Halma plc’s share price surged in London trading on Thursday after the FTSE 100 group reported another set of record half‑year results and raised its full‑year guidance, boosted by booming demand for its photonics technology in US data centres.
Halma share price today: HLMA rockets to fresh record highs
Halma plc (LON: HLMA) jumped sharply on 20 November 2025, with the share price trading around 3,700p by the close – roughly 12% higher than Wednesday’s close of 3,312p. [1]
Data from the London Stock Exchange shows: [2]
- Last price (delayed): 3,716p
- Daily change: +404p (+12.2%)
- Intraday range: 3,548p (low) to 3,720p (high) – a new 52‑week high
- Previous close: 3,312p
- Volume: c. 375,000 shares
Over the last 12 months, Halma shares have traded between 2,316p and 3,720p, meaning today’s move pushed the stock to the very top of its 52‑week range. [3]
Based on a share count of around 378–380 million shares, today’s rally puts Halma’s market capitalisation near £14bn, confirming its status as one of the more highly valued names in the FTSE 100 technology and industrials space. [4]
The stock was the top riser in the FTSE 100, which itself gained around 0.7% as global markets reacted positively to strong results from Nvidia and other AI‑exposed names. [5]
Intraday commentary from several outlets highlighted how quickly the share price repriced:
- Alliance News reported Halma shares “shot up 10% to 3,646.4p” in early trading, making it the best performer in the index. [6]
- BusinessCloud noted the stock was up around 11% to 3,686p as of 9am, lifting the group’s market cap to about £14bn. [7]
- Proactive Investors said the shares jumped about 10–10.5% to a new all‑time high near 3,688p after the company raised its outlook. [8]
By late afternoon, further gains had taken the price above 3,700p, underscoring the strength of investor reaction.
Record half‑year numbers: strong growth, stronger margins
The immediate catalyst for today’s move was Halma’s 2025/26 half‑year results (for the six months to 30 September 2025), released before the market opened.
From the company’s official release: [9]
- Revenue: up 15.2% to £1,237.4m (from £1,074.3m).
- Organic constant‑currency revenue growth: +16.7%, with roughly 8 percentage points of “premium growth” from photonics in the Environmental & Analysis division.
- Adjusted EBIT: up 26.7% to £282.0m, with the adjusted EBIT margin rising 210 bps to 22.8% (from 20.7%).
- Adjusted profit before tax: up 29.3% to £270.5m.
- Statutory profit before tax: up 39.0% to £241.8m.
- Adjusted EPS: up 28.6% to 55.32p (from 43.01p).
- Statutory EPS: up 37.0% to 49.44p (from 36.08p).
- Return on total invested capital (ROTIC): up 190 bps to 16.2%.
All three divisions – Safety, Environmental & Analysis, and Healthcare – delivered both revenue and profit growth, with margins improving across the board. [10]
Chief executive Marc Ronchetti described it as “another set of record half‑year results” underpinned by strong organic growth and high returns, while emphasising the group’s long‑term focus on “growing a safer, cleaner, healthier future for everyone, every day.” [11]
The results extend Halma’s long‑running track record: in June the company reported its 22nd consecutive year of record annual profit and its 46th straight year of dividend growth of 5% or more. [12]
AI and data‑centre demand power photonics growth
A key narrative today is the role of AI‑driven data‑centre demand in Halma’s Environmental & Analysis division.
According to the company and multiple news reports: [13]
- Halma’s photonics businesses – which supply optical and sensing technologies – enjoyed “premium growth”contributing roughly 8 percentage points to organic revenue growth.
- US demand was particularly strong, with Halma highlighting very robust organic growth in North America. [14]
- One large cloud service provider accounted for around 19% of group revenue in the period, up from 14% a year earlier, as it bought critical photonics solutions for data‑centre construction. [15]
Reuters summed up the backdrop by noting that data centres sit “at the core of the expansion of artificial intelligence infrastructures”, with suppliers like Halma benefiting from heavy investment by global technology companies. [16]
That concentrated but fast‑growing exposure cuts both ways: it has turbocharged short‑term growth, but also increases the group’s dependence on a small number of very large customers in a rapidly evolving market.
Guidance upgraded again – now aiming for mid‑teens growth
Halma had already nudged expectations higher in a September trading update, when it lifted its outlook to “low double‑digit” organic constant‑currency revenue growth for the full year. [17]
On the back of today’s results, management has upgraded guidance again. For the full 2025/26 financial year, Halma now expects: [18]
- Mid‑teens percentage organic constant‑currency revenue growth, including continued premium growth in photonics.
- An adjusted EBIT margin of around 22%, excluding a one‑off profit booked in the first half.
- Group order intake remaining ahead of both revenue year‑to‑date and the same period last year.
This is broadly in line with external commentary. Reuters reported that Halma has raised its annual revenue growth forecast after the surge in first‑half profit, while Investing.com noted that the company now guides to mid‑teens organic revenue growth and robust margins for the full year. [19]
Analysts at Stifel described the update as “another impressive performance with momentum continuing into the second half and into the first half of next fiscal year”, according to Investing.com’s coverage. [20]
Dividend up 7%, balance sheet still conservative
Alongside its earnings, Halma announced a 7% increase in the interim dividend to 9.63p per share (from 9.00p). [21]
Key points on capital allocation and leverage from today’s disclosures: [22]
- The interim dividend will be paid on 30 January 2026 to shareholders on the register on 19 December 2025, with the shares trading ex‑dividend from 18 December 2025. [23]
- Halma continues to invest heavily in future growth, with R&D spend rising to £59.1m, or 4.8% of revenue.
- The group completed two acquisitions worth £129m during the half, including Brownline, which is exposed to long‑term trends such as infrastructure resilience, electrification and fibre/data‑network roll‑outs. [24]
- Net debt/EBITDA stands at about 1.0x, comfortably within the company’s operating range of up to 2x, leaving room for further deals. [25]
The dividend hike and ongoing acquisition activity reinforced the sense among investors that Halma’s “sustainable growth model” is still very much intact.
Valuation: quality at a premium
Today’s surge leaves Halma trading on a rich valuation by UK market standards.
Data from Hargreaves Lansdown and other sources indicate: [26]
- A trailing price/earnings ratio in the mid‑30s to low‑40s, depending on the earnings measure used.
- A relatively low dividend yield of around 0.6–0.7%, despite decades of consecutive dividend growth.
- Strong multi‑year share price performance, with the stock up more than 30% over the past year and around 35–40% over five years on current figures. [27]
Before today’s jump, analysts tracked by MarketScreener had an average target price of about 3,430p, implying modest upside from a prior close of 3,312p. [28]
With the shares now trading around 3,700p, Halma is above that historic consensus target, which may prompt some brokers to revisit their models in light of the stronger‑than‑expected earnings and raised guidance.
How today’s move fits into the wider market picture
Today’s rally in Halma comes against a supportive backdrop for equities:
- Global markets were buoyed by bullish earnings from Nvidia, which helped ease concerns around the durability of AI‑related spending. [29]
- The FTSE 100 rose around 0.7%, but Halma’s double‑digit gain meant it dramatically outperformed the index and most UK peers. [30]
- Other UK names linked to technology or premium growth, such as Games Workshop, also traded higher, but none matched Halma’s percentage rise today. [31]
For investors, today’s move is a reminder that earnings momentum still matters, even in a macro environment marked by mixed growth signals and higher‑for‑longer interest rates.
What it means for Halma investors
For existing shareholders, today’s jump in the Halma share price reflects a mix of:
- Execution: strong organic growth across sectors and regions, especially in US photonics;
- Profitability: rising margins and returns on capital;
- Visibility: a second guidance upgrade in two months and an order book ahead of revenue;
- Financial discipline: continued acquisition activity and R&D investment, but with modest leverage and a rising dividend. [32]
However, there are also risks and trade‑offs to keep in mind:
- The valuation is demanding, leaving less room for disappointment if growth slows or margins come under pressure. [33]
- The group’s increasing exposure to a single large cloud customer (19% of revenue in the half) creates concentration risk if that customer’s investment plans change. [34]
- The broader economic and geopolitical environment remains uncertain, and Halma itself warns that its businesses are seeing “varied conditions” across end‑markets. [35]
In the near term, many market participants will likely focus on whether Halma can sustain mid‑teens organic growthand hold margins around 22% while continuing to invest and acquire. Over the longer term, the key question is how durable the AI‑data‑centre photonics boom proves to be, and how effectively Halma can diversify that growth across its wider portfolio.
Disclaimer: This article is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Share prices and fundamentals can change quickly; always check the latest data and consider seeking independent financial advice.
References
1. www.lse.co.uk, 2. www.lse.co.uk, 3. www.lse.co.uk, 4. www.fidelity.co.uk, 5. www.sharesmagazine.co.uk, 6. www.sharesmagazine.co.uk, 7. businesscloud.co.uk, 8. www.proactiveinvestors.co.uk, 9. www.halma.com, 10. www.halma.com, 11. www.halma.com, 12. www.halma.com, 13. www.halma.com, 14. www.halma.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.halma.com, 18. www.halma.com, 19. www.reuters.com, 20. uk.investing.com, 21. www.halma.com, 22. www.halma.com, 23. www.directorstalkinterviews.com, 24. www.halma.com, 25. www.halma.com, 26. www.hl.co.uk, 27. www.hl.co.uk, 28. www.marketscreener.com, 29. www.thetimes.com, 30. www.sharesmagazine.co.uk, 31. www.thetimes.com, 32. www.halma.com, 33. www.hl.co.uk, 34. www.reuters.com, 35. www.halma.com
