Halma PLC (LSE:HLMA) continued to recover from its recent four-year low with what brokers described as a solid set of interim numbers.
All sectors in the engineer’s portfolio, Safety, Environmental & Analysis, and Healthcare, saw revenues pick up helping the total overall rise by 9% to £950 million, with profits up 3% to £150.2 million.
Acquisitions contributed 5% and the adjusted EBIT margin held up at 20%.
Cash conversion at 96% means the balance sheet remains in excellent shape, said Peel Hunt, adding that against a tough backdrop this was a solid set of numbers.
The outlook is for further organic growth in the second half of the year, added the broker.
'Hold' with a target price of 2,220p is Peel Hunt’s view. Shares today were up 5% at 2.061p.