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(Sharecast News) - Specialist technical products maker Diploma said it expected annual operating margins to be at the top end of guidance after posting a rise in interim profits.
The company on Monday reported a 26% rise in operating profit to £82.5m on revenue of £448.5m, an increase of 23% driven by acquisitions.
Underlying revenue growth was 16%, boosted by organic revenue initiatives, positive demand and pricing. Diploma said it pass-through of higher year-on-year copper prices has added around 5% to underlying revenue growth.
It added that the operating margin was expected to be at the top end of the 18-19% guidance range issued last month.
"Whilst the wider geopolitical and macroeconomic outlook is uncertain, our resilience is underpinned by our increasing revenue diversification, value-added model and strong balance sheet," the company said.
