Halma plc (LON:HLMA), the global group of life-saving technology companies focused on growing a safer, cleaner, healthier future for everyone, every day, has released its scheduled trading update ahead of its half year end on 30 September 2026.
Strong progress in the first half; full year Adjusted1 EBIT margin2 guidance increased
We have made strong progress in the first half of this financial year, delivering broad-based growth against a backdrop of continued economic, geopolitical and market uncertainty. Our performance reflects the strength of our Sustainable Growth Model, including decades of disciplined choices around the markets we operate in, the companies we acquire and the leaders we trust to run them. It also reflects the autonomy our model gives our talented teams to respond with agility to changes in their markets. Our approach enables us to invest with confidence and to actively manage our portfolio, delivering compounding growth and returns over the long term.
Based on our progress in the year to date and our current expectations for the remainder of the year, we continue to expect low double-digit percentage organic3 constant currency revenue growth for the year as a whole. This guidance includes premium4 growth of approximately five percentage points from our photonics business, implying an organic3 constant currency photonics growth rate of approximately 30%. Adjusted1 EBIT margin2 in the 2027 full year is now expected to be in the range of 23.5% to 24%. This compares to our previous guidance for margin to be in line with the 2026 financial year at around 22.7%5, with the increase reflecting continued good operational delivery and favourable product and portfolio mix across all three sectors, including the positive impact of recent acquisitions and disposals.
This guidance is supported by order intake which remains ahead of both revenue in the year to date and the comparable period last year.
The recent appreciation of Sterling against the US Dollar and Euro, if maintained, is expected to result in a negative currency translation effect on the Group’s results6.
Record investment in acquisitions; healthy acquisition pipeline
Our cash generation and robust financial position support continued investment in future growth, both organically and through acquisitions. We have maintained strong M&A momentum, completing six acquisitions in the year to date, investing a record £515m (on a cash- and debt-free maximum total consideration basis7). We continue to have a healthy acquisition pipeline across all three sectors.
We also continue to actively manage our portfolio of global businesses to ensure capital is allocated towards those opportunities with the greatest potential to deliver sustainable growth and returns, while remaining aligned with our purpose of growing a safer, cleaner, healthier future for everyone, every day. Reflecting this disciplined approach, we have completed three disposals in the period, realising approximately £83m, net of disposal costs8.
Half Year Results
The Group’s results for the half year ending 30 September 2026 will be released on 19 November 2026.
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.
2. Adjusted1 EBIT margin is defined as Adjusted1 Earnings before Interest and Taxation from continuing operations expressed as a percentage of revenue from continuing operations.
3. 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.
4. The photonics premium is determined as the incremental contribution to Group organic3 revenue growth from the photonics business in excess of the Group’s long-term organic3 revenue growth rate of 7%. It captures the portion of Group organic3 revenue growth, expressed in percentage points, that would not have occurred had photonics grown at the Group’s long-term organic3 revenue growth rate.
5. On 15 May 2025, Nuvonic, an Environmental & Analysis Sector company, granted FluidSmile Fluid Tech Ltd (FluidSmile), a longstanding partner in China, an exclusive trademark licence and related manufacturing and distribution rights to sell certain Nuvonic products in China and other agreed southeastern Asian markets, for RMB95m (£9.9m). Nuvonic also acquired a 35% associate interest in FluidSmile for RMB95m on the same date. As a result of these transactions, one-off revenue of £9.9m and Adjusted1 profit of £9.3m were recognised in financial year 2026, which constituted a 30bps increment to Adjusted1 EBIT margin2.
6. Sterling has strengthened in the year relative to the US Dollar and Euro and the currency translation impact on the Group’s results for the financial year ended 31 March 2027 is expected to be negative. Based on current exchange rates of Sterling/US Dollar 1:1.35 and Sterling/Euro 1:1.17, we would expect approximately an £8m negative revenue effect and approximately a £2m negative profit effect in the 2027 financial year, compared to the 2026 financial year.
7. Of the six acquisitions made in the year to date, DCR Inspection Systems Ltd and Surgistar Inc were reported in the Group’s 2026 full year results announcement and disclosed in note 32 to our Annual Report and Accounts 2026. Since that time, we have made four further acquisitions (considerations given are all on a cash- and debt-free maximum total consideration basis):
- itemedical, a provider of digital platforms that integrates patient data in real time from different devices in hospitals, supporting clinical decision-making and workflow efficiency, acquired in June 2026 for €23m (approximately £20m), as a bolt on for SSG;
- Näslund Medical, a company specialising in fiducial marker technology used to support targeted cancer treatment, acquired in June 2026 for $45m (approximately £34m), as a bolt on for IZI Medical;
- Dreampath Diagnostics, a provider of automated systems that enable anatomical pathology laboratories to safely and efficiently track, store and manage patient tissue samples, acquired in July 2026 for €279m (approximately £238m); and
- Pyxis, a specialist provider of water quality monitoring and analysis technology, acquired in September 2026 for $200m (approximately £148m). Following the announcement on 2 September 2026, the acquisition of all three Pyxis companies has completed.
8. Of the three disposals made in the year to date, Labsphere and Cardios were reported in the Group’s 2026 full year results announcement and disclosed in note 32 to our Annual Report and Accounts 2026. In August 2026, we made one further disposal, of NovaBone, for $56m (approximately £42m), net of disposal costs. We currently expect no material gain or loss to be recognised on this disposal.
9. This Trading update is based upon unaudited management accounts information. Forward-looking statements have been made by the Directors in good faith using information available up until the date that they approved this statement. Forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks.
10. A copy of this announcement, together with other information about Halma, may be viewed on our website www.halma.com.
