NOTES TO THE GROUP CONSOLIDATED FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2026
33. Related party disclosures continued
34. Exchange rates The Statement of Profit or Loss of overseas subsidiaries are translated into Sterling at average rates of exchange for the year and the Statements of Financial Position are translated at year-end rates. The main currencies are the US Dollar, the Euro and the Norwegian Krone. Details of the exchange rates used are as follows:
Dormant Companies Noratel Power Engineering LLC Radiatron Components Limited
3780 Kilroy Airport Way, Suite 200, Long Beach, CA 90822 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH 2 Chancellor Court, Occam Road, Surrey Research Park, Guildford, Surrey, GU2 7AH
USA
England & Wales
Year to 31 March 2026 Year to 31 March 2025 Closing rate Average rate Closing rate Average rate
Radiatron Holdings Limited
England & Wales
Santon Switchgear Limited
England & Wales
1.3242 1.1516 12.9127
1.3400 1.1562 13.4760
US Dollar
1.2947
1.2754 1.1883 13.8861
Euro
1.1971
Sedgemoor Group Pension Trustees Limited Sedgemoor Group Supplementary Pension Trustees Limited
England & Wales
Norwegian Krone
13.6624
England & Wales
35. Events after the reporting date There were no matters arising, between the balance sheet date and the date on which these Financial Statements were approved by the Board of Directors, requiring adjustment in accordance with IAS 10 Events after the Reporting Period. The following important non-adjusting events should be noted: Dividends A final dividend of 8.95p per share (2025: 8.60p), amounting to a dividend of £8.6m (2025: £8.3m) and bringing the total dividend for the year to 13.0p (2025: 12.50p), was declared by the Board on 2 June 2026. The Group Financial Statements do not reflect this dividend. Acquisition of Trival Antene d.o.o (“Trival”) On 1 April 2026, following receipt of regulatory approvals, the Group completed the acquisition of Trival Antene d.o.o (“Trival”), a Slovenian-based designer and manufacturer of communication antennae and masts for defence applications, for an initial cash consideration of €45.5m (£39.9m) on a debt free, cash free basis, before expenses. In addition, deferred consideration of up to €1.65m (£1.45m) will be payable subject to certain conditions twelve months from completion and an earn-out of up to €5.5m (£4.8m) will be payable subject to Trival achieving certain growth and performance conditions in the period up to 31 March 2028. Due to the timing of acquisition completion, and its proximity to the results announcement, the assessment of the fair value of identifiable assets and liabilities is not yet finalised and is not disclosed. Acquisition of 3Gmetalworx (“3G”) On 19 May 2026, the Group announced the acquisition, subject to regulatory approval, of 90% of 3Gmetalworx (“3G”), a North American designer and manufacturer of electromagnetic shielding and thermal management products, for a cash consideration of $67.5m (£49.6m) on a debt free, cash free basis. Ongoing management will continue to hold 10% of 3G. These management shares will be subject to a put / call option exercisable between the third and fifth anniversary of the date of completion. Once exercised, the Group will own 100% of the business.
Sedgemoor Holdings Limited
England & Wales
Townsend-Coates Limited
England & Wales
Related parties Remuneration of key management personnel
The Group considers key management personnel as defined in IAS 24 Related Party Disclosures to be the members of the Group Management Committee as set out on page 99. Remuneration is set out below in aggregate. The charge for share-based payments of £1.2m (2025: £1.8m) relates to the Group’s LTIP as detailed in note 30.
2026 £m
2025 £m
4.3 0.2 1.2 5.7
Short-term employee benefits
4.6 0.2 1.8 6.6
Pension benefits
Share-based payments
Terms and conditions of transactions with related parties All transactions with related parties were on an arm’s length basis. Outstanding balances at year-end are unsecured and settlement occurs in cash. Transactions with other related parties There were no transactions with Directors (other than the payment of salaries and fees and the provision of employee benefits as outlined in the Remuneration Report) during the year.
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discoverIE Group plc Innovative Electronics
Annual Report and Accounts for the year ended 31 March 2026
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