Diploma makes 'strong start' to 2021
Diploma
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15:00 26/04/24
Technical products and services provider Diploma said on Wednesday that it had made a "strong start" to the year, with improved trends in underlying trading across all three of its sectors in the first quarter.
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Diploma stated it had delivered underlying revenues in line with 2019's pre-Covid levels, reflecting strong execution of its organic growth initiatives, while reported group revenues in the three months ended 31 December 2020 increased by 24% year-on-year, driven by an "excellent" quarterly contribution from the recently acquired Windy City Wire.
The FTSE 250-listed firm's Life Sciences unit delivered "strong" underlying growth of 8%, while its seals and controls divisions improved to -2% and -1%, respectively.
Looking forward, Diploma did note that uncertainties remained around the duration and impact of the Covid-19 pandemic.
"However, while the pandemic may modestly affect Q2 revenues, we are pleased with the group's trading performance," said Diploma.
"Excluding the contribution from the acquisitions completed in the quarter, full-year expectations for the underlying business remain positive and unchanged."
As of 0855 GMT, Diploma shares were up 5.44% at 2,248.0p.