Halma PLC Trading Update and Audit Tender (2556A)
March 23 2017 - 2:00AM
UK Regulatory
TIDMHLMA
RNS Number : 2556A
Halma PLC
23 March 2017
Trading Update
Halma, the leading safety, health and environmental technology
group today releases its scheduled Trading Update.
Based on current trading and forecasts, the Board expects
adjusted profit before tax for the year ending 1 April 2017 to be
in line with market consensus (see notes 1 and 2).
Halma continues to benefit from the diversity of its markets and
resilient growth drivers. Order intake has remained ahead of
revenue.
Organic constant currency revenue and profit growth has
continued in the second half with organic constant currency revenue
increases in all major geographic regions. Asia Pacific has
maintained a strong performance with good progress in the USA and
Mainland Europe. UK revenue has remained steady while there has
been improved growth in Other regions, including the Near and
Middle East.
In the second half, all four sectors have traded in line with
the expectations outlined at the half year. The Process Safety
sector has achieved revenue and profit growth, benefitting from
increased diversification and a modest recovery in certain energy
markets. The Environmental & Analysis sector has also made good
progress, delivering higher profitability following the Pixelteq
reorganisation in the first half. The Infrastructure Safety and
Medical sectors have made solid progress, with a stronger
contribution from acquisitions completed in 2015/16.
We continue to identify potential acquisition opportunities in
all four of our sectors. In February 2017, we announced the
acquisition of FluxData for an initial consideration of $12 million
and an earn-out of up to $15.5 million for growth to March 2019.
FluxData, based in New York State, develops multi-spectral imaging
solutions for multiple markets including industrial and medical
applications and is being successfully integrated into our
Environmental & Analysis sector.
The Group's financial position remains strong. In November 2016,
we increased our Revolving Credit Facility to GBP550 million from
GBP360 million for five years to 2021. This, together with our
continued strong cash flow and the $250m US Private Placement drawn
down in January 2016, gives us significant financial resources to
achieve our growth objectives.
The results for the year ending 1 April 2017 will be released on
13 June 2017.
Audit Tender conclusion
Halma has concluded an external audit tender process and intends
to propose to shareholders, at the 2017 Annual General Meeting, the
appointment of PricewaterhouseCoopers LLP as auditor for the
accounting year ending 31 March 2018.
The decision follows a competitive process undertaken by the
Audit Committee, concluding with a recommendation, approved by the
Board, to appoint PricewaterhouseCoopers LLP. Further details of
the tender process will be included in the Company's Annual Report
and Accounts 2017.
The current Statutory Auditor, Deloitte LLP, will continue in
its role and undertake the audit of Halma plc for the year ending 1
April 2017.
For further information, please contact:
Halma plc Tel: +44 (0)1494 721111
Andrew Williams, Chief Executive
Kevin Thompson, Finance Director
MHP Communications Tel: +44 (0)20 3128 8100
Rachel Hirst/Andrew Jaques
Notes:
1. Adjusted profit before tax is before amortisation
of acquired intangible assets, acquisition
items and profit or loss on disposal of operations
and restructuring.
2. The Board believes current market forecasts
for adjusted profit before tax to be in the
range of GBP183.7 million to GBP199.4 million
with a consensus of GBP191.4 million.
3. This Trading Update is based on unaudited
management accounts information and has been
prepared solely to provide additional information
to the shareholders of Halma plc. It should
not be relied on by any other party, for
other purposes. Forward-looking 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.
4. A copy of this announcement, together with
other information about Halma, may be viewed
on its website: www.halma.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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