Halma's big in the east

All but one of the four new reporting divisions grew last year, driving adjusted pre-tax profit up 8 per cent to £131m. Despite government cutbacks in the US, both sales and profits at Halma's medical unit leapt by over a third, and revenue jumped 12 per cent even without the benefit of four acquisitions during the period. It would have been more but for a weak UK performance.

Growth at both the process safety and infrastructure safety operations was more modest, although better margins helped the bottom line. The only stain on these results was a 4 per cent slip in underlying operating profit at the environmental analysis division. This was blamed on a cut in US research budgets and stingy UK water companies. Still, Halma is consolidating a US manufacturing facility and Asia is spending more. And it's international expansion that's exciting chief executive Andrew Williams. Higher growth markets outside Europe and the US now make up a quarter of revenues and should contribute 30 per cent by 2015.

Broker Numis Securities expects adjusted pre-tax profit of £142m and EPS of 28.8p (up from £131m and 26.2p in 2013).