Acquistions boost Diploma half year figures

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Date: Monday 12 May 2008

LONDON (ShareCast) - Components distributor Diploma said acquisitions completed last year delivered a good contribution to its half-year results with underlying organic growth remaining robust as well.

Pre-tax profit for the six months rose to £11.5m from £10.5m before on revenue that increased to £85.3m from £68.2m before. Interim dividend was hiked 39% to 2.5p, reflecting directors' policy to target dividend cover towards 2.0 times.

In the life sciences division, revenues and operating profits in the first half of the year increased by 47% and 59% respectively.

Seals division revenues increased 18% and operating profits rose 17% in the period, boosted by the contribution from M Seals acquired in August 2007.

Controls division revenues and operating profits increased by 13% and 15% respectively.

“The resilience of the businesses was again demonstrated in the first half results and will continue to underpin the group's performance in the second half. With further contributions from the new acquisitions, the board remains confident of making further progress in the second half of the year,” said the group.

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