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discoverIE Group PLC overcomes forex headwinds to trade ahead of expectations

The strong order growth previously reported had continued into the second quarter of 2021

discoverIE Group PLC said performance in the first half of its fiscal year had been ahead of expectations despite strong foreign exchange headwinds.

The designer, manufacturer and supplier of customised electronics to industry said the strong order growth previously reported had continued into the second quarter of 2021 with revenue in the first half of the year well ahead of the same period of last year, which was affected by the coronavirus pandemic, and the year before, which wasn’t.

Group sales in the six-month period were up 23% year-on-year on a constant exchange rates (CER) basis. On a like-for-like (LFL) CER basis, sales were up 15% on the first half of last year and 8% ahead of the same period of 2019.

Orders were up 64% on a LFL basis on last year and 34% higher

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