discoverIE Group plc reported group trading results for the financial year ended March 31, 2024. For the period, the company reported sales were 1% ahead of last year at CER, following two years of strong growth when sales increased by 48%. Net revenue growth of 2% this year from acquisitions, less disposals, was partly offset by a 1% reduction in organic sales with customers processing inventory reductions in the middle part of the year.

Sterling strength during the year impacted sales by 4%, with reported Group revenue being 3% below last year. Organic sales in the Sensing & Connectivity Division increased by 2% for the year offset by a 2% reduction in the Magnetics & Controls Division ("M&C").