16 August 2024

discoverIE Group plc

Auditor Resignation

discoverIE Group plc (LSE: DSCV, "discoverIE" or "the Company"), a leading international designer and manufacturer of customised electronics to industry, announces that, in accordance with section 520(2) of the Companies Act 2006, the Company has received a statutory statement from PricewaterhouseCoopers LLP ("PwC") in connection with its resignation as auditor of the Company.

The resignation of PwC follows a competitive tender process undertaken by the Company for the position of statutory auditor.  Following this process, shareholders approved the appointment of Deloitte LLP as auditor of the Company at the Annual General Meeting on 26 July 2024.

A copy of the section 519 statement of reasons provided by PwC is available to view on the Company's website (www.discoverieplc.com).  Hard copies have been posted to those shareholders who have elected to receive paper communications.

For further information, please contact:

discoverIE Group plc

Greg Davidson - Company Secretary     01483 544 500

Burson Buchanan

Chris Lane, Toto Berger, Jack Devoy      020 7466 5000

[email protected]

Notes to Editors:

About discoverIE Group plc

discoverIE Group plc is an international group of businesses that design and manufacture innovative electronic components for industrial applications.

The Group provides application-specific components to original equipment manufacturers ("OEMs") internationally through its two divisions, Magnetics & Controls, and Sensing & Connectivity. By designing components that meet customers' unique requirements, which are then manufactured and supplied throughout the life of their production, a high level of repeating revenue is generated with long-term customer relationships.

With a focus on sustainable key markets driven by structural growth and increasing electronic content, namely renewable energy, medical, electrification of transportation and industrial automation & connectivity, the Group aims to achieve organic growth that is well ahead of GDP and to supplement that with complementary acquisitions. The Group is committed to reducing the impact of its operations on the environment with an SBTi-aligned plan to reach net zero. With its key markets aligned with a sustainable future, the Group has been awarded an ESG "AA" rating by MSCI and is Regional (Europe) Top Rated by Sustainalytics. 

The Group employs c.4,500 people across 20 countries with its principal operating units located in Continental Europe, the UK, China, Sri Lanka, India and North America.

discoverIE is listed on the Main Market of the London Stock Exchange and is a member of the FTSE250, classified within the Electrical Components and Equipment subsector.