Life sciences firm posts a jump in its annual profits

DIPLOMA said yesterday its full-year adjusted pre-tax profit rose 39 per cent, as it benefited from acquisitions in its life sciences business and a higher demand across its segments.

The FTSE 250 company, which supplies products and services to the life sciences, seals and controls industries, raised final dividend by 37 per cent to 8.5p, taking the total dividend to 12p.

Adjusted pre-tax profit rose to £44.9m, from £32.2m last year. Revenue was up 26 per cent to £230.6m.

The British firm said its profit was boosted by acquisitions completed over the last 18 months, contributing £17.2m to this year’s revenue. Diploma, which bought healthcare business Carsen Medical in December, said it would continue to look at more buyouts.

Diploma shares, which have shed 17 per cent of their value in the last six months, closed up nearly one per cent yesterday at 305.1p.