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Interim Results

Revenue at Diploma boosted by currency movements

15 May 2017 07:13

Diploma reported that revenue and adjusted operating profit both increased by 21%, while adjusted operating margin was maintained at 17.2%.

FINANCIAL HIGHLIGHTS:

- Underlying revenue increased by 6%; currency movements increased revenues by 14% and businesses acquired made a net contribution of 1%.

- Adjusted profit before tax increased by 22% to £37.1m and adjusted EPS increased by 23% to 23.9p.

- Strong free cash flow performance; net cash of £14.8m at the end of March 2017 with significant resources available.

- Two acquisitions completed in April 2017 bring total acquisition expenditure this year to around £16m.

- Interim dividend rose by 13% to 7p per share reflecting confidence in its growth prospects.

OPERATIONAL HIGHLIGHTS:

- In Life Sciences, underlying revenues was up 2%, with strong consumable and service revenues more than offsetting weaker capital equipment sales in certain businesses.

- In Seals, underlying revenues increased by 2%, with strengthening revenues in the North American Aftermarket partly offset by slower Industrial markets and reduced demand in certain International markets.

- In Controls, underlying revenues was up 16%, driven by new project activity and recovery in some end user markets, against the background of relatively weak comparatives.

Story provided by StockMarketWire.com

Related Company: HLCL

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