XNUMX년 거래 업데이트
출시용
7.00am, 18 April 2024
디스커버리 그룹 plc
XNUMX년 거래 업데이트
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 이고 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 세시.
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 주요 우선순위.
감사인 변경
In line with corporate governance best practice, the Group has undertaken a formal tender process for its 심사, 어느 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.
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디스커버리 그룹 plc + 01483 544 500 닉 제프리스 그룹 최고경영자(CEO) 사이먼 기빈스(Simon Gibbins) 그룹 재무 이사 Lili Huang 투자자 관계 책임자
뷰캐넌 + 020 7466 5000 크리스 레인, 토토 버거 |
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노트
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. 이 거래 업데이트는 감사되지 않은 관리 계정을 기반으로 하며 discoverIE Group plc의 주주들에게 거래에 대한 추가 정보를 제공하기 위해서만 준비되었습니다. 다른 목적으로 다른 당사자에 의존해서는 안 됩니다. 이 업데이트에 포함된 특정 진술은 미래 예측 진술입니다. 그러한 진술은 이사들이 이 업데이트를 승인한 날짜까지 이용 가능한 정보를 사용하여 선의로 작성되었습니다. 미래 예측 진술은 경제 동향과 비즈니스 위험에 내재된 불확실성 때문에 주의 깊게 간주되어야 합니다.
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DiscoverIE Group plc 정보
discoverIE Group plc는 산업용 애플리케이션을 위한 혁신적인 전자 부품을 설계하고 제조하는 국제적인 기업 그룹입니다.
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