Halma p.l.c. Interim Management Statement
Halma, the leading safety, health and environmental technology group today makes an Interim Management Statement prior to its financial year end on 31 March 2012, covering the period from 2 October 2011 to date.
Based on current trading and forecasts, the Board expects profit (before amortisation of acquired intangibles and acquisition costs) for the full year to be in line with market expectations [see note 2].
The regional and sector trading patterns reported for the first six months of the financial year have been maintained with slower growth in the UK but higher rates of growth in the USA. Good rates of growth have continued elsewhere including Mainland Europe and emerging markets.
Our Industrial Safety businesses continue to deliver very strong results and are all benefitting from increasing revenue from customers in the natural resources and process industries worldwide.
Our Health and Analysis sector is achieving the highest rate of revenue growth of the Group, boosted by acquisitions made last year. Water and Health Optics are performing well whilst Photonics and Fluid Technology are trading in line with the first six months.
In Infrastructure Sensors, Fire Detection and Automatic Door Sensors are making solid progress. Security Sensors and Elevator Safety are reporting flat revenues in tough market conditions.
The two businesses we acquired in the first half, Kirk Key Interlock Company, LLC (Industrial Safety) and Avo Photonics, Inc (Health & Analysis) are trading well and in line with our expectations.
We have maintained strong returns and good cash generation. This, together with the £260m 5-year revolving credit facility put in place in October 2011, provides us with financial capacity for further acquisitions. We continue to search for opportunities in all three sectors.
There have been no material events or transactions impacting the Group's financial position which remains strong.
The results for the financial year ending 31 March 2012 are expected to be released on 14 June 2012.
