Diploma lifts first-quarter revenue

15th Jan 2014 07:21

- Improved first-quarter revenue- Adversely impacted by appreciation of sterling- Operating margins unchangedFTSE-250 group Diploma revealed improved first-quarter revenue but cautioned that overseas progress was hurt by the strengthening pound.The technical products supplier and services provider said revenues in the first quarter ended December 31st rose 4% from the comparable period last year. On an underlying basis, after adjusting for the impact of currencies, revenues increased by 6%. Operating margins remained in line with those achieved in the comparable period last year."The revenues of the overseas businesses have been adversely impacted on translation by the appreciation of UK sterling, in particular against the Canadian and Australian dollars and to a lesser extent against the US dollar," the group explained in a company statement. In the Life Sciences sector, revenues climbed 2% from last year and 8% on an underlying basis. Diploma said there was strong growth in the European Environmental businesses, but solid underlying growth in Healthcare revenues was held back on translation to UK sterling.In the Seals sector, revenues increased by 4% with both the US and the European Seals businesses contributing to this increase. In Controls, trading has improved in line with expectations with revenues 8% ahead of last year helped by a more confident trading environment in both the UK and Germany.CJ