Halma plc
Trading Update
Halma, the global group of life-saving technology companies focused on growing a safer, cleaner, healthier future for everyone, every day, today releases its scheduled trading update ahead of its half year end on 30 September 2025.
Strong progress in the first half; full year revenue growth guidance increased
We have made strong progress in the first half of this financial year, against a backdrop of varied market conditions and a challenging economic and geopolitical environment. Our continued delivery of strong, compounding growth and returns reflects the benefits of our Sustainable Growth Model, including our participation in diverse markets whose growth is supported by long-term drivers, the exceptional talent in our companies, and the autonomy we give our companies and people to respond rapidly to changing market conditions.
Based on our progress in the year to date and our current expectations for the remainder of the year, we now expect to deliver low double digit percentage organic constant currency1 revenue growth in this financial year. This compares to our previous guidance of upper single digit percentage organic constant currency1 revenue growth, with the increase being primarily driven by stronger-than-expected growth in photonics within the Environmental & Analysis Sector.
This growth is supported by order intake which remains ahead of both revenue in the year to date and the comparable period last year.
There is no change to our Adjusted EBIT margin2 guidance, which we continue to expect to be modestly above the middle of our target range of 19-23% in this financial year.
Our strong underlying cash generation and robust financial position is supporting continued strategic investment in future organic growth, as well as providing capacity to fund acquisitions. In the first half of the year, we expect our cash conversion to reflect incremental growth investment in working capital as well as capital investments across the Group. We expect full year cash conversion to be more in line with our KPI of 90%.
The appreciation of Sterling is having a negative currency translation effect on the group’s results; we expect this effect to continue in the second half of the year3.
Further M&A progress; healthy acquisition pipeline
We have completed two acquisitions in the year to date. On 25 August, we acquired Brownline, a provider of advanced gyroscopic locating systems used by Horizontal Directional Drilling (HDD) contractors in trenchless underground drilling, for €150m (approximately £129m)4 as a standalone company for our Environmental & Analysis Sector. On 3 April, we acquired Nu Perspectives, a cryogenic therapy device engineering company, as a bolt-on for our Healthcare Sector company, Keeler, for £1.5m4. We continue to have a healthy acquisition pipeline.
We actively manage our portfolio of global businesses to ensure that it delivers strong growth and returns and is aligned with our purpose of growing a safer, cleaner, healthier future for everyone, every day. As a result, we made one disposal in the period, of AAI, for approximately £10m, net of disposal costs. In addition, our Environmental & Analysis Sector company Nuvonic entered into a licence, manufacturing and distribution agreement with their long-standing partner Fluidsmile in a number of Asian markets. Further details of these transactions are given in note 5 to this update.
Half Year Results
The Group’s results for the half year ending 30 September 2025 will be released on 20 November 2025.
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