UK's Diploma boosts annual profit forecast for third time on strong demand
UK's Diploma boosts annual profit forecast for third time on strong demand July 16 (Reuters) - British distribution firm Diploma DPLM.L on Thursday raised its full-year profit outlook for the third time this year after booming demand for its Controls division help drive organic growth in the third quarter.
Here are some details:
• The FTSE 100-listed company now expects adjusted operating profit growth of about 42% for the year ended September 30, roughly 7% above a company-compiled consensus of £454 million ($614.44 million).
• Diploma also forecast organic revenue growth of 14% for the year, up from 12% earlier, and expects operating margins to expand to 26.5% from about 25%.
• The group, which supplies critical technical products and services across controls, seals and life sciences, said it delivered 15% organic growth in the third quarter, continuing momentum from the first half.
• Diploma's shares have risen 27.9% so far this year, outperforming the FTSE 100 index .FTSE, which has risen 5.9%.
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(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Sonia Cheema)