Shares of Halma PLC (LON: HLMA) have fallen around 7% today after the firm reported its revenue dropped 4% in the first quarter of the new year.
On an annual basis ending March 31, revenue jumped 11% £1.3 billion. Halma reported that its profit before tax surged 8% to £224.1 million for the same period.
“Halma delivered a record financial performance in the past year, and trading in the first quarter has been resilient despite the effects of the COVID-19 pandemic. This reflects our clear purpose and focused strategy, our flexible and agile organisation, and the resilient, long-term growth drivers in our chosen markets,” said Andrew Williams, Group Chief Executive of Halma.
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Halma, which produces hazard detection and life protection products, decided to raise the final dividend by 3.8% to 9.96p per share. This means that Halma shareholders will receive 16.5p per share, a jump of 5% on a year-to-year basis.
In addition to the falling revenue, investors were not happy to hear that the debt surged to £375.3 million.
Halma share price has fallen nearly 7% today to mark the new 2-month low at 2126p. The stock has been performing excellently lately, hitting the all-time high at 2377p in the last week of May.
