Financial PerformanceDiploma has delivered a strong 1H, with revenue +14% (organic +9%) with adj. operating profit +25% to £156.9m (margin 21.5%).
Growth PotentialDiploma's organic growth has historically been correlated to US Industrial Production data, which improved, suggesting continued growth potential.
Guidance UpgradeThe group is upgrading its FY25E guidance with organic growth of 8% (from 6%) and operating margin of 22% (from c.21%).