Diploma plc Reports Group Revenue Results for the First Quarter Ended 31 December 2017; Provides Tax Rate Guidance for the Year Ending 30 September 2018
The company notes the enactment of the Tax Cuts and Jobs Act in the United States on 22 December 2017 which will reduce the statutory rate of US Federal corporate income tax to 21%, effective from 1 January 2018. While the full implications of this new US tax legislation on the Group are still being reviewed, the company estimates that the Group's adjusted effective tax rate for the year ending 30 September 2018 will reduce to ca. 24% from 26.5% reported at 30 September 2017. There will be no material one-off charges or credits as a result of the change in tax rate.