Renishaw Share Discussion Threads

[cellars] 19/10/2013 09:53

Red

Was there discussion at the AGM of additive mfg?

Cellars

[redartbmud] 18/10/2013 15:21

RR

They need to start by reorganizing the Board.
FD to retire.
New Non-exec Chairman.
New Chief Exec.
Clear out Non-exec directors and replace them with ones who have some drive.

Review business strategy.
Address cost structure.

I could go on, but they are just not managing effectively or efficiently at present. The business is drifting in the breeze.


red

[rogerrail] 18/10/2013 10:42

Just to clarify, I was only stating the facts. A one off order from Foxconn lead to an exceptional 1st quarter and the share price went ahead of itself - I sold out then and bought back in on the dip to £15 in April
As to the prospects going forward, manufacturing is still continuing to recover in a stuttering fashion. There are good prospects for RSW to grow its metrology business at a healthy rate based on an excellent and in areas unique product offering, and 9% underlying is healthy. There are issues, it is not the leanest of companies, they need to get better control of finances, and Medical is a dissapointment and is a distraction from the core business.

[chairman20] 18/10/2013 09:53

red

so many warnings signs in all this

you are right to sell in my view

[redartbmud] 18/10/2013 08:16

Sorry to rain on the parade, but I have turned negative on the company.

The presentation at the AGM was very downbeat compared to previous years, and the whole thing rambled on until I had lost the will to live. The Chairman stumbled his way through a multitude of errors in the process of conducting the meeting. Great feature was made on medical, probably 60% of the talk - BUT when questioned we were informed that in the neuro area there was no revenue and all costs are being written off anually as R&D as it was wholly experimental. I see the market as negligible going forward.
The senior independent director, and the one with focus, Bill Whiteley has left. I can just imagine him wringing his hand in horror at board meetings.

Whilst there are new developments in the core business, I see the comany as having lost focus on what are its business and markets. I will reduce my holdings in an orderly fashion from here.

[bad robot] 17/10/2013 16:45

toched support today

[chrisgail] 17/10/2013 12:18

RogerRail. I rather think you are missing the point, to say the 'underlying revenue increased 9%' they are ignoring the exceptional and one assumes the highly profitable orders from last year. These are drab results, I'm not surprised as the World economy is drab. The boost that has been derived from the China growth story now needs to be removed from future projections. This is not just Renishaw's problem but that of many others as the World goes ex-China growth.

[rogerrail] 17/10/2013 11:44

Comparison to Q2 more appropriate than to Q1, revenue Q2 last year £78M, profits £15M , Q1 this yr £79M Profits £10.6M.

underlying revenue increased 9%,

Drop in profits due to 5% increase in cost base to align the business to future demand.

[chrisgail] 17/10/2013 11:06

Profits in first quarter down more than 50%.

[redartbmud] 16/10/2013 13:42

Not long to wait. I for one will be at the AGM.

[chrisgail] 16/10/2013 11:48

The market doesn't seem to be looking forward with any optimism to tomorrows IMS.

[chairman20] 03/9/2013 20:48

suspiciously like they are trying to do some PR?!!!

having taken a Monkish vow of silence against flacks, hacks,
and analysts.

[robinnicolson] 03/9/2013 15:17

When Renishaw tweet a link to a BBC News story: "UK manufacturing 'booming again'", are management subtly hinting that our business is doing just fine at the moment?

[deadly] 09/8/2013 12:20

Strong all of a sudden. Love this volatility for trading.

[redartbmud] 25/7/2013 08:43

Normal service resumed. Sold out too early, but achieved the object of increasing my weighting at minimal cost, so can't grumble too much.

[apad] 25/7/2013 06:45

One of the directors told me a few of years ago that they didn't much talk to the Tintins, so I suspect this is simply formalising the status quo.
Didn't like the eps one little bit - my expectation was 105 to 109 not less than last year.
apad

[redartbmud] 24/7/2013 21:57

Chair

Thanks for the heads up on the webcast. I will listen in tomorrow, when it is linked to the web-site.
They wheeled out good old Ben then - Renishaw's Kermit the Frog/Bill Gates soundalike. He can talk the hind legs of a donkey.


red

[chairman20] 24/7/2013 19:54

I love 'spivs'

they will punish the Board and management
no doubt

did anyone listen in to the questions on the webcast today?

[dasv] 24/7/2013 19:01

whitestone - yes I can completely imagine that this is the case. They want to concentrate on running their business, not sucking-up to analysts, or duping PI's. It's actually a good thing - I was just second guessing how the spivs themselves would react.

1500 support held - a good sign.

[whitestone] 24/7/2013 17:22

dasv

Not a lack of investor meetings but rather a desire to place all investors and indeed potential investors on the same basis. They obviously intend to make clear they will not give private briefings to a select few to profit therefrom. These people are Engineers and have little or no time for the City spivs perhaps..!

[dasv] 24/7/2013 16:50

thanks for info red.

chairman I think you make valid points - I should clarify I sold at open having bought higher.

The expansion of capacity coupled with revenue growth increases is encouraging however the lack of investor meetings is going to annoy the city. This could affect the rating (PE). For me this is one to keep an eye on and buy back on positive updates.

[redartbmud] 24/7/2013 16:24

Chairman

From Investegate

15 July Montaro 2.99% - down from just over 3%
31 Jan Baillie Gifford 5.29%
16 Jan Blackrock 4.015 - reduced

Looks like the only movements since the AGM

Can't see Old Mutual with declarable interest.

red

[chairman20] 24/7/2013 13:44

thanks redart
v helpful

no old mutual med size com-pany fund?

[redartbmud] 24/7/2013 13:42

I took today's stake off the table at £15.264, leaving the gain in shares in my SIPP. Reduced the average price of the portfolio and increased the yield as a result. This is win win for me, as I now have the cash available again, and will get future dividends for free.
Most of my holding is at negligible cost, derived from a certain amount of trading.
As I am in drawdown, I have to watch the pennies carefully.


red

[redartbmud] 24/7/2013 11:27

Chairman

I agree on succession/risk, but if/when McMurtry (Age 72) or Deer (Age 74) shuffle off this mortal coil, we could see a bid.

McMurtry will not let healthcare go lightly, if at all, but it doesn't look to me like a long term contributor, so it is a negative.

Bill Whitely as a non-exec is a big plus. I rate him very highly. I would have liked to see him as Chair. I would expect wise counsel from him.
The company could benefit from a bit more shake up of the board.

£21m of cash at the year end

Y/e
Blackrock 5.07%
Capital Research 4.76%
Standard life 4.99%
I have not checked on any changes.

red