Diploma’s (DPLM) attempts to drive sales growth through acquisition was hampered in FY2018 by a lack of sellers in the market, making deals hard to come by. At the time, management predicted that the worsening economic outlook would precipitate an increase in M&A opportunities – and so it has proved. So, although Diploma, a specialised technical products and service provider, has had to contend with weakening global industrial markets, it has increased M&A expenditure fourfold on the prior year to £78.3m, pushing the group into a net debt position.
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