Halma’s medical business makes respiratory products which have obviously sold well, although that has been offset somewhat by a decline in demand for elective procedures for things like cataract surgery. Fundamental changes in medical care, safety and other areas have enabled this resilient performance.” “We talked to analysts this morning about resilience by design rather than good fortune. We sell into resilient long-term growth markets, and people need our products, even in lockdown.” “Each month the group has exceeded forecasts. “We increased guidance because the first half was better than what we expected when we issued the first set of guidance in July,” Williams tells me. Profit will be down around 5% on the previous year rather than the original estimate of 5-10%. What are the main factors behind new profit assumptions?īig news today is that adjusted profit before tax for the 12 months to 31 March 2021 is expected to decline by less than expected.
But I’ve been speaking to management for years, and I took the opportunity to catch up with chief executive Andrew Williams as Halma announced half-year results that impressed the City once again. Promoted to the FTSE 100 in December 2017, this £9 billion company is largely unknown outside its sector and financial circles. ii view: Halma detects improving trends.Wild’s Winter Portfolios 2020: winners revealed.Last year, while many other companies fell sharply, its shares rose by 11.5% during the winter period – November to April – compared with an 18.4% decline for the FTSE 350 index. Halma’s consistent positive returns over the past decade secured it a place in our own Wild’s Winter Portfolio. This kind of resilience doesn’t come cheap, but investors in Halma (LSE:HLMA), an acquisitive technology conglomerate, have been richly rewarded for backing its unique approach. Like a prize fighter, it sticks to its game plan, absorbs the blows, and comes out on top. When the going gets tough, there’s one company that always seems to survive and prosper. Our head of equity strategy talks to CEO Andrew Williams about the big stories in Halma’s results.
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