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Shares in electronic components supplier discoverIE Group (LSE: DSCV) jumped over 16% on Tuesday after the company reported higher half-year profits despite a slight dip in revenues.
The FTSE 250 listed firm said pre-tax profits grew 8.1% to £16.0 million in the six months to September 30, while revenues edged down to £222.0 million from £222.6 million a year earlier. discoverIE attributed the marginal revenue decline to a £2.9 million increase in one-off semiconductor costs.
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However, the company still raised its interim dividend by 5.6% to 3.75p per share. Going forward, discoverIE said it expects to deliver full-year underlying earnings in line with forecasts.
Despite the surge in its share price today, discoverIE remains 14% down over the last twelve months.