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Diploma profit boosted by seals
Technical products supplier Diploma said yesterday its half-yearly profit had increased 21 per cent, helped by strong performance in its seals segment in North America, especially in the aftermarket business. Pretax profit rose to £23.3m for the first half of the year from £19.3m a year earlier. Adjusted operating margins rose to 20.8 per cent from 19.6 per cent. October-March revenue rose 13 per cent to £127.1m. Revenue from the company’s seals business increased 28 per cent to £48m. Seals account for more than a third of Diploma’s revenue and is its largest business, followed by controls and life sciences.