Halma posted a surge in first half revenues following the acquisition of two companies, despite which the company’s net debt position remained low.
The safety equipment manufacturer said that sales jumped 19% over the six months ending on 30 September versus a year earlier, to reach £875.5m.
Adjusted earnings were up 11% to £171.7m or 35.65p per share, with strong growth reported in all sectors and regions – including in organic and constant currency terms.
On a statutory basis, profit before tax fell 13% to £145.5m and earnings per share by 15% to 30.39p.
That however was the result of a gain on a disposal during the comparable year earlier period of £34m.
Absent that gain, statutory profit rose 9%.
Net debt nearly doubled from £274.8m to £499.6m.
Three acquisitions had been carried out financial year-to-date, two of which were done in the first half, for a consideration of £238m.
Yet net debt as a proportion of earnings before interest, taxes, depreciation and amortisation stood at just 1.2 times at period end.
The interim dividend per share was hiked 7% to 7.86p.
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