(Adds details, share price)
May 12 Diploma Plc, which makes
industrial wiring systems and components, said first-half pretax
profit rose about 2 percent, led by strong sales to the
aerospace and motorsport sectors in the recovering UK and German
Diploma, a supplier of components to Formula 1 cars, said
pretax profit rose to 24.2 million pounds ($40.75 million) in
the six months ended March 31 from 23.8 million pounds a year
The company reported higher revenues across all three of its
business divisions. Revenue at its controls division, which
supplies the aerospace, defence and motorsport industries, rose
11 percent on an underlying business.
Revenue at Diploma's life sciences business rose 10 percent
on an underlying basis, while sales at its seals unit were up 5
First-half revenue at Diploma, which derives about three
quarters of its revenue from outside the UK, rose 6 percent to
148.6 million pounds, even as a strong pound continued to weigh
on its results.
British industrial companies with exposure to non-UK
markets, such as Smiths Group Plc, Melrose Industries
Plc, Specters Plc and Fenner Plc, have
struggled as the strong pound cuts into profits.
The pound rose about 9 percent against the U.S.
dollar in the year to Friday's close.
As well as wiring and harness components used by aerospace,
defense and motorsport customers, Diploma also makes devices for
use in pathology labs and operating rooms.
The company's shares were down marginally in early trading
on Monday after closing at 690 pence on the London Stock
Exchange on Friday.
($1 = 0.5938 British Pounds)
(Reporting by Tasim Zahid and Esha Vaish in Bangalore; Editing
by Robin Paxton)