discoverIE Group PLC on Wednesday recommended a higher dividend as it hailed structural growth drivers in target markets, while annual profit surged amid lower operating costs.
The Surrey, England-based designer and manufacturer of electronic components for industrial applications said pretax profit was £32.0 million in the financial year ended March 31, up 44% from £22.2 million a year ago.
Fully diluted earnings per share jumped 58% to 25.0 pence from 15.8p.
Revenue fell 3.2% to £422.9 million from £437.0 million.
Operating costs came down 6.2% to £380.5 million from £405.8 million.
The company recommended a final dividend per share of 8.60 pence, up 4.2% from 8.25p a year ago. This brings the total payout to 12.5p, up 4.2% from 12.0p.
Looking ahead, the firm noted that US tariffs will have a limited direct impact on its business.
It added that it will pass on any incremental tariff costs while continuing to mitigate them with local manufacturing.
‘discoverIE is aligned with target markets which are underpinned by structural growth drivers and, with the addition of the security market during the year, our total market opportunity increased to over $30 billion,’ said Chief Executive Nick Jefferies.
He added: ‘With a strong pipeline of organic and inorganic opportunities, the group is well placed to continue its resilient performance and development.’
discoverIE shares rose 15% to 730.00 pence each on Wednesday morning in London.
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