StockMarketWire.com - Technical products and services supplier Diploma reported a rise in annual profit as acquisitions and cost cuts helped underpin growth.

For the year ended 30 September, pre-tax profit rose 15% to £83.5m on-year and revenue rose 12% to £544.7m.

Adjusted operating margin was up 30 basis points to 17.8% amid stronger gross margins and a tighter control of costs.

Diploma recommend an increase in the final dividend of 15% to 20.5p a share. Looking ahead, the company said it remained confident of further progress in the current financial year as moderately lower underlying growth would be offset by a strong contribution from acquisitions.

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