(MENAFN) UK-based Diploma Plc's reported 21 percent hike in half-yearly profits, over strong North American sales of its seals business, especially in the aftermarket business, Reuters reported.
The technical products supplier said it made USD37.43 million profit, before tax, during the first half of its fiscal year, up from USD31 million a year earlier. Adjusted operating margins rose to 20.8 percent from 19.6 percent.
The company also reported 13 percent increase in revenue to USD204.18 million, helped by 28 percent increase in the revenue of its seals segment to USD77.11 million.
Seals accounts for more than a third of Diploma's revenue and is its largest business, followed by controls and life sciences. In the seals segment, more than half the revenue comes from aftermarket business, involving repair and maintenance.
CEO Bruce Thompson expected to continue the good performance in the second half of the year, helped by strong trading in key businesses and the acquisitions it made.
Diploma recently acquired J Royal Co in order to extend its developing industrial seals business in North America.