The company is to step down after 18 years after record results were announced by security and medical devices owner Halma Co.
Departing chief executive Andrew Williams told the Standard the firm was feeling the bite of supply chain disruptions and rising inflation.
“Like many others we believe costs are going up and we have different businesses that have had to increase wages,” he said.
“Our biggest challenges are around semiconductor and packaging issues” [but] In the markets we’re in, we’re selling critical components, so there’s some pricing power there. We have leveraged our balance sheet to stock raw materials.”
Williams joined Halma in 1994 and became CEO in 2005, as the company transformed from a medium-sized business with £300 million in annual sales to an FTSE 100 firm with revenues of £1.5 billion. In April next year, he will be replaced by Mark Ronchetti, who has been CFO since 2018.
The company posted revenue of £1.5 billion in the year to 31 March 2022, an increase of 16% over 2021, while profits rose 14% to £316 million, a record profit for the 19th year in a row.
Halma announced that it will issue a dividend of 18.88p per share, a 7% increase over the previous year and the 43rd consecutive year of dividend growth for the business.
Halma made a record 13 acquisitions during the year as part of a £164 million investment programme, including the acquisition of delivery technology business Perigen in a £40 million cash deal and wireless fire systems Ramtek for £16 million.
Shares of Halma fell 4% to £19.41 in early trade.
Credit: www.standard.co.uk /