Diploma lifts FY organic growth target, shares spark

(Sharecast News) - Diploma surged on Thursday after lifting its full-year organic growth target following a "strong" performance in the third quarter. In a very brief trading update for the nine months to 30 June, the company upped its organic growth target for the year to 10% from 8%.

Diploma highlighted year-to-date organic growth of 10%, with a continuation of the positive trends seen in the first half.

It also noted reported revenue growth of 12% YTD, with 4% from acquisitions, partly offset by FX.

The company said it invested around £39m in two "quality" acquisitions: Haagensen and Alpha Laboratories. The former adds to M-Seals' capability in Denmark, while the latter marks Diploma's entry into the UK In Vitro Diagnostics market.

At 0905 BST, the shares were up 7.8% at 5,285p.