Renishaw Share Discussion Threads

[deadly] 23/7/2014 08:11

These results make a mockery of the recent lows. But I'm surprised at the 15% jump today given that EPS are down 7%.

-- Record revenue of GBP355.5m (2013: GBP346.9m).
-- Record quarterly revenue of GBP107.0m achieved in final quarter.

[apad] 26/6/2014 10:08

57 Job vacancies 26 June

[robinnicolson] 20/6/2014 15:40

Incredibly volatile price action for the past two days... even by RSW standards.

[quickmind] 18/5/2014 09:24

Ant feedback from the "Investor Day - 15th May 2014"? I applied to attend but was too late (fully booked, I was informed).

[stevestallwood] 14/5/2014 14:09

Redartbemud, re 620 - why copy what we can already read on the ADVFN Renishaw 'Quote' (Recent News) page - especially when I have to scroll through gibberish?

[redartbmud] 14/5/2014 06:54

Renishaw plc

Interim management statement

14th May 2014





Renishaw plc issues the following Interim management statement covering the period from 1st January 2014 to 13th May 2014. Financial information in this announcement relating to the current year is unaudited.



Group trading activity



Revenue


3rd quarter ended 31st March





9 months ended 31st March




2013


2014


Change





2013


2014


Change




£m


£m


%





£m


£m


%
























Metrology


74.7


78.8


+5%





237.2


229.5


-3%

Healthcare


7.2


5.7


-21%





18.9


19.0


+1%

Total


81.9


84.5


+3%





256.1


248.5


-3%



Revenue for the third quarter ended 31st March 2014 was £84.5m, compared with £81.9m for the comparable period last year. Cumulative revenue for the 9 months to 31st March 2014 of £248.5m was 3% below the £256.1m for the comparable period.



During the third quarter we experienced growth in the Americas, the Far East and the UK, when compared with the corresponding period last year.



As previously noted, the first half year revenue was subject to tough comparators due to exceptionally high revenue from certain Far East customers. As a result, cumulative revenue for the 9 months in the Far East was 16% below the corresponding period last year. Europe showed a growth of 4%, the Americas a growth of 9%, with the UK, a smaller market, being 12% higher.



Third quarter revenue has been impacted by the strengthening Pound and at previous year exchange rates cumulative revenue would have been £4.7m higher.



Adjusted and restated profit before tax (see note)


2013


2014


Change




£m


£m


%











3rd quarter ended 31st March


15.9


14.4


-9%

9 months ended 31st March


58.1


40.0


-31%



Profit before tax for the third quarter amounted to £14.4m compared with a restated £15.9m last year and for the 9 months to 31st March 2014, excluding the exceptional credits in both years (see note below), amounted to £40.0m compared with a restated £58.1m last year.



At previous year exchange rates, cumulative adjusted profit before tax would have been £2.2m higher.



Disposal of shareholding in Delcam plc

In February 2014, Autodesk Development B.V., a wholly owned subsidiary of Autodesk, Inc. acquired the whole of the issued share capital of Delcam plc at a price of £20.75 per share. Renishaw held 1,543,032 Delcam shares (19.4%) which resulted in a total consideration of £32.0m. The investment held in the balance sheet was £5.7m, giving a profit on disposal of £26.3m. This profit will be disclosed as an exceptional item in the Consolidated income statement in the full year results.



It is our intention that the proceeds arising will be used to support ongoing and future investments in the business.



Metrology

Revenue in the Group's metrology sector for the third quarter was £78.8m, 5% above last year's third quarter of £74.7m and for the 9 months amounted to £229.5m compared with £237.2m for the same period last year. Good growth has been experienced in our additive manufacturing (AM), encoder and measurement automation product lines.



New products introduced into the market during the third quarter include the ultra-compact ATOM™ readhead, an innovative optical and rotary incremental encoder system.



Healthcare

In our healthcare business sector, revenue for the third quarter was £5.7m, compared with £7.2m for the comparable period last year. Revenue for the 9 months was £19.0m compared with £18.9m last year.



An increasing number of territories are granting regulatory approval for the neuromate® robotic system. In the USA, the US Food and Drug administration (FDA) has issued clearance to market the neuromate frameless Gen II stereotactic robotic system. The USA is the largest global market for medical devices and their clearance to market the neuromate robotic system will therefore open up new sales opportunities. Also during the last quarter, product registration for the neuromate has been granted by the Saudi Food and Drug Administration where a system is now in use.



Pioneering facial reconstruction surgery using AM printed implants has recently taken place at Morriston Hospital in Swansea, Wales. For the surgery, which was carried out to reconstruct the face of a motorbike crash victim, Renishaw supplied cutting and placement guides which were AM printed in cobalt chrome alloy on a Renishaw AM250 additive manufacturing machine.



Group developments

In the UK, work continues on the additional 153,000 sq ft facility at New Mills with completion due this September.



In Shanghai, China, the Group has acquired new premises for the management of our sales, marketing, distribution and support operations throughout China.



In March 2014, the Group purchased the business of Advanced Consulting & Engineering, Inc ("ACE"), a USA-based supplier of dimensional measurement products and services focused on the automotive industry. The acquisition of family-owned ACE, based in Rochester Hills, Michigan, provides Renishaw with further specialist programming capabilities using leading industry packages and will help to support Renishaw's sales of co-ordinate measuring machine (CMM) probing systems and Equator gauges in the USA.



Group headcount at the end of March 2014 was 3,370, an increase of 135 from the 3,235 at the start of the financial year.



Awards

On 21st April 2014, Renishawreceived a Queen's Award for Enterprise 2014 in the Innovations category for its inVia Raman microscope. This prestigious Award was granted for the continuous development of the inVia, with ultra-fast Raman imaging, which enables the rapid generation of high definition 2D and 3D chemical images for material analysis. This is the Company's seventeenth Queen's Award since its formation in 1973 and its eighth in just eleven years.



At the MWP Awards event, which took place during the MACH Exhibition at the beginning of April 2014 and which is the largest awards programme for UK metalworking and associated industries, the new Renishaw Fixtures line was Winner of the 'Best Workholding and Fixturing' category and the new SPRINT™ scanning probe system was Highly Commended in the 'Best Quality Control Equipment' category. Metrology Software Products Limited, our associate company, was winner of the 'Best Production Management Software/System' category with its 'NC-PerfectPart' product.



Financial position

The Group continues to maintain a strong balance sheet with net cash balances of £50.8m at 31st March 2014, boosted by the Delcam disposal proceeds noted above, and compares with £35.1m at 31st March 2013. Additionally, there is an escrow account of £9.9m (31st March 2013 £11.0m) relating to the provision of security for the Group's defined benefit pension scheme.



Outlook

The Group faced tough financial comparators for the first half of this financial year and sterling has strengthened in recent months. With global investment in production systems and processes expected to expand and our continuing investment in our business sectors, we remain confident for the long-term prospects of the Group.

[apad] 23/4/2014 06:51

www.etmm-online.com/quality_control/articles/443157/
apad

[apad] 17/4/2014 06:19

www.qualitymag.com/articles/91813-renishaw-acquires-us-metrology-specialist
apad

[davidosh] 12/3/2014 14:30

Top marks to Renishaw...

[apad] 02/3/2014 08:08

Lots of tech articles about RSW.
This is a good one.
www.compositesworld.com/articles/laser-encoder-enables-highly-accurate-cutting-of-critical-wingskins

apad

[apad] 28/2/2014 15:57

Jobs on offer up significantly.
apad

[apad] 28/2/2014 15:54

"Henner Wapenhans, the company's head of technology strategy, said Rolls-Royce was "a few years away" from using the technology to produce parts that go into service."
So much hot air.
apad

[rabain] 28/2/2014 10:01

The news that RR are planning to 3D print engines won't have hurt

[meijiman] 28/2/2014 09:55

why the rise today -anyone got a view? more buyers than sellers maybe!

[redartbmud] 03/2/2014 10:12

RR

Absolutely spot on. The company needs a new FD and a shakeout of Non-execs.
As I keep saying.
But a great company with good products.

red

[rogerrail] 03/2/2014 09:16

RSW have great products but poor financial focus, the antithesis of a lean company. Better this way than the other as there is obvious room for improvement!

[rogerrail] 03/2/2014 09:11

note the subtle change in language from "Addative" to "3D Addative" - riding on the back of the 3D printing buzz.

[redartbmud] 02/2/2014 17:37

APAD

I musy be going something wrong if the IC agrees with me!

Like you I have a large holding, purchased at very modest cost. I try to add a few now and then on the dips. This latest episode caught me on the back foot, particularly as I could not read the market at the time. I sat on my hands and did nothing.

Your analysis of the founders and their holdings is spot on. I see that as the probable end game. In the meantime the non-execs need to keep a better watch on the business strategy.

Dull can be no bad thing.

red

[apad] 31/1/2014 16:59

Looks like the IC takes much the same viewpoint as you red.
I take a longer view as my holding yields 6.1% on my buy price and I expect it to be taken over when the founders' shareholdings hit the market; but I do not like the divvy not rising as it suggests some management wariness.
EPS dropping I guess.
I think I pretty much agree with the two sets of comments in the IC too - it's going to be a dull 2014 for RSW.
apad

[apad] 31/1/2014 14:57

From today's IC:
Domino Printing Sciences (DNO) and, after an 87 per cent gain on our long-standing buy tip, convinced us to downgrade Spectris (SXS). Two months later the share price crashed. And highly-rated Renishaw (RSW) tested our patience once too often. Costs have soared at the precision tools company, and tough comparators make earnings growth a pipe dream. However, awake to the obvious sector re-rating, we backed Halma (HLMA) again after a 12-month break and our faith has, up to now, been rewarded.
apad

[apad] 31/1/2014 14:57

From today's IC:
Domino Printing Sciences (DNO) and, after an 87 per cent gain on our long-standing buy tip, convinced us to downgrade Spectris (SXS). Two months later the share price crashed. And highly-rated Renishaw (RSW) tested our patience once too often. Costs have soared at the precision tools company, and tough comparators make earnings growth a pipe dream. However, awake to the obvious sector re-rating, we backed Halma (HLMA) again after a 12-month break and our faith has, up to now, been rewarded.
apad

[redartbmud] 30/1/2014 09:42

Yes look at the share price movement today - it just shows the irrationality of markets.

[meijiman] 30/1/2014 09:31

Nonsense-take a look at the share price.
Tough comparatives are being worked through and the outlook is positive.

[apad] 30/1/2014 08:40

50% increase in Investing Cash Flow = No Increase in Dividend.
Despite forthcoming cash from Delcam = Disappointment.
apad