DiscoverIE shares surge 16% as profits rise despite revenue dip

DiscoverIE shares pop as half-year profits rise, company lifts dividend despite dip in revenues for the electronic components supplier.

Mark Rogers

Mark Rogers

This news article is older than 30 days.

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.

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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.

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