Shares 

Halma, reassuringly expensive

Halma’s (HLMA) enviable track record remained firmly intact after an undeniably strong set of full-year numbers. Record revenue and profit for the past 11 years; operating margin above 16 per cent for 29 years in a row; dividend increases of at least 5 per cent for 35 years, and rising sales in 38 of the past 40 years. These are important reminders why shares in the acquisitive engineer deserve to trade at a significant premium to those of peers, and reasons why the price has further to rise.

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