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Diploma PLC Q1 Revenues Rise, Margin Down; Names Johnny Thomson CEO

Diploma Plc. (DPLM.L), a supplier of specialized technical products and services, Wednesday said it has made a solid start to the year with overall trading in line with expectations. First-quarter revenues increased 9% on a reported basis and 8 percent at constant exchange rates.

Separately, Diploma announced that Johnny Thomson will join the Board on February 25 as Chief Executive Officer.

In its first quarter trading update, the company said acquisitions completed last year, net of a small disposal, contributed 4% to revenue growth and underlying growth was 4%.

In the Life Sciences Sector, reported and underlying revenues were up 4%, supported by encouraging growth across several revenue streams.

In the Seals Sector, reported revenues increased by 2%, and the growth was 3% on an underlying basis. In International Seals, underlying revenues were up 11%. In North America, underlying revenues were down 3%.

Operating margin in the first quarter remained in line with expectations and slightly below the comparable period last year.

Regarding the CEO appointment, the company noted that Thomson has worked for Compass Group PLC for the last nine years. During the past three years, he was both Group Finance Director and a member of the Board. He began his career at PricewaterhouseCoopers LLP after which he joined Hilton Hotels in a senior executive role.

John Nicholas, who has been interim Executive Chairman since August 29, 2018, will relinquish his executive responsibilities and resume his non-Executive Chairman role immediately following this appointment.

In August, Richard Ingram stepped down from his role as Chief Executive Officer.

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