Actualización de comercio de año completo
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DiscoverIE Group plc
Actualización de comercio de año completo
Good finish to year - further margin progress with results in-line
discoverIE Group plc (LSE: DSCV, "discoverIE" or the "Group"), a leading international designer and manufacturer of customised electronics to industry, today issues a trading update for its financial year ended 31 March 2024, ahead of the announcement of its preliminary results on 5 June 2024.
The Group continues to make good financial and strategic progress y es on track to deliver growth in full year underlying earnings in-line with the Board's expectations.
Group sales for the year were 1% ahead of last year at CER(1), following two years of strong growth when sales increased by 48%. Net revenue growth of 2% this year from acquisitions, less disposals, was partly offset by a 1% reduction in organic sales(2) with customers processing inventory reductions in the middle part of the year. Sterling strength during the year impacted Group sales by c.4%, with reported Group revenue being 3% below last year. Organic sales in the Sensing & Connectivity Division ("S&C") increased by 2% for the year offset by a 2% reduction in the Magnetics & Controls Division ("M&C").
As expected, the Group returned to organic growth in the latter part of the year delivering fourth quarter organic sales growth of 2% year-on-year and 11% sequentially. Year-on-year fourth quarter growth comprised 7% organic growth in S&C driven by strong performance in the sensing businesses, partly offset by a 1% reduction in M&C, where demand recovery in the industrial magnetics businesses has been at a slower pace.
The year-end order book has reverted to normalised levels of around 4.5 months of sales which, together with a continuing strong pipeline of design wins, provides good visibility of demand into el año Nuevo.
Operational performance continues to be strong, with the Group benefiting from its broad footprint and decentralised model, as the global trend to regional production progresses. With robust gross margins and tight control of operating expenses, the Group continues to perform well through the cycle with full year underlying profit higher than last year organically and augmented by the contribution from acquisitions.
Second half underlying operating margin is expected to be ahead of the first half (H1 2023/24: 12.9%), making further good progress towards our medium term target of 15%.
In March 2024, the Group made a bolt-on acquisition for the Beacon cluster in North America and another for the Foss cluster, both acquired for mid-single digit EBIT multiples. In addition, the Group's Santon business has reached an agreement to dispose of its lower margin solar switches production unit enabling it to focus on its industrial and transportation business. The disposal is expected to complete during the new financial year and along with the recent higher margin acquisitions will be accretive to Group operating margins.
The acquisitions made this year are all performing as expected with integrations proceeding well and as planned. The Group is well funded, and free cash flow continues to be strong with gearing at the year end of 1.5x.
With a clear strategy focused on structural and sustainable international growth, a diversified customer base, a healthy order book, pipeline of design wins and acquisition opportunities, the Group is well positioned to make further good progress on its prioridades clave.
Cambio de auditor
In line with corporate governance best practice, the Group has undertaken a formal tender process for its auditoría, que has resulted in a recommendation to appoint Deloitte LLP as the Group's auditor for the year ending 31 March 2025. A resolution will be put to shareholders for approval at the 2024 Annual General Meeting. A description of the tender process will be included in the Annual Report and Accounts for the year ended 31 March 2024.
PricewaterhouseCoopers LLP will continue as the Group's auditor until that time and will undertake the Group audit for the year ending 31 March 2024.
Para más información, por favor póngase en contacto con:
DiscoverIE Group plc 01483 544 500 Nick Jefferies Group Director ejecutivo Director financiero del grupo Simon Gibbins Lili Huang Directora de Relaciones con Inversores
Buchanan 020 7466 5000 Chris LaneToto Berger |
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Notas
1. Growth rates at constant exchange rates ("CER") exclude the impact of nil margin, pass-thru costs in FY 2022/23 totaling £5.0m. The average Sterling rate of exchange was unchanged against the Euro compared with the average rate for the same period last year, while strengthening 4% against the US Dollar and 7% on average against the three Nordic currencies. For the final quarter ended 31 March 2024, the average Sterling rate of exchange strengthened 3% against the Euro compared with the average rate for the same period last year, 5% against the US Dollar and 5% on average against the three Nordic currencies. Growth rates refer to the comparable prior year period unless stated.
2. Organic growth for the Group's continuing operations compared with last year is calculated at CER and is shown excluding the first 12 months of acquisitions post completion (including Magnasphere in January 2023, Silvertel in August 2023 and 2J in September 2023) and excluding the disposal of the Santon solar switches production unit.
3. Gearing ratio is defined as net debt divided by underlying EBITDA (including the annualisation of acquired businesses, adjusted for lease payments).
4. Esta actualización de negociación se basa en cuentas de gestión no auditadas y se ha preparado únicamente para proporcionar información adicional sobre negociación a los accionistas de discoverIE Group plc. Ninguna otra parte debe confiar en él para otros fines. Algunas declaraciones hechas en esta actualización son declaraciones prospectivas. Dichas declaraciones han sido realizadas por los Administradores de buena fe utilizando la información disponible hasta la fecha en que aprobaron esta actualización. Las declaraciones prospectivas deben considerarse con cautela debido a las incertidumbres inherentes a las tendencias económicas y los riesgos comerciales.
Notas para los redactores:
Acerca de DiscoverIE Group plc
discoverIE Group plc es un grupo internacional de empresas que diseñan y fabrican componentes electrónicos innovadores para aplicaciones industriales.
El Grupo proporciona componentes para aplicaciones específicas a fabricantes de equipos originales ("OEM") a nivel internacional a través de sus dos divisiones, Magnetics & Controls y Sensing & Connectivity. Al diseñar componentes que cumplan con los requisitos únicos de los clientes, que luego se fabrican y suministran durante toda la vida útil de su producción, se genera un alto nivel de ingresos recurrentes con relaciones a largo plazo con los clientes.
Con un enfoque en mercados clave sostenibles impulsados por el crecimiento estructural y el aumento del contenido electrónico, a saber, energía renovable, medicina, electrificación del transporte y automatización y conectividad industrial, el Grupo apunta a lograr un crecimiento orgánico muy por encima del PIB y complementarlo con recursos complementarios. adquisiciones. El Grupo se compromete a reducir el impacto de sus operaciones en el medio ambiente con un plan alineado con SBTi para alcanzar el cero neto. Con sus mercados clave alineados con un futuro sostenible, el Grupo ha recibido una calificación ESG "AA" de MSCI y tiene la calificación Regional (Europa) Top de Sustainalytics.
El Grupo emplea a aproximadamente 4,500 personas en 20 países con sus principales unidades operativas ubicadas en Europa continental, el Reino Unido, China, Sri Lanka, India y América del Norte.
discoveryIE cotiza en el Main Market de la Bolsa de Valores de Londres y es miembro del FTSE250, clasificado dentro del subsector de Componentes y Equipos Eléctricos.
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