- Products and services group Diploma said it had seen strong first-half performance that topped its expectations, driven by a boost from acquisitions and cost cuts.

For the six months ending 31 March 2021, underlying revenue is expected to be in line with the pre-Covid prior year period, and reported revenues are expected to be up 27%, reflecting a strong contribution from acquisition.

Operating margin for the full-year expectations to be within the upper end of the guidance range.

'We continue to make progress with initiatives to drive organic growth, broadening and diversifying our businesses for scale in our core products and markets,' the company said.

'During the period, WCW has delivered an excellent performance and we have also invested nearly £50m in three high quality, strategically important bolt-on acquisitions,' it added.

Current market consensus for the year ending 30 September 2021 is for the company to generate revenue of £742 million and adjusted operating profit of £133 million.

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