Strategic Report Highlights Chairman’s Statement Our Value Proposition
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Enabling technology for critical applications – greener, more connected and secure.
02 06 07 08
Highlights Financials
Key strategic indicators
Our Investment Proposition
Group at a Glance
Group revenue
Adjusted operating margin 1
Our Strategy
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Key Strategic Indicators Our Strategy in Action Our Business Model Market Overview
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£443.3m £422.9m £437.0m
13.8%
FY25 FY24 FY26 FY23
FY25 FY24 FY26 FY23
14 16 18
Technology is reshaping how we generate power, move, communicate and protect critical infrastructure. As these systems become more electrified, intelligent and interconnected, the demand for highly specialised, performance-critical electronics continues to grow. At the heart of this transformation are components that are small in scale but critical in function – engineered into systems at an early stage and relied upon for their full lifecycle. This is where discoverIE operates We design and manufacture highly customised, application-specific electronics for industrial markets. Our solutions are embedded within renewable energy systems, electrified transport, medical devices and secure communications infrastructure – applications where reliability, performance and long-term continuity are essential.
We are the partner of choice for our markets, designing and building customised, niche solutions to empower global industry.
14.3%
13.1%
Strategic and Operational Review
24 34 38 40 42 57 74 79 85
£448.9m
11.5%
Financial Review
£379.2m
10.9%
FY22
FY22
Our value proposition
Our Engagement with Stakeholders
Section 172 Statement Sustainability Report Climate Analysis Report
Adjusted operating profit 1
Adjusted operating cash flow 1
▶ Read more on page 6
Risk Management
£55.5m
£61.0m £60.5m
FY25 FY24 FY26 FY23
FY25 FY24 FY26 FY23
Principal Risks and Uncertainties
£62.3m
Viability Statement
£59.2m
£57.2m
Non-financial and Sustainability Information Statement Corporate Governance Board of Directors Corporate Governance Report Audit and Risk Committee Report Nomination Committee Report
£48.6m
£51.8m
87
How we grow enduring value
£33.1m
£41.4m
FY22
FY22
88 90
▶ Read more on page 10
Adjusted EPS 1
Free cash flow 1
104
110 112 116
40.3p 38.7p
£36.6m
FY25 FY24 FY26 FY23
FY25 FY24 FY26 FY23
Directors’ Report
£40.4m
Directors’ Remuneration Report
36.8p
£37.0m
Statement of Directors’ Responsibilities in Respect of the Financial Statements 138 Financial Statements Independent Auditor’s Report to the Members of discoverIE Group plc 140 Consolidated Statement of Profit or Loss 150 Supplementary Statement of Profit or Loss Information 150 Consolidated Statement of Comprehensive Income 151 Consolidated Statement of Financial Position 152 Consolidated Statement of Changes in Equity 153 Consolidated Statement of Cash Flows 154 Notes to the Group Consolidated Financial Statements 155 Company Statement of Financial Position 206 Company Statement of Changes in Equity 207
35.2p
£33.0m
Aligned to structural growth markets
29.4p
£21.8m
FY22
FY22
Our purpose: To create innovative electronics that help improve the world and people’s lives. Our vision: Our vision is to be a leading innovator in electronics, internationally. Our mission: To design and manufacture innovative electronics that help our customers create ever better technical solutions around the world. We aim to achieve this through a motivated, entrepreneurial and empowered workforce that adheres to the highest ethical and quality standards.
▶ Read more on page 18
Reported operating profit
Return on capital employed 1
15.2%
£45.2m
FY25 FY24 FY26 FY23 FY22
FY25 FY24 FY26 FY23
15.9% 15.8% 15.7%
£42.4m
£31.2m
Delivering a strong strategic performance
£34.6m
14.7%
£20.9m
FY22
▶ Read more on page 24
Full year dividend per share
Carbon emission reductions 2
13.0p
68%
FY25 FY24 FY26 FY23
CY24 CY23 CY25 CY22
12.5p
59%
12.0p
47%
Shaped through sustainability ambition
11.45p
35%
10.8p
FY22
▶ Read more on page 42
Notes to the Company Financial Statements Additional Information Five-Year Record Principal Locations Financial Calendar Corporate Information
208
▶ Scan the QR code to read our 2025 Impact Report
▶ Scan the QR code to read our 2026 Net-Zero Report
1 “Adjusted operating profit”, “Adjusted earnings per share (“EPS”)”, “Adjusted operating margin”, “Adjusted operating cash flow”, “Free cash flow” and “Return on capital employed” are non-IFRS financial measures defined in note 6 of the Group consolidated Financial Statements. 2 Carbon emissions are measured on a calendar year basis, e.g. CY2022 shown under FY2022/23. Our target is for an absolute Scope 1 & 2 carbon emissions reduction of 65% by CY2025 from a CY2021 base, a 90% Scope 1 & 2 reduction by CY2030 and net-zero across the value chain by CY2040.
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Annual Report and Accounts for the year ended 31 March 2026
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