An international group of businesses supplying specialised technical products and services. They operate globally in three distinct sectors - Life Sciences; Seals and Controls. I have a holding in my growth portfolio (epic code: DPLM).
Diploma issued their first quarter IMS today. Group
revenues for the period ended 31 December 2013 were 4% ahead of last year, although on an underlying basis, after adjusting for the
impact of currencies, revenues increased by 6%. This continues the stronger underlying growth seen in the second half of last year of 6% commented on here. Operating margins remained in line with those achieved in the first quarter last year.
By division the Life Sciences
sector saw revenues grow 2% (8% ahead on
an underlying basis); in the Seals sector, revenues
increased by 4% and Controls revenues grew 8% ahead of last year.
Free cash
flow in the quarter was ~£5m benefitting from lower capital expenditure as the
Group's "Investment for Growth" programme reduces in scale. Net cash funds increased to ~£22.0m at 31 December 2013 from £19.3m at
the end of last year.
This looks to be a good first quarter and continues the momentum seen in the second half of last year.
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