(Alliance News) - Diploma PLC on Monday reported higher profit in its half-year, with Windy City Wire delivering revenue growth.
Pretax profit in the half-year that ended March 31 rose 23% to GBP52.3 million from GBP42.5 million a year ago. Revenue also increased by 23%, to GBP448.5 million from GBP365.2 million, the London-based specialised technical products and services company reported.
Windy City Wire, an Chicago-based cable management solutions provider, delivered underlying revenue growth of 42%.
Diploma declared an interim share of 15.0 pence compared to 12.5p a year ago, up 20%.
The second half of its financial year has started well, Diploma said.
Accu-Science Ireland Ltd and Medilink Services (NI) Ltd, a sales & marketing provider & distributor in the life sciences field, is expected to bring in revenue of around GBP35 million per year, the company added. Diploma completed the acquisition of the Ireland-based firm earlier this month for GBP51 million.
"We remain disciplined in our approach to acquisitions, and our pipeline is encouraging," the company said.
Guidance for the full year remains unchanged, Diploma said. It expects revenue growth of around 20% and low double-digit underlying revenue growth.
"We are executing our strategy by diversifying our business revenues for organic growth," commented Chief Executive Johnny Thomson.
Diploma shares were 5.9% lower at 2,451.37 pence each in London on Monday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Diploma (DPLM)