- Technical products and services provider Diploma upgraded its outlook on annual performance following a strong first half that continued into the second half of the year amid a boost from acquisitions.

'We expect reported revenues to be slightly better than 40% ahead of FY2020, with an increase in the margin towards 19%,' the company said.

'This reflects the strong H1, continued excellent performance from acquisitions, WCW in particular, and improving underlying trading momentum in our existing business,' it added.

For the six months ended 31 March, pre-tax profit increased by 2% to £42.5 million year-on-year and revenue increased by 29% to £365.2 million.

After the Covid related deferral of an interim dividend last year, the company declared an interim dividend of 12.5 pence per share.

'Our performance in the period was very strong and we have exciting trading momentum into the second half, resulting in an upgrade to our full year expectations,' the company said.

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