DiscoverIE : Annual Report for the year ended 31 March 2023

About this update from 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 Vision is 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 for discoverIE the Group year 156 156 plc ended 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 for discoverIE the Group year plc ended 31 March 2023 03 This is an excerpt of the original content. To continue reading it, access the original document here .

View stock analysis, news, and events for Discoverie Group Plc