ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

RSW Renishaw Plc

4,144.00
-6.00 (-0.14%)
Last Updated: 08:33:44
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Renishaw Plc LSE:RSW London Ordinary Share GB0007323586 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -6.00 -0.14% 4,144.00 4,122.00 4,154.00 4,170.00 4,140.00 4,140.00 6,766 08:33:44
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Electrical Machy, Equip, Nec 688.57M 116.1M 1.5966 25.96 3.01B

Renishaw PLC Trading Statement (4689M)

13/10/2016 10:54am

UK Regulatory


Renishaw (LSE:RSW)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Renishaw Charts.

TIDMRSW

RNS Number : 4689M

Renishaw PLC

13 October 2016

Renishaw plc

Trading update

13th October 2016

Ahead of the AGM being held at noon today, we are providing a short trading update as follows:

Renishaw plc, the global high-precision metrology and healthcare manufacturer, publishes this trading update for the three months ended 30th September 2016. It contains unaudited information that covers the first quarter and the period since.

Trading activity

Revenue for the first quarter of the current financial year was GBP112.8m, compared with GBP98.2m for the corresponding period last year, with growth of 15%. There was growth in all regions, especially the Far East at 22% (9% at constant exchange rates) and Europe at 13% (3% at constant exchange rates).

By business sector, revenue in our metrology business increased by 16% to GBP108.8m compared with GBP93.7m last year, with underlying growth at constant exchange rates of 7%. Revenue in our healthcare business was GBP4.0m compared with GBP4.5m last year.

Profit before tax for the first quarter amounted to GBP14.1m (including a currency benefit of GBP3.7m) compared with GBP16.3m last year.

The Group's cost base reflects investments made in the previous year, including an increase in labour costs supporting global marketing expansion, further strategic investment in our research and development programmes and investment in skills for future growth. Across the Group, we continue to focus on our operating costs. Exchange rate movements have given rise to higher overseas operating costs in Sterling terms.

Renishaw Diagnostics Limited ("RDL")

Following an extensive review of the business, the Board has decided to discontinue operations at RDL, resulting in the 33 staff directly employed by RDL now being on notice of redundancy. Significant efforts have been made to find a collaboration or acquisition partner, however there have been no acceptable offers to date that could take RDL forward as a going concern. We continue to look at opportunities for the sale of RDL assets and to support employees in finding alternative employment. We would like to express our thanks to the employees of RDL for their considerable efforts since the company was formed in 2007.

The full carrying value of assets on the consolidated balance sheet which are at risk of impairment loss, along with estimated cessation costs, is expected to be in the region of GBP4.9m. The resultant costs, net of proceeds from asset disposals, will be reflected in the half year results. The operating costs of RDL in the 2016 financial year were GBP3.2m.

Financial position

The Group balance sheet remains strong with net cash balances of GBP27.8m as at 30th September 2016 (30th June 2016: GBP21.3m), excluding the escrow account of GBP15.3m (30th June 2016: GBP15.3m) which provides additional security for the UK defined benefit pension scheme.

Outlook

The Board remains confident in the future prospects of the Group and, as stated in my statement in July 2016, we continue to anticipate growth in both revenue and profit in this financial year.

Sir David McMurtry

CBE, RDI, FRS, FREng, CEng, FIMechE

Chairman and Chief Executive

13th October 2016

Renishaw plc

   Registered office            New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR 
   Registered number         1106260 
   Telephone number          01453 524524 
   Website                        www.renishaw.com 

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTEANEDFSDKFEF

(END) Dow Jones Newswires

October 13, 2016 05:54 ET (09:54 GMT)

1 Year Renishaw Chart

1 Year Renishaw Chart

1 Month Renishaw Chart

1 Month Renishaw Chart

Your Recent History

Delayed Upgrade Clock