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15 Jan 2020 | 07:49

Diploma revenue meets expectations despite shipment delay to life science customers

Diploma said revenue in its fiscal first quarter increased by 9% on-year, in line with expectations, as growth in its life science business were held back by the timing of product delivered to customers.

Life Sciences sector revenues on a reported and underlying basis were up 2% and 3% respectively, with revenues held back by the timing of product delivered to customers, the company said.

These revenues, however, were expected to be recovered in the second fiscal quarter.

Its seals sector reported revenues up 18%, which included a 'strong' contribution from businesses acquired last year, in particular VSP Technologies, it added.

The controls sector, meanwhile, reported and underlying revenues rose 3% and 4% respectively.

'Our expectations for the full year remain positive and unchanged, Diploma said.

Story provided by StockMarketWire.com
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