30/03/2020

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discoverIE Group PLC prepared to quickly mitigate the effects of the coronavirus pandemic

The group gains from a powerful and diversified purchaser base, and desire remains strong with superior new buy intake in March but it has seen a bit of disruption to its business enterprise of late

discoverIE Group PLC (), the customised electronics maker, mentioned it is well organized to rapidly mitigate any disruption from the unfold of the coronavirus.

The group mentioned that the present economic calendar year, which runs to the finish of March, had seen powerful momentum during the calendar year but noticed some isolated disruption to the business enterprise in the fourth quarter as a final result of the outbreak of the virus.

The wider opportunity impacts of the pandemic on buying and selling are tricky to predict but the group reassured shareholders that it remains well funded, with a powerful harmony sheet, superior dollars liquidity and more than £100mln of headroom towards its personal debt amenities.

The group operates two production amenities in China’s Guangdong province and also has a variety of Chinese suppliers and clients. Next an prolonged shut-down soon after the Chinese New Year, the amenities are once again operational, with production returning to planned stages. Likewise, its Chinese suppliers have recommenced operations and gross sales to DiscoverIE’s clients are returning to regular stages, with desire recovering rapidly.

The group’s Design and style & Manufacturing division operates a diversified and flexible production footprint with added amenities in India, Sri Lanka, Thailand, South Korea, Poland, Slovakia, the Netherlands, Belgium, Uk, Germany, the Nordic area, Mexico, US and Canada, all of which are presently working with no important disruption. All of the companies have specific business enterprise continuity options and are preserving operational continuity.