IndexReady report
Halma plc
Halma plc Annual Report and Accounts 2026 · Source document
Indicative analysis based on public methodology documents and the uploaded disclosure. Index providers make final determinations using their own data. Not investment, legal or index advice.
Classification and valuation
| ICB subsector | Rule applied | |
|---|---|---|
| Likely | Diversified Industrials 50203000 | Step 5: 50% or more from one industry, no subsector above 50%: diversified classification |
| Arguable alternative | Electronic Equipment: Pollution Control 50202030 | Step 2: 50% or more of revenue from one subsector |
| Official | Electronic Equipment: Gauges and Meters 50202025 | London Stock Exchange company page, Industry classification section, 2026-10-24 |
The official classification is in the mix, but the disclosed split does not settle it. Electronic Equipment: Gauges and Meters is the largest of the subsectors in the mapped revenue, at 40%, short of the 50% and 20-point tests in the ICB rules, which applied to the disclosed segments give Diversified Industrials. FTSE Russell's classification therefore rests on its own reading of the business beyond the segment split. For a company coming to market, that is a point to settle with FTSE Russell before listing.
Contestable. No single subsector accounts for 50% or more of revenue, so the classification turns on how revenue is disclosed and mapped.
Revenue by ICB subsector
Each bar is the share of revenue mapped to a subsector, against the 50% line used by the ICB rules.
| Activity | Revenue | Basis | ICB mapping |
|---|---|---|---|
| Fire safety, public safety, worker safety and infrastructure safety products and sensors | 37.0% | disclosed, p.6 | Electronic Equipment: Other (alt. Electronic Equipment: Pollution Control) |
| Environmental monitoring, water analysis and optical/photonic solutions | 40.0% | disclosed, p.6 | Electronic Equipment: Gauges and Meters (alt. Electronic Equipment: Pollution Control) |
| Medical devices, healthcare technologies and diagnostics components | 23.0% | disclosed, p.6 | Medical Equipment (alt. Medical Supplies) |
Why the likely classification
Halma is a group of safety, environmental and healthcare technology companies. Safety (37%) and Environmental & Analysis (40%) together are about 77% of revenue and consist of sensor, detection and monitoring hardware, so each is mapped to electronic equipment subsectors, with Healthcare mapped to Medical Equipment.
“Environmental & Analysis 40% of revenue” p.6
“Fire Safety – solutions that detect, control, mitigate and suppress the effects of fires, protecting people and assets.” p.42
“Their solutions support a wide range of applications from environmental monitoring and materials analysis to digital, data and communications infrastructure.” p.46
The arguable alternative
Environmental & Analysis could be mapped to Pollution Control equipment because of its gas detection and water treatment products. Safety could be argued as Pollution Control or Industrial Machinery. Healthcare could alternatively be Medical Supplies for its components and devices.
“Water Analysis & Treatment systems that assist communities and businesses around the world to sustainably improve water quality and availability” p.177
“critical fluidic components for diagnostic and analytical instruments” p.50
Valuation by classification
| Classification | Benchmark | EV/EBITDA | Listed peer set |
|---|---|---|---|
| Diversified Industrials Likely | Diversified | 14.5x | Peer data not set |
| Electronic Equipment: Pollution Control Alternative | Electronics (General) | 17.3x | Peer data not set |
| Electronic Equipment: Gauges and Meters Official (LSE) | Electronics (General) | 17.3x | Peer data not set |
Benchmark multiple under the official classification (Electronic Equipment: Gauges and Meters): 17.3x, against 14.5x for the disclosure-implied Diversified Industrials.
Illustrative only. Implied enterprise values are not shown for named companies. Multiples are industry benchmarks, not a valuation of this company. The two classifications carry benchmark multiples 2.8 turns apart.
FTSE index inclusion and passive demand
FTSE UK Index SeriesEligibleFTSE 100, fast entry after the fifth day of trading
- Listing venuePass
Main Market (Equity Shares, commercial companies) (p.151). Rule 4.1.1.
- NationalityPass
Incorporated in England, United Kingdom. Rule 4.1.3, Section 5, Rule 8.4.4 footnote.
- Free floatPass
Free float scenario 35% against a minimum of 10%. Rules 4.1.1 and 6.4; market consultation update 26 March 2026.
- Trading volumes after listingNot assessable
Median liquidity test: turnover of at least 0.025% of shares in issue (after investability weightings) based on monthly medians in at least 10 of the prior 12 months; new issues need at least a 20-day trading record. Fast-entry IPOs are exempt from the liquidity screen. Rule 6.7; Guide to Calculation Methods for the Median Liquidity Test.
- Fast entry at IPOPass
Full market cap £14.27bn is at or above the FTSE 100 fast-entry level (£4.5bn, 2026-09-02) and IPO shares of £4.99bn meet the £1bn investable minimum. Rules 8.4.2 and 8.4.4.
Source: FTSE UK Index Series Ground Rules, v17.3, September 2026. Checked 2026-10-24.
Identified UK tracker demand (minimum)
Total passive ownership is higher than this figure. It counts only the named UK index funds below; other trackers, ETFs listed elsewhere, segregated index mandates and closet indexers are not included.
| Index membership assumed | FTSE 100 |
| Free float value (35% of £14.27bn) | £4.99bn |
| Share held by identified UK trackers | 1.96% |
| Identified UK tracker demand (minimum) | £97.8m 1.96% of free float |
Method: assets of the named UK index funds tracking each index, divided by the index's market value, applied to the free float value. This is a documented minimum, not an estimate of total passive demand.
| Index | Named trackers | Fund assets | Index value | Share |
|---|---|---|---|---|
| FTSE 100 trackers | iShares Core FTSE 100 UCITS ETF; Vanguard FTSE 100 UCITS ETF (all share classes); HSBC FTSE 100 Index Fund | £25.29bn | £2,516.98bn | 1.00% |
| FTSE All-Share trackers | Vanguard FTSE U.K. All Share Index Unit Trust (all share classes); Legal & General UK Index Trust; HSBC FTSE All-Share Index Fund | £27.36bn | £2,869.2bn | 0.95% |
Float scenarios
At an indicative market capitalisation of £14.27bn.
| Free float | Likely FTSE index | Free float value | Identified tracker demand (min.) | % of free float |
|---|---|---|---|---|
| 25% | FTSE 100 | £3.57bn | £69.9m | 1.96% |
| 35% | FTSE 100 | £4.99bn | £97.8m | 1.96% |
| 50% | FTSE 100 | £7.14bn | £139.7m | 1.96% |
Fast entry needs at least £1bn of IPO shares, so the float can change the index as well as the demand.
Readiness actions
For the IPO simulation. The most material actions, at most three, for the indices within reach.
- Lead with Environmental & Analysis and settle subsector · Classification
Present Environmental & Analysis first in the prospectus narrative and segment reporting, with revenue split by the three segments as it is today, so the largest segment (40%) is clear and the disclosed split is not blurred. Revenue still points to Diversified Industrials on the rule applied, so agree the subsector with FTSE Russell before listing and note Pollution Control as an arguable alternative.
- Publish ESG data for FTSE Russell coverage · FTSE4Good UK
Disclose the datasets FTSE Russell needs, including climate and wider theme data, so a FTSE ESG Score and Climate Change Theme Score can be assessed. Address the subsector point with FTSE Russell, as the Climate Change Theme Score requirement applies under either classification.
- Size and disclose the free float · FTSE UK (All-Share)
State the expected free float and investability at listing so the index provider can weight the company for fast entry to the FTSE 100. Agree the timing of the fifth-day fast-entry review with FTSE Russell ahead of pricing.
Thematic and ESG indices
FTSE4Good UK IndexNot assessableFTSE ESG Score (FTSE Russell's own assessment) cannot be assessed from the document
- Underlying index: FTSE All-SharePass
Depends on FTSE All-Share membership (FTSE 100, fast entry after the fifth day of trading). Rule 4.2.1.
- SeasoningNote
New entrants to the underlying index (fast entries or normal review entries) are eligible to join at the semi-annual review only after at least six months in the index universe, subject to ESG data being available. For an IPO this sets the earliest date, not eligibility. Rule 9.2.1.
- FTSE Russell ESG data coverageNot assessable
Companies without FTSE Russell data coverage for the required ESG datasets are not included. Rule 6.1.6.
- FTSE ESG Score (FTSE Russell's own assessment)Not assessable
Developed market companies need a FTSE ESG Score of 3.3 or above to be added (2.9 or above to remain). Rules 6.3.2 and 6.3.7.
- FTSE ESG Theme ScoresNot assessable
Not added with a Theme Score of 0 or 1 in any applicable High Exposure Theme; constituents must keep 1 or more. Rules 6.3.3 and 6.3.8.
- Climate theme group (Appendix D)Not assessable
Diversified Industrials is a Secondary impact subsector: Climate Change Theme Score of 2 required. Under the alternative (Electronic Equipment: Pollution Control) it is Secondary, the same requirement. Rule 6.3.4 and Appendix D.
- Sustainalytics Global Standards Screening and RepRisk scoresNot assessable
Ineligible if assigned Non-compliant status in the Sustainalytics Global Standards Screening; non-constituents with significant controversies (RepRisk) are not added. Rules 6.2.2 and 6.2.3.
The ESG Score is FTSE Russell's own assessment from public disclosure. Disclosure that supports a higher score: Scope 1 and 2 (and where material Scope 3) emissions, TCFD or ISSB-aligned climate reporting, and clear policies with targets on the themes that apply to the company's subsector.
Source: FTSE4Good Index Series Ground Rules, v6.2, October 2026. Checked 2026-10-24.
STOXX Global Digital Security IndexExcludedRevenue in theme activities: 0% of revenue shown to be in the named sub-industries against more than 50%
- Free-float market capitalisationPass
£4.99bn is about EUR 5,966m against a minimum of EUR 200m (ECB rate 2026-10-23). 17.2.2.
- Trading volumes after listingNot assessable
3-month median daily traded value greater than EUR 1 million. 17.2.2.
- Revenue in theme activitiesFail
0% of revenue shown to be in the named sub-industries against more than 50%. No revenue is shown to fall in this theme's named sub-industries. Basis: Fire, public and worker safety products are physical safety products, not named security sub-industries, and no subsector revenue is disclosed, so nothing is counted. 17.2.2.
- Sustainalytics coverage and ratingsNot assessable
Sustainalytics Global Standards Screening non-compliant, or Controversy Rating Category 5; missing data means exclusion. 17.2.2.
Source: STOXX Index Methodology Guide (Portfolio Based Indices), section 17.2, October 2026. Checked 2026-10-24.
STOXX Global Automation & Robotics IndexExcludedRevenue in theme activities: 0% of revenue shown to be in the named sub-industries against more than 50%
- Free-float market capitalisationPass
£4.99bn is about EUR 5,966m against a minimum of EUR 200m (ECB rate 2026-10-23). 17.11.2.
- Trading volumes after listingNot assessable
3-month median daily trading value greater than EUR 1 million. 17.11.2.
- Revenue in theme activitiesFail
0% of revenue shown to be in the named sub-industries against more than 50%. No revenue is shown to fall in this theme's named sub-industries. Basis: Optical and photonic solutions and sensors are not quantified separately; the photonics revenue split is not disclosed, so nothing is counted. 17.11.2.
- Sustainalytics coverage and ratingsNot assessable
Sustainalytics Global Standards Screening non-compliant, or Controversy Rating Category 5; missing data means exclusion. 17.11.2.
Source: STOXX Index Methodology Guide (Portfolio Based Indices), section 17.11 (STOXX Global Thematic indices), October 2026. Checked 2026-10-24.
ISE Cyber Security UCITS IndexExcludedCyber security a key driver (committee): No cyber security activity is disclosed, so the company would not be considered.
- Free-float market capitalisationPass
£4.99bn is about USD 6,677m against a minimum of USD 100m (ECB rate 2026-10-23). HXR Market capitalization eligibility.
- SeasoningNote
The security must have seasoned for at least three calendar months on an index-eligible exchange before the reference date. For an IPO this sets the earliest date, not eligibility. HXR Seasoning eligibility.
- Trading volumes after listingNot assessable
HUR requires three-month average daily value traded of at least USD 1 million (new entrants also USD 750k five-day ADVT on each of 60 days); HXR requires USD 1 million ADDTV. HUR Liquidity; HXR Liquidity eligibility.
- Cyber security a key driver (committee)Fail
No cyber security activity is disclosed, so the company would not be considered. HXR Industry or sector eligibility.
- Revenue test (secondary line)Fail
0% of revenue shown to be in the named sub-industries against at least 90%. No revenue is shown to fall in this theme's named sub-industries. Basis: No cyber security products or services are sold by the group, so nothing is counted. HXRXL Other eligibility.
- Sustainalytics coverage and ratingsNot assessable
Sustainalytics Controversy Rating of 5 or UNGC non-compliance; missing Sustainalytics data makes a security ineligible. HUR ESG Eligibility.
Source: ISE Cyber Security UCITS Index (HUR) methodology, Nasdaq 2026. Checked 2026-10-24.
S&P Global Clean Energy Transition IndexExcludedClean energy exposure score: Clean revenue 0% gives an exposure score of 0 (minimum 0.5 needs 25%).
- Total market capitalisationPass
£14.27bn is about USD 19,078m against a minimum of USD 300m (ECB rate 2026-10-23). Eligibility Factors.
- Free-float market capitalisationPass
£4.99bn is about USD 6,677m against a minimum of USD 100m (ECB rate 2026-10-23). Eligibility Factors.
- Trading volumes after listingNot assessable
Six-month median daily value traded of USD 3 million (USD 2 million for current constituents). Eligibility Factors.
- Clean energy exposure scoreFail
Clean revenue 0% gives an exposure score of 0 (minimum 0.5 needs 25%). Exposure Score Calculations, Step 3.
- Trucost carbon-to-revenue footprintNot assessable
Companies with a Trucost carbon-to-revenue footprint standard score greater than three are excluded (companies without Trucost coverage remain eligible). Index Construction step 2.
- Sustainalytics coverage and statusNot assessable
Companies without S&P Global business involvement or Sustainalytics coverage, and Sustainalytics non-compliant companies, are excluded. Exclusions based on Business Activities; Global Standards Screening.
Source: S&P Thematic Indices Methodology (S&P Global Clean Energy Transition Index, Appendix B), September 2026 (read via the Internet Archive copy of 1 October 2026; spglobal.com blocks automated download). Checked 2026-10-24.
Footnotes and sources
From the document
Page references are to the page numbers of the PDF file, which can differ from the numbers printed on the pages.
- Revenue: GBP 2,582.3m (Year ended 31 March 2026) p.18
Revenue 2,582.3 100 2,248.1 100 334.2 14.9 16.6
- Adjusted EBITDA: GBP 661.5m p.38
Adjusted EBITDA 661.5 552.8
- Listing: Main Market (ESCC) p.151
Relevant disclosures required by UKLR 6.6.1 can be located as follows
- Incorporation: England, United Kingdom p.224
- Fire safety, public safety, worker safety and infrastructure safety products and sensors: 37.0% (disclosed). Safety sector 947.5 / 2,582.3 = 37% disclosed; subsector split not disclosed so kept as a single activity p.6
Safety 37% of revenue
- Environmental monitoring, water analysis and optical/photonic solutions: 40.0% (disclosed). Environmental & Analysis sector 1,037.7 / 2,582.3 = 40% disclosed; subsector split not disclosed so kept as a single activity p.6
Environmental & Analysis 40% of revenue
- Medical devices, healthcare technologies and diagnostics components: 23.0% (disclosed). Healthcare sector 598.4 / 2,582.3 = 23% disclosed; subsector split not disclosed so kept as a single activity p.6
Healthcare 23% of revenue
- Market capitalisation: Illustrative: average share price of 3,759p over the three months to 31 March 2026 (p.133) × 379,645,332 shares in issue (p.202).
- Pages read: 40 of 246. Listing status is inferred from FTSE 100 references and UKLR disclosures. Sector revenues sum to 2,583.6 before inter-segment sales of -1.3. One customer in Environmental & Analysis accounts for 20% of Group revenue (p.182). Gas detection and other end markets could touch oil and gas customers, but no direct involvement in excluded activities is shown. Free float is not disclosed.
Checked against the source
- Country of incorporation: Not found in the pages first read; added from p.224 after checking the source.
Halma plc (the Company) is a public limited company incorporated and domiciled in England, United Kingdom
- One customer accounts for 20% of Group revenue: Confirmed on p.182.
Revenue from one customer of the Group’s Environmental & Analysis segment represents 20% (2025: 15%) of the Group’s total revenue
- Page references: 1 quote was cited on the wrong page (p.178; it is on p.177) and has been corrected after checking the source text.
- Listing category: The first quote cited for the listing was a shareholder return comparison; replaced with p.151, which refers to UKLR 6.6.1, the annual report rule for equity shares in commercial companies (ESCC).
Relevant disclosures required by UKLR 6.6.1 can be located as follows
Index rules
- FTSE UK Index Series: FTSE UK Index Series Ground Rules, v17.3, September 2026. Checked 2026-10-24.
- FTSE AIM Index Series: FTSE AIM Index Series Ground Rules, v4.5, July 2026. Checked 2026-10-24.
- FTSE4Good UK Index: FTSE4Good Index Series Ground Rules, v6.2, October 2026. Checked 2026-10-24.
- STOXX Global Digital Security Index: STOXX Index Methodology Guide (Portfolio Based Indices), section 17.2, October 2026. Checked 2026-10-24.
- STOXX Global Automation & Robotics Index: STOXX Index Methodology Guide (Portfolio Based Indices), section 17.11 (STOXX Global Thematic indices), October 2026. Checked 2026-10-24.
- ISE Cyber Security UCITS Index: ISE Cyber Security UCITS Index (HUR) methodology, Nasdaq 2026. Checked 2026-10-24.
- S&P Global Clean Energy Transition Index: S&P Thematic Indices Methodology (S&P Global Clean Energy Transition Index, Appendix B), September 2026 (read via the Internet Archive copy of 1 October 2026; spglobal.com blocks automated download). Checked 2026-10-24.
Assumptions
- FTSE 100 fast-entry level (full market capitalisation): £4.5bn (FTSE Russell notice "FTSE UK Index Series - Quarterly Fast Entry Level - September 2026", 2 September 2026, 2026-09-02). Reset at each quarterly review (March, June, September, December).
- FTSE 250 fast-entry level (full market capitalisation): £1.18bn (FTSE Russell notice "FTSE UK Index Series - Quarterly Fast Entry Level - September 2026", 2 September 2026, 2026-09-02). Reset at each quarterly review.
- Full market capitalisation of the 325th-ranked company (FTSE 250 periodic-review entry): not set. FTSE Russell does not publish this as a GBP figure. Needs the FTSE UK Monitored List ranking at a review cut-off date.
- Full market capitalisation of the 80th-ranked FTSE AIM All-Share company (FTSE AIM 100 entry): not set. FTSE Russell does not publish this as a GBP figure; entry depends on rank at the quarterly review.
- FTSE SmallCap Index net (investable) market capitalisation: £37.19bn (FTSE Russell, FTSE SmallCap Index factsheet, data as at 30 September 2026, 2026-09-30). Rule 8.3.5 uses the SmallCap's full market capitalisation, which the factsheet does not publish. Full cap is at least the net cap, so 0.15% of this figure is a lower bound for the true inclusion threshold.
- FTSE 250 Index net (investable) market capitalisation: £315.03bn (FTSE Russell, FTSE 250 Index factsheet, data as at 30 September 2026, 2026-09-30)
- Exchange rates: European Central Bank euro foreign exchange reference rates, 2026-10-23.
- FTSE 100 trackers: index value £2,516.98bn (FTSE Russell, FTSE 100 Index factsheet, data as at 30 September 2026). iShares Core FTSE 100 UCITS ETF £16.39bn (2026-09-30); Vanguard FTSE 100 UCITS ETF (all share classes) £6.49bn (2026-09-30); HSBC FTSE 100 Index Fund £2.41bn (2026-09-30)
- FTSE 250 trackers: index value £315.03bn (FTSE Russell, FTSE 250 Index factsheet, data as at 30 September 2026). Vanguard FTSE 250 UCITS ETF (all share classes) £2.2bn (2026-09-30); HSBC FTSE 250 Index Fund £1.57bn (2026-09-30); iShares FTSE 250 UCITS ETF £644.5m (2026-07-31)
- FTSE All-Share trackers: index value £2,869.2bn (FTSE Russell, FTSE All-Share Index factsheet, data as at 30 September 2026). Vanguard FTSE U.K. All Share Index Unit Trust (all share classes) £17.43bn (2026-09-30); Legal & General UK Index Trust £7.69bn (2026-10-24); HSBC FTSE All-Share Index Fund £2.23bn (2026-09-30)
- FTSE AIM trackers: index value not set. No named FTSE AIM index tracker fund was found and sourced. Not set.
- Benchmark multiples: Aswath Damodaran, Enterprise value multiples by industry, Europe (vebitdaEurope.xls), 2026-01. Europe-wide industry aggregate, not a UK peer set. Mapping from ICB subsector to Damodaran industry drafted by Claude for review.
ICB classifications here are indicative estimates made from the disclosure, not official ICB assignments. Generated 2026-10-24 with claude-sonnet-5-5.
Indicative analysis based on public methodology documents and the uploaded disclosure. Index providers make final determinations using their own data. Not investment, legal or index advice.