DiscoverIE Group CEO hails profit increase
DiscoverIE Group PLC (LSE:DSCV) CEO Nick Jefferies speaks to Thomas Warner from Proactive London after the electronic component manufacturer released interim results for the six months to 30 September 2023 showing an increase in profitability.
Jefferies gives an overview of the figures, highlighting a 17% increase in operating profits on 4% sales growth. This success translates into an 8% rise in both profit before tax and earnings per share, alongside a significant 25% boost in cash flow.
Jefferies also highlights the company's sustained growth trajectory, having expanded by over 50% in the past three years. He attributes this success to a balanced strategy of driving top-line growth and achieving operational efficiencies as the company scales up.
Despite what he calls the cyclical nature of the market and a general economic slowdown post-COVID, discoverIE has demonstrated resilience and continued momentum, particularly through operating efficiencies and robust cash flow.
Looking ahead, Jefferies expressed confidence in the company's position, with a focus on navigating through the industry's inventory correction phase and continuing to drive growth. He also affirms the company's readiness for further acquisitions, supported by a strong balance sheet and ample banking facilities, expecting more acquisitions in the latter half of the year.
Proactive UK Ltd
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discoverIE Group PLC
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