Competitive PressureThe comparisons for Halma become significantly tougher due to exceptional growth in Photonics during the corresponding period, posing a challenge for future performance.
Revenue ConcentrationA single customer in the Environmental & Analysis division accounts for 14% of group revenue, suggesting materially more concentration risk in this portfolio business.
Revenue GrowthGuidance indicates that revenue and profits from Photonics are likely to flat line, which may lead to some de-rating of the shares.