Business
First Quarter Trading Update
First Quarter Trading Update.
About this update from Diploma Plc
[{"type":"text","content":"\n \nRNS Number : 3594M Diploma PLC 20 January 2016 \n\n \nDIPLOMA PLC\n 12 CHARTERHOUSE SQUARE, LONDON EC1M 6AX\nTELEPHONE: +44 (0)20 7549 5700\nFACSIMILE: +44 (0)20 7549 5715\n \nFOR IMMEDIATE RELEASE\n \n20 January 2016\n \nDIPLOMA PLC\n \nFIRST QUARTER TRADING UPDATE\n \nDiploma PLC, the international group of businesses supplying specialised technical products and services, is today issuing its first quarter trading update in respect of the year ending 30 September 2016, ahead of the Company's AGM to be held today at 12.00, midday. \n \nTrading Summary\nGroup revenues in the first quarter ended 31 December 2015 increased by 6% on a reported basis over the comparable period last year. At constant exchange rates, Group revenues increased by 11%, with acquisitions completed during the last twelve months contributing 9% and underlying organic growth of 2%. However, currency movements and in particular the further substantial depreciation of the Canadian and Australian currencies against UK sterling, reduced reported Group revenues by 5%. \n \nIn the Life Sciences Sector, revenues were 4% below the comparable period last year reflecting the impact of currency movements on translation of the results of the Healthcare businesses. However, on an underlying basis revenues increased by 7% driven by stronger sales of capital equipment and good performances in the Irish and Australian businesses. In the Seals Sector, revenues increased by 22% (1% ahead on an underlying basis), benefitting from the Kubo and Swan Seals businesses acquired last year and from WCIS acquired at the beginning of this financial year. In the Controls Sector, reported revenues were 3% below last year (2% reduction on an underlying basis). The Specialty Fastener business achieved good growth in the period as anticipated, but the UK Interconnect and Fluid Controls businesses continue to experience weak activity, particularly in general Industrial markets. \n \nThe Group operating margin is in line with expectations, with the substantial depreciation in th...