Diploma buys DICSA for £170m; Sees trading in line

(Sharecast News) - Diploma on Thursday said it had bought DICSA, a distributor of fluid power solutions into the European Seals aftermarket for £170m and said current trading was in line with expectations.

The company said revenue had grown 9% during the first nine months of its financial year. Reported revenue growth was 21% with net contribution of 8% from acquisitions and disposals, and a 4% foreign exchange benefit.

"The first nine months of FY 2023 have increased our confidence in our full year guidance of ca.7% organic revenue growth; ca.7% contribution to revenue from acquisitions net of disposals; operating margin ca.19%; and free cash flow conversion of 90%," the company said.

Reporting by Frank Prenesti for Sharecast.com