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Halma expects to perform relatively resiliently amid coronavirus

Financial results due in July are expected in line with prior guidance, outlook for the present period is unspecified but Halma said it will perform "relatively resiliently".

Halma - Halma expects to perform “relatively resiliently” amid coronavirus
Halma acquired Maxtec, a US-based oxygen products maker, for £20mln in February.

Halma Plc (LON:HLMA) told investors that it expects to perform “relatively resiliently” amid the coronavirus (covid-19) turmoil.

The company’s financial results for the twelve months ended 31 March 2020, due for release in July, are expected to confirm £265mln to £270mln of pre-tax profit, as guided previously.

Revenue is anticipated at around £1.33bn, and, the company noted that net debt at the end of the year stood at £320mln.

It described its financial position as “robust” whilst noting that it has committed facilities of around £750mln, and, that the earliest maturity is January 2021 (when £74mln is due) and none are due there after until 2023.

READ: Halma acquires oxygen products maker Maxtec

Halma, which is also supporting government responses to covid-19, said it does not intend to utilise the UK’s COVID Corporate Financing Facility, but it has taken the prudent step of confirming its eligibility in principle.

It highlighted the company’s track record of successfully adapting to societal shifts and changes in markets, and, said it believes its agile business model will allow it to perform relatively resiliently.

Nonetheless, in its outlook for the present financial year, it said: “The COVID-19 pandemic is expected to have a net adverse impact on our markets and our full year financial results to 31 March 2021, which are likely to have a significant second half weighting even though the timing and profile of recovery remains uncertain at this stage.”

Chief executive Andrew Williams added: "Through this current challenging period, many of our companies are demonstrating how they are living Halma's purpose of 'growing a safer, cleaner, healthier future for everyone, every day', by supporting the fight against COVID-19 directly and indirectly.”

Halma said that at least ten of its businesses are using rapid prototyping capabilities to manufacture personal protective equipment (PPE) for health workers in their communities accross the UK, Europe, and the United States.

Some of Its businesses (Alicat, Perma Pure and Maxtec) are, meanwhile, manufacturing components for ventilators and respiratory devices for hospitals.

The Diba and Bio-Chem are supplying parts for medical testing instruments, SunTech, Riester and Cardios are supplying primary care devices, and CenTrak's technology is being used to track the movement of people in healthcare facilities and ensuring compliance with hand hygiene regimes.

Other units also continue to play a role in maintaining health and safety, and, help business continuity.

Quick facts: Halma PLC

Price: 2234 GBX

LSE:HLMA
Market: LSE
Market Cap: £8.48 billion
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