Renishaw Share Discussion Threads

[redrumtum] 08/4/2015 21:45

Any views on why the forecast drop in earnings next year? Are this year's Far East orders unlikely to be maintained, or some other reason.Thanks

[apad] 08/4/2015 16:00

www.stokesentinel.co.uk/Relocating-engineer-22-jobs/story-26291489-detail/story.html

[apad] 07/4/2015 21:22

Jesu,
108 vacancies - how are they running the company if they are that short of skilled folk?
apad

[apad] 01/4/2015 15:50

From my dentist

"I insist you inform me when the 3D printer comes on the market enabeling to print the perfect dental nurse. If it helps I have got some templates they can use.
Hope you are keeping well (plenty of wind for exciting sailing!!)"

apad

[apad] 01/4/2015 07:35

www.metal-powder.net/view/41842/renishaw-3d-printing-now-suitable-for-dental-market/

Dental manufacture is a fragmented business with a high degree of craftsmanship and uncertainty of fit (my dentist gets crowns manufactured in holland because of this reason). Pattern making in the dentists chair might be a major variable that the technicians are trying to cope with.

I wonder if this might be an industrial game changer. If it makes reliability better because of skill reduction and is affordable by the existing players there could be a snowball effect and a decent sized market. Alternatively, higher productivity combined with less skill might change the shape of the market.
I'll see what my dentist reckons.
apad

[redartbmud] 31/3/2015 19:02

Volume nothing out of the ordinary.

[pojscott] 31/3/2015 18:00

You may be correct--no news.

[robinnicolson] 31/3/2015 16:57

My guess is that it is just a bit of end of quarter window dressing by fund managers.

[pojscott] 31/3/2015 16:33

Why the big drop???

[redartbmud] 10/3/2015 07:58

robinn

Well spotted. Thanks.

red

[robinnicolson] 09/3/2015 22:39

Apple's new promotional video showing the manufacturing process for the aluminium Apple Watch appears to show Renishaw metrology equipment.

[cockneyrebel] 02/3/2015 15:55

Quietly creeping up Pug, agree quirt bb's are good news :-)

CR

[pugugly] 02/3/2015 08:33

New all time high and no posts for a month - I do love a quiet board.

However consensus estimates for 2016 are for a significant fall in eps to 110p compared to 2015 eps estimate of 150p -v- 2014 actual normalised of 80.2p

However Deer and McMurty are a class act - they ignore the City idiots and usually beat estimates by a large margin.

Continuing to hold (for the moment)

[apad] 30/1/2015 11:05

No Raman Spectroscopy for the Tintins!
It would do them a power of good :-)
apad

[whitestone] 30/1/2015 10:00

apad

The agreement with Dentsply to use Renishaw’s additive manufacturing technology in the manufacture of dental products was mentioned in passing but other than that I’m afraid I can’t help. Presentation was for bean counters rather than grease monkeys..!

[apad] 30/1/2015 08:21

Iff metal deposition is to become a big market it is highly unlikely to be driven by the aircraft industry. My interest is in whether in-process metrology and control means that RSW machines will have a competitive advantage across the board. E.g. jewellers. Did they mention in-process metrology and control whit…?
After your excellent notes I have no wish to wade throught he whole broadcast :-)
apad

[glaws2] 30/1/2015 07:45

Thanks Whitestone

[whitestone] 29/1/2015 21:36

From my notes of this morning’s webcast…

In Metrology the period had seen large orders from multiple manufacturers in the Far East. South Korea was notable with revenues increasing from £5.5m in H1 2014 to £23.6m in H1 2015. It was stated that even after adjusting for these exceptional large orders in the Far East underlying growth was still 12% or 16% at constant exchange rates.

When questioned as to whether these large orders and the exceptional growth could continue into 2016 and beyond it was suggested that there was a continuing rapid increase in new manufacturing capacity in the Far East and so it was possible. It was also stated that
although the forward order book was only 6 weeks or so, customers have given strong indications of future requirements, thereby increasing future order visibility and confidence.

It was further noted that Renishaw had a strong product pipeline with many products at the beginning of their lifecycle.

With healthcare it was said the picture was distorted by timing issues. Spectroscopy sales had failed to materialise in the first half but were confidently expected in the second. Also product trials were taking longer than expected and there were regulatory delays in
some countries. Renishaw's long term commitment to this market was reaffirmed.

Finally, the use of metal additive machines in the aerospace and aerospace supply chain was stated to be in its infancy and an exciting growth area for the future.

[whitestone] 29/1/2015 21:30

Chinese orders boost Renishaw profit forecast

Tanya Powley, Manufacturing Correspondent



Renishaw increased its full-year profit forecast for the second time in a month on Thursday as the British engineer benefited from a surge in orders from Chinese manufacturers looking to automate production.

The FTSE 250 company, which makes precision measuring equipment as well as 3D metal printing machines, said on Thursday that pre-tax profit more than doubled to £56.6m in the six months ending 31 December, up from £25.6m a year ago.

This was driven by a 90 per cent jump in first-half revenues from the Far East, from £59.1m to £112.4m. Analysts suggested the high demand comes from manufacturers in the region that use Renishaw’s tools to make Apple products, such as the iPhone.

“We assumed mainly Foxconn for Apple products but Samsung may also be on board,” said Michael Blogg, analyst at Investec.

Renishaw confirmed that the large orders came from customers in the consumer electronics market, but refused to comment on whether they were related to Apple products.

“People may be guessing what products these orders are associated with but appreciate that these products could be manufactured by multiple manufacturers in the Far East and these are the ones that we service,” said Ben Taylor, assistant chief executive of Renishaw.

Mr Taylor said China represented its biggest country for sales, with South Korea the third largest market in the first half of the year.

Renishaw’s trading update comes just days after Apple reported surging demand in China for the latest iPhones, which drove revenues in the region 70 per cent higher to £16.1bn.

Renishaw has been benefiting in recent quarters from a move by Chinese manufacturers to lift productivity by automating production.

The country, once the manual labour “workshop of the world”, became the largest buyer of industrial robots in 2013 as rising wage costs and growing competition from emerging economies forced manufacturers to turn to technology. Renishaw’s tools help to automate and control manufacturing processes to produce precision components on a consistent basis.

This trend has helped boost Renishaw’s full-year profit forecasts. The company said it expected full-year pre-tax profits to be between £130m and £150m, up from its previous forecast of between £120m to £140m. It reported a full-year pre-tax profit of £70.1m in 2014.

Revenues in the first half of the year rose 36 per cent, from £164m to £224.8m a year ago. The company expects full-year revenues to be between £480m to £510m, up from its previous forecast of between £465m to £495m.

Mr Blogg of Investec said Renishaw “stands out from the crowd for its growth” at a time when other companies are far more circumspect.

Shares in Renishaw were trading flat in early afternoon at £23.41.

[cockneyrebel] 29/1/2015 20:25

Good numbers today, even if the response was underwhelming.

More to come over time imo.

CR

[jeffcranbounre] 29/1/2015 20:14

On Today's ADVFN podcast:

Renishaw #RSW half-year profits more than double. Podcast>

[apad] 29/1/2015 13:30

The future is a foreign country, they do things differently there.
apad

[phonics] 29/1/2015 13:24

Apad, I take your point though in the outlook today they have raised pbt forecast range again by 10 million as mentioned above.

On 6th Jan, pbt forecast was upgraded by 25m and the market presumably priced this in with the rise. Today PBT for H1 has actually come in 1.6mill ahead of the 55mill they forecast on the 6th June and they have also upgraded expectations by another 10mill.

Brokers upgraded eps forecasts by around 40p after the update on Jan 7th so we could be looking at another upgrade of 10-20p eps to 160p-170p following today’s announcement. If that’s correct at the current price PE is under 15 which doesn’t seem expensive given the growth.

[glaws2] 29/1/2015 12:52

The forecast has actually increased by £10m since the trading update on 6 Jan.