discoverIE Group PLC prepared to quickly mitigate the effects of the coronavirus pandemic
The group benefits from a sturdy and diversified client base, and demand from customers remains strong with fantastic new buy intake in March but it has viewed a little bit of disruption to its company of late
discoverIE Team PLC (), the customised electronics maker, said it is nicely well prepared to quickly mitigate any disruption from the distribute of the coronavirus.
The group said that the recent monetary year, which operates to the close of March, had viewed sturdy momentum all through the year but saw some isolated disruption to the company in the fourth quarter as a result of the outbreak of the virus.
The wider possible impacts of the pandemic on trading are hard to predict but the group reassured shareholders that it remains nicely funded, with a sturdy stability sheet, fantastic dollars liquidity and extra than £100mln of headroom from its credit card debt services.
The group operates two production services in China’s Guangdong province and also has a variety of Chinese suppliers and buyers. Subsequent an prolonged shut-down immediately after the Chinese New Year, the services are all over again operational, with production returning to planned ranges. Equally, its Chinese suppliers have recommenced functions and income to DiscoverIE’s buyers are returning to regular ranges, with demand from customers recovering quickly.
The group’s Style and design & Producing division operates a diversified and flexible production footprint with added services in India, Sri Lanka, Thailand, South Korea, Poland, Slovakia, the Netherlands, Belgium, United kingdom, Germany, the Nordic location, Mexico, US and Canada, all of which are presently working with no main disruption. All of the businesses have in depth company continuity options and are protecting operational continuity.