TIDMHLMA
RNS Number : 5313N
Halma PLC
25 September 2019
Halma, the FTSE100 group of life-saving technology companies,
today releases its scheduled trading update, for the period from 1
April 2019 to date, and is also updating on recent management
changes on its Executive Board.
Trading Update
Halma made good progress in this period. The Group's performance
was in line with the Board's expectations and included further
organic constant currency revenue growth against a strong
comparative period in the first half of 2019. Order intake was
ahead of revenue and was also ahead of the same period last
year.
All sectors delivered organic constant currency revenue growth.
The Environmental & Analysis sector performed well, while the
Medical and Infrastructure Safety sectors saw more modest rates of
growth. Revenue growth in Process Safety was in line with the
second half of last year.
There was widespread growth geographically, with organic
constant currency revenue increases in all major regions. There
were good rates of growth in the UK and the USA, with more moderate
growth in Europe and Asia-Pacific. The weakness of Sterling is
having a positive currency translation effect on the Group's
results (see Note 2).
Cash generation remains strong and our financial position
remains robust, allowing us to support continued investment in
growth, both organically and by acquisition.
We have a healthy acquisition pipeline and our M&A teams
continue to be active. In July, we announced that we had completed
the acquisition of the Ampac Group, a leading fire and evacuation
systems supplier in the Australian and New Zealand markets, for
A$135 million (GBP74 million) on a cash and debt free basis. We
also made two small bolt-on acquisitions in the period in the UK
and France, both in the Environmental & Analysis sector, for a
maximum total consideration of c.GBP7 million. The integrations of
these acquisitions are progressing well.
The results for the half year ending 30 September 2019 will be
released on 19 November 2019.
Executive Board Changes
During the period there have been three changes to Halma's
Executive Board arising from planned succession processes and the
evolution of our operational and digital growth strategies.
Sector Chief Executive
Laura Stoltenberg will succeed Adam Meyers as Sector Chief
Executive, Medical & Environmental from 1st October 2019. This
Sector Chief Executive role will be a member of the Halma Executive
Board.
Laura joined Halma as Divisional Chief Executive, Medical &
Environmental on January 1, 2019 from Medtronic where she was Vice
President and General Manager for MDI Solutions at Medtronic
Diabetes. Prior to Medtronic, Laura was Chief Commercial Officer at
Exact Sciences Corporation, responsible for sales, marketing,
market access and medical affairs. Earlier in her career she held
escalating leadership roles at General Electric, including GE
Healthcare Lunar, and drove several acquisitions for GE
Healthcare.
As announced in July 2019, Adam will support Laura in her
transition to ensure an orderly handover occurs and he will remain
on the Executive Board and the plc Board until July 2020. He has
agreed to support Halma beyond this date until mid-2021 should we
need it.
Group General Counsel and Company Secretary
Ruwan De Soyza has joined Halma as our General Counsel and
Company Secretary following the retirement of Carol Chesney. This
is a newly created role on Halma's Executive Board, with global
responsibility for the Group's legal, compliance, governance and
company secretarial affairs.
Before joining Halma, Ruwan was the Deputy General Counsel and
Head of Public Policy and Government Affairs at Worldpay Inc, the
NYSE listed payment processing company, having been Group General
Counsel of Worldpay Group plc. Prior to that, Ruwan held positions
at Standard Chartered Bank, Accenture and Clifford Chance LLP. He
holds a Diploma in Law and a Mechanical Engineering degree and is
qualified as a solicitor in England and Wales.
Chief Technology Officer
Catherine Michel has joined Halma as our first Chief Technology
Officer, a newly created role on Halma's Executive Board, with
global responsibility for IT and digital architecture. Prior to
joining Halma, Catherine was Chief Technology Officer and Chief
Strategy Officer at Sigma Systems. Catherine began her career at
Accenture and was founder and CTO of Tribold (later acquired by
Sigma Systems in 2013). Catherine will work closely with Inken
Braunschmidt in her role of driving the execution of Halma's
Digital and Innovation strategy.
Andrew Williams, Halma's CEO commented:
'These appointments bring important new capabilities to our
Executive Board which are aligned with our organic and acquisition
growth strategies. Laura, Ruwan and Catherine have all demonstrated
a strong understanding of Halma's unique operating culture and will
work closely with our sector and company Boards to help them
achieve their growth ambitions.'
For further information, please
contact:
Halma plc
Andrew Williams, Chief Executive On 25 September: +44 (0)7776
685948
Marc Ronchetti, Chief Financial Thereafter: +44 (0)1494 721111
Officer
Charles King, Head of Investor
Relations
MHP Communications
Rachel Hirst/ Andrew Jaques +44 (0)20 3128 8100
About Halma
Halma is a global group of life-saving technology companies,
focused on creating a safer, cleaner and healthier future for
people worldwide. Our innovative products and solutions address
many of the key issues facing the world today. We operate in four
sectors: Process Safety, Infrastructure Safety, Environmental &
Analysis and Medical. We employ over 6,000 people in 20 countries,
with major operations in Europe, the USA and Asia-Pacific. We
target global niche markets where sustainable growth and high
returns are supported by long-term drivers. Halma is listed on the
London Stock Exchange and has been a member of the FTSE 100 index
since December 2017.
Notes:
1. This Trading Update is based upon unaudited management
accounts information. 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.
2. Sterling has weakened in the period relative to many
currencies, including the US Dollar and Euro. If current exchange
rates continue throughout the rest of the current financial year
the currency translation impact on the Group's results is expected
to be positive. Based on the mix of currency denominated revenue
and profit for the 2019 financial year, a 1% movement in the US
Dollar changes full year revenue by GBP5.5m and profit by GBP1.1m.
Similarly, a 1% movement in the Euro changes full year revenue by
GBP1.5m and profit by GBP0.3m. The weighted average exchange rates
relative to Sterling used to translate revenue and profit for the
year ended 31 March 2019 were: US Dollar 1.31, Euro 1.14.
3. Halma will be hosting a site visit for analysts and investors
on 1 October to its HWM Water subsidiary's headquarters in Cwmbran,
Wales. A summary of the presentation will be posted on our website,
www.halma.com, on that day.
4. A copy of this announcement, together with other information
about Halma, may be viewed on its website at www.halma.com
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END
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