A strong second half propelled discoverIE Group to revenues of £454.3m, down just 3% year on year.
Profit came in at £17m off 13% on the previous year.
The group’s design and manufacturing division contributed £297m down 1% on constant exchange rates. Custom supply which includes distribution posted sales of £158m, a decline of 8% organically.
Design and manufacturing revenues were driven by renewable energy applications in Asia, resilient domestic demand in non-auto markets. North America was hit by softer general industrial and transportation markets.
In the UK sales were impacted general industrial markets and weaker elective medical demand.
The UK and Italy stayed strong for the custom supply division. Sales slid 16% in Germany due to the slowdown in automotive.
Group CEO Nick Jefferies (pictured) commented, “This year challenged us in ways we couldn’t have foreseen. Our dedicated employees responded quickly, creating a new normal operating environment with COVID safety at its core, whilst continuing operations with minimal disruption to customers.
The second half saw a strong recovery following the uncertainty of the first half, with orders increasing organically by 12% year-on-year and the Group returning to organic sales growth by the year end.”
Added Jefferies, “A record order book, up 15%, leads the way for sales growth in the year ahead. Together with robust gross margins and tight management of expenditure throughout the year, underlying earnings ended the year ahead of expectations.
With a clear strategy focussed on long-term high quality growth markets, a diversified customer base, excellent order book and a strong pipeline of acquisition opportunities, we are well positioned to make further progress on our key strategic priorities.”
The Group completed two acquisitions in the second half of the financial year – Limitor and Phoenix – and more recently strengthened its sensor offering by acquiring US-based Control Products Inc.
Carbon emissions were reduced by 19%.
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