Hydraulic seals maker Diploma posts higher profit

Mon May 12, 2014 2:23am EDT

May 12 (Reuters) - British industrial wiring and component maker Diploma Plc said first-half pretax profit rose about 2 percent as revenue increased in all three of its business divisions.

Diploma, which supplies hydraulic seals and components for Formula 1 cars, said pre-tax profit rose to 24.2 million pounds ($40.75 million) in the six months ended March 31 from 23.8 million pounds a year earlier.

The London-based company, which gets about three quarters of its revenue from outside the UK, said revenue increased about 6 percent to 148.6 million pounds, even as a strong pound continued to weigh on its results. ($1 = 0.5938 British Pounds) (Reporting by Tasim Zahid and Esha Vaish in Bangalore; Editing by Robin Paxton)