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Diploma PLC on Monday said profit increased in its recent financial year, following revenue growth across all divisions and a 5% foreign exchange benefit.
The London-based specialised technical products and services company reported pretax profit growth of 34% in the 12 months that ended September 30 to £129.5 million, up from £96.6 million the year before.
Revenue increased 29% to £1.01 billion from £787.4 million, as revenue grew 44% in the Controls division, 26% in Seals, and 5% in Life Sciences.
Over the course of the year, Diploma invested £187 million in seven acquisitions, which it said made a ‘positive’ contribution to revenue.
Diploma declared a full-year dividend of 53.8 pence, up from 42.6p. Earning per share increased 26% to 107.5p from 85.2p in financial 2021.
Looking ahead to financial 2023, Diploma expects mid-single digit organic revenue growth which it said is likely to be weighted to the first half of the financial year.
Diploma said it expects its operating margin to be in the range of 18% to 19%, compared to an operating margin at 18.9% during financial 2022.
Diploma shares were up 2.6% to 2,872p on Monday morning in London.
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