Halma ups full-year margin view but leaves Photonics outlook unchanged

Halma PLC on Thursday raised full-year margin guidance after making "strong progress" in the first half but left the outlook for its high growth Photonics business unchanged.

In a scheduled trading update ahead of its half-year end on September 30, the Amersham, England-based safety products manufacturer said it has delivered "broad-based growth" in the period against a "backdrop of continued economic, geopolitical and market uncertainty."

The FTSE 100 listing continues to expect low double-digit percentage organic constant currency revenue growth for the financial year compared to £2.58 billion in the 12 months ended March 31, 2026.

Guidance includes "premium" growth of around five percentage points from its photonics business, implying an organic constant currency photonics growth rate of around 30%, unchanged from before.

Adjusted earnings before interest and tax margin for the full-year is now expected to be between 23.5% to 24%, raised from previous guidance for margin to be in line with the 2026 financial year at around 22.7%.

The increase reflects continued good operational delivery and favourable product and portfolio mix across all three sectors, including the positive impact of recent acquisitions and disposals, Halma said.

Guidance is supported by order intake which remains ahead of both revenue in the year to date and the comparable period last year, it added.

Less positively, Halma expects a negative currency translation effect should the recent appreciation of sterling against the US dollar and euro be maintained.

Noting it has completed six acquisitions in the year to date, Halma said it continues to have a "healthy acquisition pipeline" across all three sectors. The firm has also completed three disposals in the period.

Halma said it continues to "actively manage our portfolio of global businesses to ensure capital is allocated towards those opportunities with the greatest potential to deliver sustainable growth and returns."

Results for the half year ending September 30 will be released on November 19.

Shares in Halma were up 0.1% at 3,588.00 pence each in London on Thursday.

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