(Reuters) -British technical products and service distributor Diploma PLC raised its full-year organic revenue growth forecast on Tuesday after first-half sales jumped on strong demand for its cables and wires, sending shares to a record high.
The London-based company, which serves customers in industries like aerospace, medical, industrial automation and construction, raised its full-year organic revenue growth forecast to 8% from an earlier estimate of 6%.
Diploma also raised its full-year operating margin guidance to 22% from 21%.
Shares in the FTSE 100 company hit an all-time high of 4,990 pence after the upgrade. It was last up 10%.
The company, which counts Formula 1 and Indy Car among its customers, said the impact of tariffs was limited, as most of its businesses largely source their products locally.
“Despite the uncertain environment I feel confident in our ability to deliver on our upgraded guidance this year,” CEO Johnny Thomson said in a statement.
The company reported a 14% rise in half-year revenue to 728.5 million pounds ($974.2 million) and a 25% jump in adjusted operating profit to 156.9 million pounds.
($1 = 0.7478 pounds)
(Reporting by Yadarisa Shabong and Nithyashree R B in Bengaluru; Editing by Eileen Soreng)
