Press Releases - Full Year Results 2024/25

Full Year Results 2024/25

12 June 2025

FULL YEAR RESULTS 2025
Record profit for the 22nd consecutive year

Halma, the global group of life-saving technology companies focused on growing a safer, cleaner, healthier future for everyone, every day, today announces results for the 12 months to 31 March 2025.

Marc Ronchetti, Group Chief Executive, commented:

“This has been another successful year for Halma, reflecting the contributions and commitment of everyone in the Group. We delivered record revenue and profit, with strong margins and cash generation, and increased returns on capital. We achieved our 22nd consecutive year of profit growth, and delivered our 46th consecutive year of dividend growth of 5% or more.

Achieving such a strong performance amidst varied market conditions and a challenging economic and geopolitical backdrop is a testament to the fundamental strengths of our Sustainable Growth Model. These include our positive purpose and culture, and a diverse portfolio of companies, each with strong positions in their markets and growth underpinned by long-term drivers. Our business model gives our talented and dedicated teams the autonomy to respond with agility to changes in their markets, and our financial strength supports continued substantial investments in future growth opportunities. These strengths support my confidence that we are well positioned to make further progress this year and in the longer term.”

Highlights

• Record revenue: +11%, and +9% organic⁷.
• Adjusted¹ EBIT: +15%, and +13% organic⁷.
• Strong Adjusted¹ EBIT margin⁴ performance: up 80bps at 21.6% (2023/24: 20.8%)
• Statutory Profit before Interest and Taxation +12%.
• Revenue and Adjusted¹ profit growth in all sectors, including on an organic⁶ basis
  • Broad-based revenue growth in Safety across all subsectors and geographies: +9.5%; (organic⁷ +7.7%); Adjusted¹ profit +13.7% (+11.6% organic);
  • Strong revenue growth in Environmental & Analysis +18.0%; (organic⁷ +19.0%); includes exceptional photonics performance; Adjusted¹ profit +25.4% (+25.5% organic);
  • Modest revenue growth in Healthcare +3.2%; (+0.3% organic⁷); substantial improvement in second half; Adjusted¹ profit +4.0% (+0.3% organic).
• Revenue growth in all regions, including double-digit growth in USA and Asia Pacific.
• Continued high returns: ROTIC⁶ increased 60bps to 15.0% (2023/24: 14.4%), well ahead of our 12% target and our weighted average cost of capital of 9.8% (2023/24: 9.7%).
• Strong cash performance: cash conversion⁵ of 112% (2023/24: 103%), substantially above 90% target.
• Continued strategic investment to support future growth:
  • R&D investment increased to £108.4m (2023/24: £103.8m⁹), representing 4.8% of revenue (2023/24: 5.1%⁹);
  • Seven acquisitions completed for £157m maximum total consideration; healthy pipeline of potential acquisitions.
• Continued balance sheet strength: net debt/EBITDA reduced to 0.97 times (2023/24: 1.35 times), well within operating range of up to 2 times.
• Total dividend +7%: 46th consecutive year of dividend growth of 5% or more; reflects the Board’s continued confidence in the Group’s growth prospects.

Outlook for the 2026 financial year

We have made a positive start to the 2026 financial year, with a strong order book and order intake ahead of revenue and last year. While the geopolitical and economic environment remains uncertain, we currently expect to deliver upper single digit percentage organic constant currency revenue growth in this financial year. This includes an expected benefit from further very strong growth in photonics within the Environmental & Analysis Sector. Adjusted EBIT margin is expected to be modestly above the middle of our target range of 19-23%.

Notes:

1. Adjusted to remove the amortisation and impairment of acquired intangible assets; acquisition items; significant restructuring costs; profit or (loss) on disposal of operations, and impairment of associates, totalling £75.1m (2023/24: £56.1m). See note 1 to the Results for details.
2. Adjusted to remove the amortisation and impairment of acquired intangible assets, acquisition items, significant restructuring costs, profit on disposal of operations, impairment of associates, and the associated taxation thereon. See note 2 to the Results for details.
3. Total dividend paid and proposed per share, comprising an interim dividend of 9.00p per share and a proposed final dividend of 14.12p per share.
4. Adjusted¹ EBIT margin is defined as Adjusted¹ Earnings before Interest and Taxation from continuing operations expressed as a percentage of revenue from continuing operations.
5. Cash conversion is defined as Adjusted¹ operating cash flow as a percentage of Adjusted¹ operating profit. See note 3 to the Results for details.
6. Return on Total Invested Capital (ROTIC) is defined as post-tax Adjusted¹ Profit as a percentage of average Total Invested Capital.
7. Organic measures exclude the effect of movements in foreign exchange rates on the translation of revenue and Adjusted¹ Profit into Sterling, as well as acquisitions in the year following completion and disposals. See note 3 to the Results for details.
8. Adjusted¹ Earnings before Interest and Taxation, Adjusted¹ Profit before Taxation, Adjusted² Earnings per Share, organic growth rates, ROTIC and net debt are alternative performance measures used by management. See notes 1, 2 and 3 to the Results for details.
9. FY 2023/24 R&D corrected and restated.
10. Throughout this Strategic Report, references to profit, unless otherwise qualified, refer to Adjusted¹ Profit before interest and taxation (EBIT), as management’s preferred measure of profitability. See note 3 to the Results for alternative performance measures.

A copy of this announcement, together with other information about Halma, may be viewed on its website: www.halma.com. The webcast of the results presentation will be available on the Halma website later today: www.halma.com

NOTE TO EDITORS

Halma is a global group of life-saving technology companies, focused on growing a safer, cleaner, healthier future for everyone, every day. Its purpose defines the three broad markets where it operates:

• Safety - Protecting people, assets and infrastructure in commercial, industrial and public spaces. Reducing safety risks in hazardous situations, increasing efficiency and helping to create a more sustainable future.
• Environment - Monitoring and protecting the environment, and ensuring the quality and availability of life‑critical resources. Creating solutions used in materials analysis and optoelectronic applications.
• Health - Improving the care delivered by healthcare providers, and enhancing the quality of patients’ lives, through contributing to the discovery and development of new cures, the diagnosis and treatment of patient conditions, and data analysis.

Halma employs over 9,000 people in more than 20 countries, with major operations in the UK, Mainland Europe, the USA and Asia Pacific. Halma is listed on the London Stock Exchange (LON: HLMA) and is a constituent of the FTSE 100 index.

Halma has been named one of Britain's Most Admired Companies for the past six years.

You can view or download copies of this announcement and our latest Annual Report from the website at www.halma.com.

This announcement contains certain forward-looking statements which have been made by the Directors in good faith using information available up until the date they approved the announcement. Forward-looking statements should be regarded with caution as by their nature such statements involve risk and uncertainties relating to events and circumstances that may occur in the future. Actual results may differ from those expressed in such statements, depending on the outcome of these uncertain future events.

Please click here to read the full results.