Diploma rises as it reports strong annual results

The share price of FTSE 250 specialist technical product supplier Diploma (LON:DPLM) has risen by 3.47% to 1,760p (as of 11:50 GMT) after it reported a 12% increase in revenues for the year ended 30th September. Statutory profits before tax were up by 15% driven by improved revenues as well as better operating margins.

CEO Johnny Thomson commented: “Diploma has delivered another strong set of results with double-digit revenue and earnings growth in the year. We were also delighted to welcome four new businesses into the group, all of which are strategically important and have exciting prospects. The political and economic outlook remains uncertain, but I am confident our resilient business model will support a consistently strong performance again in the year ahead.

“We have also reviewed and refreshed our strategy since I joined. Our plans are about continuity, building on the strong foundations of our value-add distribution model, focusing on the development of the organisation’s capability to deliver that model at scale and focusing on the significant growth opportunities in our core markets and products. I am excited by the prospect of working with my colleagues to deliver more success for Diploma in the future“.