Results & Reports

Simon Gibbins

"These strong results demonstrate the strength of the discoverIE business model, with record growth in orders. Ongoing revenue and profits are now well ahead of the pre-Covid period."

Simon Gibbins,
Group Finance Director

Full Year Results Highlights

Record growth in orders & sales driven by focus on structurally growing target markets

  • 76% of sales into UNSDG aligned sectors of renewables, medical, transport, industrial & connectivity
  • Organic(5) orders: +36% (v FY 2020/21) and +32% (v pre-Covid period FY 2019/20)
  • Organic sales: +18% (v FY 2020/21) and +14% (v FY 2019/20)
  • Total sales +25% (v FY 2020/21) and +25% (v FY 2019/20)

Delivering strong financial performance

  • Underlying operating profit from continuing operations: +34%
  • Underlying EPS from continuing operations: +31%

Excellent progress towards key strategic targets

  • Underlying operating margin increased by 0.7ppts to 10.9% (target: 13.5%)
  • Like-for-like carbon emissions(6) reduced by 33% since CY 2019 (v 50% target by 2025)
  • Free cash flow conversion(7) over two years of 102% of net profit (v 85% target)

Three international acquisitions completed for £85m; well supported equity placing for net £53m

  • Beacon, Antenova and CPI; now fully integrated

Sale of Acal BFi completes exit from the business of distribution

  • Continuing operations arranged into two new divisions: Magnetics & Controls (“M&C”) and Sensing & Connectivity (“S&C”)

Group well positioned for further growth

  • Record order book of £224m (organic: +62% v Mar 2021; +71% v Mar 2020)
  • Pipeline of acquisition opportunities remains strong
  • Gearing(8) of 0.6x, well below our target of 1.5x to 2.0x; significant funding headroom available
  • New financial year started well – continued strong organic revenue growth
back to top

Full Year Results Performance Summary

Continuing Operations(1) FY 2021/22 FY 2020/21 Growth % FY 2019/20 Growth(2) %
Revenue £379.2m £302.8m +25% £303.3m +25%
Underlying operating profit(3) £41.4m £30.8m +34% £30.8m +34%
Underlying operating margin(3) 10.9% 10.2% +0.7ppts 10.2% +0.7ppts
Underlying EPS(3) 29.4m 22.4p +31% 24.4p +20%
Reported opearting profit £20.9m £17.1m +22% £17.8m +17%
Total Operations

Reported fully diluted EPS 26.3p 13.0p +102% 16.3p +61%
Gearing 0.6x 1.1x (0.5x) 1.25x (0.65x)
Full year dividend per share 10.8p 10.15p +6% 2.97p +264%(4)
back to top
Date Title Report Press Release Presentation Webcast