London, March 13, 2026, 15:31 GMT
Shares in Halma plc dropped 1.3% to 3,898 pence as of 1512 GMT on Friday, following the FTSE 100 safety and sensor company’s decision to stick with its existing full-year guidance. Halma said it’s still on course to achieve the higher fiscal 2026 targets announced with its half-year results, but stopped short of another upgrade.
The tepid reaction stands out, given Halma ranks among London’s more expensive industrial stocks. Shares have climbed 49.55% in the past year, Hargreaves Lansdown data show, and they currently fetch 41.9 times earnings—a valuation that doesn’t offer much slack for just meeting expectations.
Halma on Thursday reported “further strong progress” through the second half, sticking with its forecast for organic revenue growth in the mid-teens range at constant currency—a figure that strips out both acquisitions and forex effects. The company reiterated it expects an adjusted EBIT margin of about 22%, excluding a one-off gain from the first half. Cash conversion, Halma said, should come in close to its 90% internal target. Halma
The company said order intake continued to outpace both year-to-date revenue and last year’s levels, putting it on track for its 23rd straight year of record adjusted profit. Full-year results, covering the period ending March 31, are set for release on June 11.
Dealmaking played a central role for Halma. The company wrapped up five acquisitions so far this year, putting a record 451 million pounds to work across its three sectors. Halma noted the acquisition pipeline remains healthy.
Investors aren’t just chasing resilience anymore. Back in November, Halma upped its annual revenue growth outlook, crediting robust U.S. data-centre demand for its photonics—the light-based components it supplies to that sector. At the time, Reuters pointed out a single major cloud customer made up 19% of group revenue for the half. Fast forward to June: CFO Carole Cran told Reuters Halma benefits from a “natural hedge against cross-border trade disruptions.” CEO Marc Ronchetti described the company’s performance in volatile conditions as “exceptional.” Reuters
Peel Hunt’s Lauren Baker flagged “strong progress in the second half” in Thursday’s statement, adding that there’s nothing here to shift forecasts outside of the impact from recent acquisitions. Morningstar’s Matthew Donen echoed that view in his same-day note, pointing out confirmation of Halma’s target for mid-teens organic growth—but he also called the shares expensive. Proactiveinvestors UK
Shares edged down as UK industrials faced a tricky patch. Smiths Group stood at 2,436 pence on Friday, still feeling the sting from Wednesday’s 4.5% slide. Halma hovered near 3,900 pence by midday, Bloomberg data showed—a lighter 1.5% slip, yet still in the red.
Risks sit on both sides here. Halma has already pointed to an “increasingly uncertain economic and geopolitical environment,” warning that sterling’s strength could knock roughly 63 million pounds off reported revenue and trim about 14 million pounds from profit this year.
