27th Aug 2020 10:49
(Alliance News) - Diploma PLC on Thursday said that while revenue for its third quarter declined due to the Covid-19 pandemic, it started to see a recovery in June that has continued into the fourth quarter.
The FTSE 250-listed technical products & services supplier said that for its third quarter to the end of June, revenue was down 12% on a reported basis from a year before and down 21% on an underlying basis. However, it saw an improvement in July, with revenue for the month down 4% on a reported basis annually and down 10% on an underlying basis.
"Diploma has also delivered a resilient trading performance, with revenues continuing to improve across all of our sectors, and strong profit and cash generation throughout the period. Whilst the outlook for the virus remains uncertain, we are trading in line with expectations and are confident about the group's growth prospects," said Chief Executive Johnny Thomson.
Looking ahead, the company said performance in its Life Sciences sector is "positive and improving", adding that while its Civil Aerospace business remains challenging, the majority of its businesses in the Controls sector are recovering well.
Diploma stated it currently has liquidity of around GBP100 million.
The stock was trading 0.4% lower at 1,950.08 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
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