update
Year End Trading Update
Following strong momentum through the year, during the fourth quarter the Group has experienced some isolated disruption to the business as a result of the outbreak of the COVID-19 virus.
The Group's Design & Manufacturing division operates a diversified and flexible manufacturing footprint with additional facilities in
Aside from the Chinese disruption described above, trading elsewhere in the Group during the fourth quarter has been in line with our expectations, against a strong comparative period in the prior year, as we continue to benefit from the focus on our target markets. As a result, the disruption during the fourth quarter is expected to have a modest impact on our earnings for the year to
The Group benefits from a strong and diversified customer base, and demand remains robust with good new order intake in March. Whilst the Group is well prepared to respond quickly and effectively to mitigate any further disruption from the spread of COVID-19, the wider potential impacts entering the new financial year are difficult to predict. The Group remains well funded, with a strong balance sheet, good cash liquidity, over
We are confident that our clear strategy focusing on the target markets of renewable energy, medical, transportation and industrial & connectivity to create sustainable organic growth will enable us to continue to outperform wider industrial markets and generate significant stakeholder value.
For further information, please contact:
01483 544 500
020 7457 2020
1. Gearing defined as net debt divided by underlying EBITDA, annualised for acquisitions.
2. This trading update is based upon unaudited management accounts and has been prepared solely to provide additional information on trading to the shareholders of discoverIE
3. The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation, Article 7 of EU Regulation 596/2014. Upon the publication of this announcement via
Notes to Editors:
The Group provides application-specific components to original equipment manufacturers ("OEMs") internationally. By designing components that meet customers' unique requirements, which are then manufactured and supplied throughout the life of their production, a high level of repeating revenue is generated with long term customer relationships.
By focusing on key markets driven by structural growth and increasing electronic content, namely renewable energy, transportation, medical and industrial & connectivity, the Group aims to achieve organic growth that is well ahead of GDP and to supplement that with targeted complementary acquisitions.
The Group employs c.4,500 people and its principal operating units are located in Continental Europe, the
The Group is listed on the Main Market of the
This information is provided by RNS, the news service of the
Quick facts: discoverIE Group PLC
Market Cap: £481.27 m
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