DISCOVERIE GROUP PLC Enabling technology for a sustainable world
discoverIE Group plc
Annual Report and Accounts for the year ended 31 March 2023
WELCOME TO THE 2023
ANNUAL REPORT
discoverIE is an international leading designer and manufacturer of customised electronics for industrial applications. We create innovative electronics that deliver value to our customers, while making positive impacts on the environment, society and people's lives.
Our Visionis to be a leading innovator in electronics, internationally.
Visit our corporate website
www.discoverIEplc.com
It contains a wide range of information of interest to institutional and private investors, including:
- Latest news and press releases
- Reports and presentations
Financial highlights
GROUP | UNDERLYING OPERATING |
REVENUE | PROFIT1 |
£448.9m | £51.8m |
(FY22: £379.2m) | (FY22: £41.4m) |
+18% | +25% |
UNDERLYING | REPORTED |
EPS1 | OPERATING PROFIT |
35.2p | £34.6m |
(FY22: 29.4p) | (FY22: £20.9m) |
+20% | +66% |
REPORTED FULLY | FULL YEAR DIVIDEND |
DILUTED EPS | PER SHARE |
21.7p | 11.45p |
(FY22: 10.1p) | (FY22: 10.8p) |
+115% | +6% |
Operational highlights |
Contents
Strategic Report
Highlights
Group at a Glance
Chairman's Statement
Investment Case
Business Model
Market Overview
Our Strategy
Key Strategic Indicators
Key Performance Indicators
Strategic and Operational Review
Financial Review
Stakeholder Engagement
Section 172 Statement
Sustainability Report
TCFD Report
Risk Management
Principal Risks and Uncertainties
Viability Statement
Non-financial Information and
Sustainability Statement
Corporate Governance
The Board of Directors
Corporate Governance Report
Audit and Risk Committee Report
Nomination Committee Report
Directors' Report
Strategic Report
01 |
04 |
06 |
16 |
18 |
20 |
26 |
30 |
31 |
32 |
40 |
46 |
48 |
50 |
66 |
87 |
91 |
97 |
99 |
100 |
102 |
114 |
120 |
122 |
UNDERLYING | SALES |
OPERATING MARGIN1 | BEYOND |
INCREASED TO | EUROPE |
11.5% | 40% |
TARGET | CARBON |
MARKET | EMISSIONS |
SALES2 | REDUCTION3 |
77% | 66% |
Read more on Our Strategy on pages 26 to 30
Read more on Sustainability on pages 50 to 86
Read more on our Stakeholders on pages 46 to 47
Directors' Remuneration Report
Statement of Directors'
Responsibilities in Respect of the
Financial Statements
Financial Statements
Independent Auditor's Report to the members of discoverIE Group plc
Consolidated Statement of Profit or Loss Supplementary Statement of Profit or Loss Information Consolidated Statement
of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows
125 | Annual |
147 | |
Report and | |
148 | Accounts fordiscoverIEtheGroupyear |
156 | |
156 | |
plcended | |
157 | |
31 | |
158 | March 2023 |
159 | |
160 |
Notes:
- 'Underlying operating profit', 'Underlying operating margin' and 'Underlying EPS', are non-IFRS financial measures used by the Directors to assess the underlying performance of the Group. These measures exclude acquisition-related costs (amortisation of acquired intangible assets of £15.8m and acquisition and disposal expenses of £1.4m) totalling £17.2m. Equivalent underlying adjustments within the FY 2021/22 underlying results totalled £20.5m. For further information, see note 6 on pages 174 to 178.
- Target markets are renewable energy, medical, transportation, industrial & connectivity.
- CY2022 Scope 1 & 2 like-for-like emission intensity reduction against CY2019 baseline. Emission intensity is defined as tCO2e / £m revenue.
Notes to the Group Consolidated Financial Statements Company Statement of Financial Position
Company Statement
of Changes in Equity Notes to the Company Financial Statements
Additional Information
Five Year Record
Principal Locations
Financial Calendar 2023/24
Corporate Information
161 | |
217 | |
218 | |
219 | |
222 | |
223 | |
224 | |
224 | 01 |
OUR PURPOSE
FRAMEWORK
Overview
discoverIE is a leading international designer and manufacturer of customised electronics for industrial applications. We create innovative electronics that deliver value to our customers. We aim to make a positive impact on the environment, society and people's lives.
Our Purpose | Our Vision | Our Mission | ||
To create | To be a | To design and manufacture | ||
innovative | leading | innovative electronics that | ||
electronics | global | help our customers create | ||
that help | innovator in | ever better technical solutions | ||
improve the | electronics | around the world | ||
world and | We aim to achieve this through a motivated, | |||
people's lives | entrepreneurial and empowered workforce that adheres to | |||
the highest ethical and quality standards. |
Our Values
These are our fundamental beliefs and principles that guide our decision making:
Integrity | Quality | Empowerment |
We act with honesty and openness, | We strive for excellence and make | We inspire growth and innovation |
treating our partners and | constant improvements that deliver | by providing an entrepreneurial |
stakeholders fairly. | superior value to our customers. | environment. |
Collaboration | Positive impact |
We work together, trust and respect each other. | We care about the environment and societies we live in |
and commit to making a positive impact. |
02
Our Culture
Our culture is built on a foundation of respect, fairness and equality.
A strong culture is key to achieving our mission and supporting our values. It helps guide our decision making and behaviour, ensuring that we all work towards the same goals. Our culture supports our mission to provide our customers with the highest quality products and services and drives our commitment to excellence in everything we do.
Strategic Report
"A strong culture is essential for a decentralised company like discoverIE. We are committed to creating an inclusive workplace where everyone feels valued and empowered to contribute their best work."
Nick Jefferies
Group Chief Executive
- We are customer-centric; decisions are made in close cooperation with our customers.
- We treat colleagues with respect, fairness and courtesy.
- We are straightforward, with open and constructive communication and a willingness to listen.
- We value diversity and strive to create an open and inclusive environment in which everyone has an equal opportunity to flourish.
- We are go-getters, high performing and target driven.
Our sustainable mindset
Guided by our Purpose, sustainability is integrated into our business model, strategy and risk management. This focus on sustainability helps ensure the long-term success of the Group and all its stakeholders.
Read more about sustainability on pages 50 to 86
Our sustainability programme has three pillars:
Our Planet - Creating a positive impact on the environment
Our People - Keeping our people safe and happy
Our Products - Ensuring product reliability and sustainability
Read more on our three pillars on page 56
Annual Report and Accounts fordiscoverIEtheGroupyearplcended 31 March 2023
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discoverIE Group plc published this content on 22 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2023 06:50:01 UTC.
