Diploma revenue rises on seals business
(Reuters) - British technical products supplier Diploma Plc (DPLM.L) said revenue rose 5 percent for the third quarter helped by its seal business in North America, but the rate of underlying growth in that business slowed compared to the first half.
Year-to-date revenue from its seals business, which supplies hydraulic seals, gaskets, cylinders, components and kits for heavy mobile machinery and industrial equipment, increased 28 percent, helped by the acquisition of J Royal Co in December, the company said.
Seals accounts for more than a third of Diploma's revenue and is its largest business, followed by controls and life sciences.
Year-to-date revenue in the company's life sciences business was up 4 percent, while that from its controls business grew 6 percent.
Shares in the company, which have gained 26 percent since the start of the year, closed at 446 pence on the London Stock Exchange on Friday.
(Reporting by Karen Rebelo in Bangalore; Editing by Don Sebastian)
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