Halma's strong margins are a reflection of its industry dynamics, with inelastic demand allowing the business to price aggressively.

Source: https://seekingalpha.com/article/4631671-halma-unleashing-growth-potential?source=feed_all_articles

So historically, telecom, and particularly telephone service has been shown to be incredibly price inelastic.

Source: https://www.aei.org/technology-and-innovation/wheres-the-broadband-money-going-highlights-from-an-expert-panel-discussion-on-broadband-development-evaluation/