30th Mar 2015 07:22
LONDON (Alliance News) - Technical products and services company Diploma PLC on Monday said it expects its revenue for the first half to fall due to currency fluctuations, but said it was seeing a boost to its results from acquisitions made in the half.
Diploma said it expects its revenue for the six months to the end of March to be down 2% on a reported basis, hit by adverse currency movements. Stripping out the impact of currencies and acquisitions, it expects revenue to rise around 2%, while revenue including the contribution of acquisitions is set to increase around 9% year-on-year.
The FTSE 250-listed company said the main driver of growth has been its Seals division, where revenue has benefited from acquisitions completed in its 2014 financial year and strong demand, particularly in North America.
Life Sciences has also been boosted by acquisitions, though underlying growth has been flat amid tougher markets for its Canadian healthcare businesses. Controls revenue also fell year-on-year, due to lower motorsport and aerospace fastener sector activity and softer European industrial markets.
Diploma will publish its first half results on May 11.
Shares in the company were up 0.5% to 815.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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