Diploma PLC Trading Statement (2318T)
March 24 2021 - 2:00AM
UK Regulatory
TIDMDPLM
RNS Number : 2318T
Diploma PLC
24 March 2021
DIPLOMA PLC
12 CHARTERHOUSE SQUARE, LONDON EC1M 6AX
TELEPHONE: +44 (0)20 7549 5700
FACSIMILE: +44 (0)20 7549 5715
FOR IMMEDIATE RELEASE
24 March 2021
DIPLOMA PLC
HALF YEAR TRADING UPDATE
STRONG FIRST HALF PERFORMANCE
Diploma PLC, the international group supplying specialised
products and services, today issues a pre-close trading update for
the six months ending 31 March 2021.
The Group has delivered a strong performance for the first half,
ahead of our expectations.
-- Underlying revenue is expected to be in line with the
pre-Covid prior year period, with good progress in all three
Sectors.
-- Reported revenues are expected to be up 27%, reflecting a
strong contribution from acquisitions.
-- Operating margin is expected to be at the upper end of the
Group's FY21 target range of 17-18%, reflecting tight cost control
and a positive impact from Windy City Wire (WCW).
We continue to make progress with initiatives to drive organic
growth, broadening and diversifying our businesses for scale in our
core products and markets. During the period, WCW has delivered an
excellent performance and we have also invested nearly GBP50m in
three high quality, strategically important bolt-on
acquisitions.
For the full year, the strong trading performance is expected to
offset the foreign exchange impact from the strengthening of
Sterling.(1) Our expectations for the full year remain positive and
unchanged.(2) The Group's strong trading performance and progress
with our strategic objectives provide us with confidence in
Diploma's long term prospects.
(1) USD/GBP and EUR/ GBP exchange rates assumed at $1.38 and
$1.14.
(2) Current market consensus for the year ending 30 September
2021 is for revenue of GBP742m and adjusted operating profit of
GBP133m.
Enquiries:
Diploma PLC -
Johnny Thomson, Chief Executive Officer +44 (0)20 7549 5700
Barbara Gibbes, Chief Financial Officer
Tulchan Communications - +44 (0)20 7353 4200
Martin Robinson
Olivia Peters
Notes:
1. This trading update is based upon unaudited management
accounts and has been prepared solely to provide additional
information on trading to the shareholders of Diploma PLC. It
should not be relied on by any other party for other purposes.
Certain statements made in this update are forward-looking
statements. Such statements have been made by the Directors in good
faith using information available up until the date that they
approved this Statement. Forward-looking statements should be
regarded with caution because of the inherent uncertainties in
economic trends and business risks.
2. Diploma PLC uses alternative performance measures as key
financial indicators to assess the underlying performance of the
Group. All references in this Statement to "underlying" revenues
refer to reported results on a constant currency basis and before
any contribution from acquired or disposed businesses.
3. A copy of this Statement, together with further information
about Diploma PLC, may be viewed on its website at
www.diplomaplc.com
LEI: 2138008OGI7VYG8FGR19
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END
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