London, June 20, 2026, 23:04 BST
- Halma ended Friday at 3,960 pence, adding 0.05% for the day and gaining 1.6% on the week.
- Halma shares are still down 14.7% from their pre-results finish on June 10 after the company warned of slower organic revenue growth for fiscal 2027.
- Halma posted a 15% revenue gain for fiscal 2026 to £2.58 billion, with adjusted EBIT up 22% at £594.5 million. The company’s next provisional trading update is expected Sept. 24.
Halma plc shares managed to finish the week up after choppy trading, but gains weren’t enough to recover the ground lost since results. The FTSE 100 safety and medical tech group remains far off its early June highs as investors digested record profits and soft outlook for growth. London markets did not trade on Saturday. Halma closed Friday at 3,960p, down 19.2% from its all-time high of 4,902p set on June 3.
The stock sits just 0.8% above its June 11 close, the day results sent it down 15.4%. It rose 3.1% Monday, gave back 3.6% on Wednesday, bounced 2.2% Thursday, and finished flat Friday. The move doesn’t look like a real recovery—investors seem to be pricing off the 2027 guidance instead of the past year’s results.
Halma reported higher revenue at £2.58 billion. Adjusted EBIT, which Halma uses as its operating profit, came in at £594.5 million, with the adjusted EBIT margin up to 23%. Adjusted EPS was 114.05p, up 21%. The total dividend rose 7% to 24.74p, the 47th straight year of at least a 5% increase.
Halma is now looking for low-double-digit organic, constant-currency revenue growth through March 2027, a step down from the 16% it’s forecasting for 2026. That metric leaves out the impact of currency swings and the first effects of deals. The company sees photonics adding about five percentage points, down from about eight last year. JPMorgan analysts flagged that as likely to disappoint, and Morningstar’s Matthew Donen said growth could slow across both photonics and the wider group.
Chief Executive Marc Ronchetti called fiscal 2026 “another successful year”, saying the order book is strong and order intake topped both revenue and last year’s level. Halma put more than £600 million into future growth and closed five acquisitions worth £447 million. Net debt to adjusted EBITDA increased to 1.16 times. That’s still below the group’s two-times ceiling. Halma
Broker notes have looked more upbeat than the shares. UBS analyst Andre Kukhnin called the drop on results day a “pure derating”. He kept a Buy and left the target at 4,775p, penciling in 11% organic growth for 2027. Citi, also with a Buy, upped its target to 4,900p on June 18. Its prior scenarios went from 3,000p bear case to 5,600p bull case. Investing
UK industrial stocks saw uneven moves Friday. Diploma was up 0.9%, but Spirax-Sarco slipped 0.8%. Halma ended the session unchanged, giving little sign of a clear direction for the sector. The main focus is still on whether demand from data-centre customers for its photonics products will hold up.
But risks remain. Photonics growth is set to drop to about 30% from 52%, and last year, a single hyperscale tech customer made up 20% of group revenue. Keith Bowman at Interactive Investor said Halma’s earnings multiple is still above both its three- and 10-year averages, so the stock is “not obviously cheap”. A sharper fall in photonics, tougher order conversion, currency swings, or a bad acquisition could hit the shares again. Interactive Investor
Halma has nothing on its corporate calendar this week. Next up for reporting is the Sept. 24 trading update, with half-year results set for Nov. 19. The latest regulatory filings, all director updates, came in June. Without new numbers, the stock is left to move with broker calls and hints on data-centre spending. Shares are steady. They still haven’t bounced.
