The group positive aspects from a powerful and diversified client foundation, and demand from customers continues to be strong with good new get intake in March but it has viewed a bit of disruption to its business of late
discoverIE Team PLC (), the customised electronics maker, mentioned it is effectively ready to rapidly mitigate any disruption from the spread of the coronavirus.
The group mentioned that the current money 12 months, which runs to the stop of March, had viewed powerful momentum during the 12 months but noticed some isolated disruption to the business in the fourth quarter as a outcome of the outbreak of the virus.
The wider likely impacts of the pandemic on trading are challenging to forecast but the group reassured shareholders that it continues to be effectively funded, with a powerful equilibrium sheet, good funds liquidity and more than £100mln of headroom in opposition to its personal debt facilities.
The group operates two manufacturing facilities in China’s Guangdong province and also has a selection of Chinese suppliers and customers. Next an extended shut-down just after the Chinese New 12 months, the facilities are again operational, with output returning to prepared ranges. Equally, its Chinese suppliers have recommenced functions and sales to DiscoverIE’s customers are returning to normal ranges, with demand from customers recovering rapidly.
The group’s Style & Manufacturing division operates a diversified and adaptable manufacturing footprint with further facilities in India, Sri Lanka, Thailand, South Korea, Poland, Slovakia, the Netherlands, Belgium, British isles, Germany, the Nordic location, Mexico, US and Canada, all of which are at this time running without having major disruption. All of the organizations have specific business continuity options and are maintaining operational continuity.