Halma maintains expectations as revenue rises
By Josh White
Date: Thursday 14 Mar 2024
(Sharecast News) - Halma reiterated its guidance in a trading update on Thursday, maintaining its projection for adjusted profit before tax to align with analyst consensus expectations.
The FTSE 100 company reported robust constant currency revenue expansion in the year thus far, fuelled by organic growth momentum and contributions from recent acquisitions, net of disposals.
Within sectors, notable revenue surges were observed in environmental and analysis, primarily propelled by exceptional growth in the photonics segment.
Similarly, the safety sector exhibited strong revenue growth, propelled by the fire safety and industrial safety subsectors.
However, trends in the healthcare sector reveal weaker performance in certain segments offset by growth in therapeutic solutions.
Geographically, buoyant growth was reported in the US and mainland Europe, Halma's leading revenue contributors.
While the UK's growth remained modest, the Asia-Pacific region was showing signs of improvement in the latter half.
Halma attributed its organic growth to a robust order intake, surpassing comparable figures from the prior year and closely paralleling revenue trends.
As expected, currency translation effects stemming from sterling appreciation were continuing to exert downward pressure on Halma's results, however.
Halma said it expected to exceed its key performance indicator of 90% cash conversion for the financial year.
The group said its results for the year ending 31 March would be released on 13 June.
At 0854 GMT, shares in Halma were down 0.53% at 2,253p.
Reporting by Josh White for Sharecast.com.
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