22nd Jul 2021 11:01
(Alliance News) - Diploma PLC on Thursday said full-year expectations were "positive and unchanged" following a surging revenue performance for the first nine months.
Revenue growth for the nine months that ended June 30 was 42%, bolstered by a strong contribution from acquisitions. Its Windy City Wire business, bought for GBP357 million in October, was singled out as a particular growth area of the group.
The London-based seal and cables maker posted underlying revenue growth for the third quarter of 11% with "very good trading trends in all three sectors" and ahead of pre-Covid levels.
Current trading remains strong and the FTSE 250-listed firm remains confident in the group's long term prospects, Diloma notes.
"We continue to execute our strategy of building high quality scalable businesses for organic growth, with the positive performance in the period reflecting our revenue initiatives, a recovery in demand across our end markets, and the contribution from acquisitions," the company said.
"The group's strong balance sheet provides flexibility for future acquisitions and, while we remain disciplined in our approach, we have an active pipeline of opportunities. "
In a separate announcement, Diploma said Chair John Nicholas will retire from his role in early 2022. The process to select his successor has already commenced.
Shares were 1.9% higher at 2,954.00 pence each in London on Thursday morning.
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Diploma