LONDON, March 10, 2026, 00:06 GMT
Halma plc slipped 1.6% to close at 3,800 pence on Monday. Attention is turning to Thursday’s trading statement, where investors hope to see whether the British technology group can sustain its growth, a trend helped by data-centre investment.
Halma’s valuation looks steep by UK standards right now. Shares have jumped roughly 42% in the past year, and they’re trading at about 41 times earnings. That’s despite the FTSE 100 slipping to a five-week low on Monday, pressured by rising oil prices and inflation concerns.
Halma usually lands in the same basket as Smiths Group and Spirax Group for London investors chasing reliable growth. If Halma delivers a solid update, it could steady nerves for that slice of the market — but if results disappoint, expect anxiety instead.
Back in November, Halma bumped up its full-year guidance on the heels of its first-half numbers. The company forecast organic revenue growth in the mid-teens percent range—excluding both acquisitions and currency factors—and targeted an adjusted operating margin near 22%. That margin outlook got a lift from robust demand in the U.S. for photonics, the essential light-driven parts used in building data centres. At the time, chief executive Marc Ronchetti called the group’s progress “excellent” and said the first-half showing justified another guidance upgrade. Halma
Halma posted revenue of 2.25 billion pounds and net income of 296.4 million pounds for fiscal 2025, according to Reuters company data. The business touches safety, environmental analysis, and healthcare—all factors that have helped its stock earn a reputation as a more reliable long-term industrial play.
Still, there’s a weak spot. Back in November, Reuters noted that one major cloud customer accounted for 19% of group revenue in the half year, up from 14% the year before. Investors will be watching closely for any indication that this customer concentration is starting to ease, not intensify.
Halma hasn’t slowed its acquisitions. Back in January, it picked up Safetec—an Italian provider of integrated fire and gas safety systems geared toward industrial customers—expanding its safety lineup ahead of the year’s close.
The mood remains wary. Halma shares sit almost 10% shy of their 52-week peak at 4,202 pence. Investors will be scanning Thursday’s update for signs that momentum in data-centre demand and the broader safety segment hasn’t faded—crucial if Halma’s premium valuation is to hold up.
