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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -10.00 | -0.24% | 4,155.00 | 4,155.00 | 4,170.00 | 4,255.00 | 4,160.00 | 4,255.00 | 67,695 | 16:35:19 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electrical Machy, Equip, Nec | 688.57M | 116.1M | 1.5966 | 26.06 | 3.03B |
From May 2022 to May 2024
TIDMRSW
RNS Number : 6529O
Renishaw PLC
02 February 2023
Renishaw plc
2 February 2023
Interim report 2023 - for the six months ended 31 December 2022
Highlights
Good revenue growth from strategic priorities offsets weaker demand, as expected, from the semiconductor and electronics sectors. Continued investment for longer-term growth.
Hot Features
Premium
6 months 6 months Change %
to to
31 December 31 December
2022 2021
Revenue (GBPm) 347.7 325.2 +7
Adjusted(1) profit before
tax (GBPm) 73.5 84.2 -13
Adjusted(1) earnings
per share (pence) 83.4 97.2 -14
Dividend per share (pence) 16.8 16.0 +5
Statutory profit before
tax (GBPm) 77.8 81.5 -5
Statutory earnings per
share (pence) 88.1 94.2 -6
-- Revenue of GBP347.7m (H1 FY2022 GBP325.2m):
-- Record revenue for a half year, 7% above last year (1% growth at constant exchange rates)
-- Strong growth in sales of multi-laser additive manufacturing (AM) systems, 5-axis co-ordinate measuring machine (CMM) inspection systems and laser encoders
-- Weaker demand, as expected, for optical encoders from semiconductor and consumer electronics sectors, including customers reducing stock levels due to improved supply chain lead times
-- Adjusted (1) profit before tax of GBP73.5m (H1 FY2022 GBP84.2m): -- Representing 21% of revenue (26% last year) -- Stable gross margin before engineering costs -- Targeted investments in headcount and pay for long-term growth -- Statutory profit before tax of GBP77.8m (H1 FY2022: GBP81.5m ).
-- Strong balance sheet with net cash and bank deposit balances of GBP211.5m, compared with GBP253.2m at 30 June 2022, with the GBP41.2m final dividend for FY2022 paid in H1.
-- Interim dividend of 16.8p per share.
William Lee, Chief Executive, commented:
"I am pleased to report record revenue in a period of expected lower demand from the semiconductor and electronics sectors. We have made good progress in our strategy; gaining market share, introducing new products into close-adjacent markets and taking advantage of long-term growth opportunities in additive manufacturing, shop-floor measurement, materials research and semiconductor manufacturing. We continue to invest in our people, product development and infrastructure to deliver sustainable, long-term growth."
(1) Note 12, 'Alternative performance measures', defines how adjusted profit before tax and adjusted earnings per share are calculated.
About Renishaw
We are a world leading supplier of measuring systems and production systems. Our products give high accuracy and precision, gathering data to provide customers and end users with traceability and confidence in what they're making. This technology also helps our customers to innovate their products and processes. We are a global business, with customer-facing locations across our three sales regions; the Americas, EMEA, and APAC. Most of our R&D work takes place in the UK, with our largest manufacturing sites located in the UK, Ireland and India.
Results presentation and live Q&A session today
See below a video presentation of these results, presented by William Lee, Chief Executive, and Allen Roberts, Group Finance Director. There will be a live audio-only question and answer session with William and Allen at 10:30 GMT today. Details of how to register for and access this webcast are available at the following link:
https://www.renishaw.co m/en/register-for-the-2023-interim-results-qa-webcast--47761
Questions can be submitted in advance of the webcast either through the webcast platform or to communications@renishaw.com (if sending by email, please submit by 10:00 GMT).
Enquiries: communications@renishaw.com
Your browser does not support HTML5 video.
Overview for the six months ended 31 December 2022
Revenue
Revenue for the six months ended 31 December 2022 was GBP347.7m, an increase of 7% (1% increase at constant exchange rates) compared with GBP325.2m for the corresponding period last year. We achieved revenue growth of 21% (8% at constant exchange rates) in the Americas, 7% (4% at constant exchange rates) in EMEA and 1% (-4% at constant exchange rates) in APAC. There was growth for both our Manufacturing technologies, and Analytical instruments and medical devices segments, with strong growth in sales of multi-laser additive manufacturing (AM) systems, machine calibration systems, laser encoder systems and REVO(R) 5-axis co-ordinate measuring machine (CMM) inspection systems. Demand from the semiconductor and electronics sectors was weaker, resulting in a reduction in sales of our optical encoder products.
6 months to 6 months to Constant
31 December 31 December fx(1) change
2022 2021 Change % %
Group revenue GBP347.7m GBP325.2m +7 +1
-------------- -------------- ---------- --------------
Comprising:
-------------- -------------- ---------- --------------
APAC GBP161.7m GBP160.6m +1 -4
-------------- -------------- ---------- --------------
Americas GBP83.6m GBP69.1m +21 +8
-------------- -------------- ---------- --------------
EMEA GBP102.4m GBP95.5m +7 +4
-------------- -------------- ---------- --------------
Operating costs
Our gross margin (excluding engineering costs) for the period was 64% of revenue, which is similar to the previous year. An increase in manufacturing costs, primarily arising from pay rises for our employees, has been offset by a favourable currency effect on revenue and increases in our sales prices.
Group headcount has increased by 53 since the end of June and was 5,150 at the end of December 2022. This increase includes continued investment in our early careers programmes (mostly for research and development) and in our global sales and support teams. Labour costs (excluding bonuses) were GBP133.4m in this period compared to GBP115.1m last year, with the average headcount in the first half-year being 5,166 (H1 FY2022: 4,824). The increase also reflects the pay reviews we have carried out across our business over the last 14 months, helping to improve employee retention. Our pay benchmarking will now be undertaken around December each year, with the December 2022 review resulting in around GBP4m of additional annual cost.
With pandemic related restrictions now largely lifted, we have increased our investment in customer facing activities, resulting in higher travel and exhibitions costs compared to last year.
We remain committed to our long-term strategy of developing innovative and patented products to create strong market positions. During the first six months of this year, our investment in engineering, including research and development, increased by 22% to GBP46.1m. Since June, we have launched new products including the CENTRUM(TM) metal rotary scale disc system for our ATOM DX(TM) encoder series, the ACS-1 system that brings improved accuracy and speed to the calibration of machine tool probes and the new inLux(TM) SEM Raman interface for our spectroscopy line.
Profit and tax
Adjusted profit before tax(1) for the period was GBP73.5m (21% of revenue) compared with GBP84.2m (26% of revenue) last year. Statutory profit before tax for the period was GBP77.8m, compared with GBP81.5m last year, which includes a GBP4.4m fair value gain (H1 FY2022: GBP2.9m loss) on financial instruments not effective for hedge accounting and not included in adjusted profit before tax. No forward contracts have been designated as ineffective since FY2020.
Financial income for the period was GBP5.0m compared with GBP0.4m last year, and includes a GBP2.3m increase in interest on bank deposits.
The income tax expense in the Consolidated income statement has been estimated at a rate of 17.7% (H1 FY2022: 15.9%) and is based on management's best estimate of the full year effective tax rates by geographical unit applied to half-year profits. This is comparable with the 17.3% achieved in FY2022 and includes an increase in the UK corporation tax rate for the year to 20.5% from 19.0%, which is largely offset by a forecast increase in the UK patent box benefit.
Adjusted earnings per share were 83.4p, compared with 97.2p last year. Statutory earnings per share were 88.1p, compared with 94.2p last year.
Manufacturing technologies
Revenue for this segment, which comprises our Industrial Metrology, Position Measurement and Additive Manufacturing businesses, was GBP330.9m for the first six months, compared with GBP308.7m last year. We achieved strong growth in the Americas and good growth in EMEA, with reduced revenue in our APAC region (at constant exchange rates) mainly due to lower sales of optical encoders to the semiconductor and electronics market. Adjusted operating profit was GBP66.8m, compared with GBP81.3m for the comparable period last year. As already noted there was strong growth for our RenAM 500Q multi-laser AM system where its productivity and ability to produce high quality parts is leading to repeat business from customers in sectors as diverse as consumer electronics, healthcare, aerospace, defence and tooling. There was also strong growth for our CMM inspection systems, based on the REVO(R) 5-axis system, which is meeting customer demands for multi-sensor metrology to provide comprehensive inspection and process feedback from a single measurement platform. Our calibration business also had strong growth compared to the same period last year as machine builders focus on the accuracy and reliability of ever more complex machinery. Weaker demand from our semiconductor customers due to reducing their stock levels and market uncertainty, led to reduced sales of our optical encoder products. However, demand for our high accuracy laser encoders for front-end semiconductor manufacturing processes was very strong. Global forecasts for the construction of semiconductor fabrication plants, driven by new technology, geopolitical considerations and supply chain security, remain positive and we are optimistic about a mid-term recovery in sales to this important sector.
Analytical instruments and medical devices
Revenue from this segment for the first six months was GBP16.8m, compared with GBP16.5m last year. There was strong growth in both APAC and Americas regions, offset by significantly weaker demand from EMEA. The adjusted operating profit was GBP0.1m in the first half of this year compared with GBP1.6m for the comparable period last year. Revenue for our spectroscopy products was flat but we are seeing growth in the order book and strong demand in H1 for our newer products - the Virsa(TM) analyser, a portable system that allows sample analysis outside of a laboratory, and the recently launched inLux(TM) SEM Raman interface which allows simultaneous Raman and scanning electron microscope imaging. Our neurological business is continuing to progress opportunities with pharmaceutical companies to use our drug delivery technology for clinical trials.
Balance sheet
Net cash and bank deposit balances at 31 December 2022 were GBP211.5m, compared with GBP253.2m at 30 June 2022, primarily reflecting the cash generated from operating profit of GBP81.2m, offset by the working capital movement of GBP40.6m, capital expenditure of GBP20.2m, tax payments of GBP16.9m and the final dividend payment of GBP41.2m in respect of FY2022.
Inventory balances have increased by GBP17.3m since 30 June 2022, mainly reflecting targeted increases in components and sub-assemblies for our optical encoder products. Trade receivables have decreased by GBP4.4m in the same period, with receivables days remaining consistent with June levels and no significant movement in expected credit losses. Trade and other payables have reduced by GBP19.6m since June, reflecting lower purchasing activity in the second quarter and payment of bonuses accrued at June.
We invested GBP20.2m (H1 FY2022: GBP12.2m) in capital expenditure during the first six months of this financial year, which includes production plant and equipment and GBP7.8m for the ongoing development of our production facility in Miskin, Wales.
Dividend
The Board has approved an interim dividend of 16.8 pence net per share (FY2022: 16.0p), relecting the Board's confidence in the medium term growth prospects of the business, which will be paid on 11 April 2023 to shareholders on the register on 10 March 2023.
Principal risks and uncertainties
The Board has considered the risks and uncertainties which could have a material effect on the Group's performance and position. While there is heightened uncertainty arising from geopolitical matters and trade tensions, the overall impact and likelihood of our principal risks is not considered to have changed significantly. This conclusion also reflects the mitigation undertaken by the Group in response to these risks. The principal risks and uncertainties set out on pages 39 to 49 of the 2022 Annual Report therefore remain relevant.
COVID-19 update
We continue to monitor the impact of COVID-19 on our people and business. The recent easing of restrictions in China led to a surge in COVID cases and whilst this is causing some short-term disruption to our customers' operations this is expected to dissipate in the next few months. The removal of travel restrictions in China is enabling us to better serve our customer base from across our extensive local office network. We continue to make better use of digital technology to work with each other, our customers and our suppliers, meaning we can work in a more sustainable way by travelling less.
Sustainability
The drive to Net Zero represents many opportunities for our business as our products positively contribute to our customers' own sustainability ambitions by reducing energy consumption, minimising waste and improving the inherent performance of the products that they supply to their customers.
During the period we have continued to make strong progress towards our target of Net Zero for Scopes 1 and 2 emissions by 2028, including switching to renewable energy contracts for all UK sites and our main sites in India and the US. We are also moving to ultra-low emission vehicles (ULEV) fleet vehicles in the UK and, as part of our commitment to reduce Scope 3 emissions, we have also introduced a ULEV salary sacrifice scheme, initially in the UK, which will enable our employees to reduce their commuting emissions. As part of this project, we have installed over 70 charging points at our New Mills HQ site which will be replicated at our other key sites in the UK.
As part of our commitment to achieve a science-based Net Zero emissions target of no later than 2050 for our entire business, we will include in our next Annual Report our progress on three of the UN's Sustainable Development Goals (SDGs); SDG 8 (sustained, inclusive and sustainable economic growth), SDG 12 (sustainable consumption) and SDG 13 (urgent action to combat climate change).
Directors and employees
The Directors would like to thank our employees for their continuing efforts to drive our business forward. During the period we ran a global competition encouraging teams to share how they demonstrate our values: innovation, inspiration, integrity and involvement. We received entries from across the Group, from Mexico to China, and we announced the winning teams in December. Each team chose a charity which will shortly receive a GBP5,000 donation, including a school for blind children in India and a cancer treatment centre in Wales.
Outlook
The Board remains confident in our strategy to deliver sustainable, profitable growth over the medium term. Our approach of building long-term relationships with customers helps us to identify opportunities in our markets, and our agility and resources ensure we can respond to these opportunities.
Our results so far this year have benefited from products released in recent years and the relationships we have been building with new customers. These relationships, new products and the expected improvement in semiconductor and electronics markets, supports our confidence for medium term growth. To support this, we are continuing to make targeted investments in our people, our production facilities, and our new product pipeline. We have a strong order book, and at this stage we expect full year revenue to be in the range of GBP690m to GBP730m. Adjusted profit before tax is expected to be in the range of GBP140m to GBP165m .
Sir David McMurtry Will Lee Allen Roberts
Executive Chairman Chief Executive Group Finance
Director
2 February 2023
(1) Note 12, 'Alternative performance measures', defines how revenue at constant exchange rates, adjusted profit before tax, adjusted operating profit and adjusted earnings per share are calculated.
Consolidated income statement
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 30 June
31 December 31 December 2022
Notes 2022 2021 GBP'000
GBP'000 GBP'000
Revenue 2 347,679 325,176 671,076
Cost of sales 3 (172,442) (153,293) (313,527)
Gross profit 175,237 171,883 357,549
Distribution costs (66,836) (55,830) (122,455)
Administrative expenses (35,311) (33,560) (69,736)
UK defined benefit pension scheme
past service cost - - (11,695)
Losses from the fair value of financial
instruments 10 (1,792) (2,313) (10,413)
Operating profit 71,298 80,180 143,250
Financial income 4 5,003 445 932
Financial expenses 4 (290) (658) (2,938)
Share of profits from associates and
joint ventures 1,803 1,515 4,342
Profit before tax 77,814 81,482 145,586
Income tax expense 5 (13,746) (12,949) (25,235)
Profit for the period 64,068 68,533 120,351
----------------------------------------- -------- ------------- ------------- ------------
Profit attributable to:
Equity shareholders of the parent
company 64,068 68,533 120,351
Non-controlling interest - - -
----------------------------------------- -------- ------------- ------------- ------------
Profit for the period 64,068 68,533 120,351
----------------------------------------- -------- ------------- ------------- ------------
Pence Pence Pence
Dividend per share arising in respect
of the period 7 16.8 16.0 72.6
----------------------------------------- -------- ------------- ------------- ------------
Earnings per share (basic and diluted) 6 88.1 94.2 165.4
----------------------------------------- -------- ------------- ------------- ------------
Consolidated statement of comprehensive income and expense
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 30 June
31 December 31 December 2022
2022 2021 GBP'000
GBP'000 GBP'000
Profit for the period 64,068 68,533 120,351
----------------------------------------------- ------------- ------------- ------------
Other items recognised directly in equity:
Items that will not be reclassified
to the Consolidated income statement:
Current tax on contributions to defined
benefit pension schemes - 827 1,653
Deferred tax on contributions to defined
benefit pension schemes - (827) (1,653)
Remeasurement of defined benefit pension
scheme liabilities 16,127 (806) 69,078
Deferred tax on remeasurement of defined
benefit pension scheme liabilities (3,739) 73 (15,997)
Total for items that will not be reclassified 12,388 (733) 53,081
----------------------------------------------- ------------- ------------- ------------
Items that may be reclassified to the
Consolidated income statement:
Exchange differences in translation of
overseas operations 2,960 434 12,151
Exchange differences in translation of
overseas joint venture 456 (229) 118
Current tax on translation of net investments
in foreign operations (310) (245) (1,529)
Effective portion of changes in fair
value of cash flow hedges, net of recycling 1,870 (3,256) (28,423)
Deferred tax on effective portion of
changes in fair value of cash flow hedges (318) 607 6,155
Total for items that may be reclassified 4,658 (2,689) (11,528)
----------------------------------------------- ------------- ------------- ------------
Total other comprehensive income and
expense, net of tax 17,046 (3,422) 41,553
----------------------------------------------- ------------- ------------- ------------
Total comprehensive income and expense
for the period 81,114 65,111 161,904
----------------------------------------------- ------------- ------------- ------------
Attributable to:
Equity shareholders of the parent company 81,114 65,111 161,904
Non-controlling interest - - -
Total comprehensive income and expense
for the period 81,114 65,111 161,904
----------------------------------------------- ------------- ------------- ------------
Consolidated balance sheet
Unaudited Unaudited Audited
At 31 December At 31 December At 30
2022 2021 June
Notes GBP'000 GBP'000 2022
GBP'000
Assets
Property, plant and equipment 8 254,640 248,098 243,853
Right-of-use assets 9,321 11,973 9,950
Investment properties 10,374 - 10,568
Intangible assets 9 46,117 44,917 44,218
Investments in associates and joint
ventures 21,905 17,920 20,570
Finance lease receivables 6,223 6,814 6,961
Employee benefits 61,788 - 43,241
Deferred tax assets 22,786 21,150 22,893
Derivatives 10 3,542 6,836 -
----------------------------------------- -------- ---------------- ---------------- ---------
Total non-current assets 436,696 357,708 402,254
----------------------------------------- -------- ---------------- ---------------- ---------
Current assets
Inventories 179,754 135,895 162,482
Trade receivables 10 123,141 111,864 127,551
Finance lease receivables 3,125 1,524 3,348
Contract assets 1,455 757 578
Short-term loans to associates
and joint ventures 155 616 302
Current tax 7,382 3,279 8,901
Other receivables 31,929 27,174 27,068
Derivatives 10 3,948 9,839 7,121
Pension scheme cash escrow account - 10,580 -
Bank deposits 155,541 160,000 100,000
Cash and cash equivalents 55,957 62,038 153,162
Total current assets 562,387 523,566 590,513
----------------------------------------- -------- ---------------- ---------------- ---------
Current liabilities
Trade payables 21,434 27,954 30,947
Contract liabilities 8,298 5,707 12,956
Current tax 5,989 6,700 10,078
Provisions 3,513 6,342 4,244
Derivatives 10 16,149 3,877 17,890
Lease liabilities 3,535 3,644 3,714
Borrowings 959 972 919
Other payables 41,873 47,732 51,949
----------------------------------------- -------- ---------------- ---------------- ---------
Total current liabilities 101,750 102,928 132,697
----------------------------------------- -------- ---------------- ---------------- ---------
Net current assets 460,637 420,638 457,816
----------------------------------------- -------- ---------------- ---------------- ---------
Non-current liabilities
Lease liabilities 6,068 8,672 6,466
Borrowings 4,933 5,919 5,160
Employee benefits 328 20,229 996
Deferred tax liabilities 26,952 12,029 22,815
Derivatives 10 5,933 1,598 9,463
Total non-current liabilities 44,214 48,447 44,900 ----------------------------------------- -------- ---------------- ---------------- --------- Total assets less total liabilities 853,119 729,899 815,170 ----------------------------------------- -------- ---------------- ---------------- --------- Equity Share capital 14,558 14,558 14,558 Share premium 42 42 42 Own shares held (2,963) (750) (750) Currency translation reserve 17,565 3,679 14,459 Cash flow hedging reserve (9,371) 8,696 (10,923) Retained earnings 833,807 704,553 798,541 Other reserve 58 (302) (180) ----------------------------------------- -------- ---------------- ---------------- --------- Equity attributable to the shareholders of the parent company 853,696 730,476 815,747 Non-controlling interest (577) (577) (577) ----------------------------------------- -------- ---------------- ---------------- --------- Total equity 853,119 729,899 815,170 ----------------------------------------- -------- ---------------- ---------------- ---------
Consolidated statement of changes in equity
Unaudited Own Currency Cash Non-
Share Share shares translation flow Retained Other controlling
capital premium held reserve hedging earnings reserve interest Total
GBP'000 GBP'000 GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
Balance at 1
July 2021 14,558 42 (404) 3,719 11,345 674,603 44 (577) 703,330
Profit for the
period - - - - - 68,533 - - 68,533
Other
comprehensive
income
and expense
(net of tax)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Remeasurement
of defined
benefit
pension
liabilities - - - - - (733) - - (733)
Foreign
exchange
translation
differences - - - 189 - - - - 189
Relating to
associates
and joint
ventures - - - (229) - - - - (229)
Changes in
fair value
of cash flow
hedges - - - - (2,649) - - - (2,649)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Total other
comprehensive
income and
expense - - - (40) (2,649) (733) - - (3,422)
Total
comprehensive
income
and expense - - - (40) (2,649) 67,800 - - 65,111
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Transactions
with owners
recorded in
equity
Share-based
payments
charge - - - - - - 58 - 58
Own shares
transferred
on vesting - - 404 - - - (404) - -
Own shares
purchased - - (750) - - - - (750)
Dividends paid - - - - - (37,850) - - (37,850)
Balance at 31
December
2021 14,558 42 (750) 3,679 8,696 704,553 (302) (577) 729,899
Profit for the
period - - - - - 51,818 - - 51,818
Other
comprehensive
income
and expense
(net of tax)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Remeasurement
of defined
benefit
pension
liabilities - - - - - 53,814 - - 53,814
Foreign
exchange
translation
differences - - - 10,433 - - - - 10,433
Relating to
associates
and joint
ventures - - - 347 - - - - 347
Changes in
fair value
of cash flow
hedges - - - - (19,619) - - - (19,619)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Total other
comprehensive
income and
expense - - - 10,780 (19,619) 53,814 - - 44,975
Total
comprehensive
income
and expense - - - 10,780 (19,619) 105,632 - - 96,793
Transactions
with owners
recorded in
equity
Share-based
payments
charge - - - - - - 122 - 122
Dividends paid - - - - - (11,644) - - (11,644)
Balance at 30
June 2022 14,558 42 (750) 14,459 (10,923) 798,541 (180) (577) 815,170
Profit for the
period - - - - - 64,068 - - 64,068
Other
comprehensive
income
and expense
(net of tax)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Remeasurement
of defined
benefit
pension
liabilities - - - - - 12,388 - - 12,388
Foreign
exchange
translation
differences - - - 2,650 - - - - 2,650
Relating to
associates
and joint
ventures - - - 456 - - - - 456
Changes in
fair value
of cash flow
hedges - - - - 1,552 - - - 1,552
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Total other
comprehensive
income and
expense - - - 3,106 1,552 12,388 - - 17,046
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Total
comprehensive
income
and expense - - - 3,106 1,552 76,456 - - 81,114
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Transactions
with owners
recorded in
equity
Share-based
payments
charge - - - - - - 238 - 238
Own shares
purchased - - (2,213) - - - - - (2,213)
Dividends paid - - - - - (41,190) - - (41,190)
Balance at 31
December
2022 14,558 42 (2,963) 17,565 (9,371) 833,807 58 (577) 853,119
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Consolidated statement of cash flow
Unaudited Unaudited Audited
6 months 6 months Year ended
to to 30 June
31 December 31 December 2022
2022 2021 GBP'000
GBP'000 GBP'000
Cash flows from operating activities
Profit for the period 64,068 68,533 120,351
---------------------------------------------------- ------------- ------------- ------------
Adjustments for:
Depreciation of property, plant and equipment,
and investment properties 8,741 9,748 25,898
Loss on sale of property, plant and equipment 302 17 157
Impairment of property, plant and equipment - - 1,259
Depreciation of right-of-use assets 1,974 1,981 4,205
Impairment of right-of-use-assets - - 1,837
Amortisation of development costs 2,527 4,035 4,698
Amortisation of other intangibles 581 396 1,225
Impairment of development costs - 185 -
Write-off of intangible assets - - 3,510
Share of profits from associates and joint
ventures (1,803) (1,515) (4,342)
Profit on disposal of investment in associate - - (582)
Derecognition of lease liabilities - - (1,985)
UK defined benefit pension scheme past service
cost - - 11,695
Financial income (5,003) (445) (932)
Financial expenses 290 658 2,938
(Gains)/losses from the fair value of financial
instruments (4,350) 2,936 8,349
Share based payment expense 239 59 180
Tax expense 13,746 12,949 25,235
17,244 31,004 83,345
---------------------------------------------------- ------------- ------------- ------------
Increase in inventories (17,272) (22,332) (48,919)
Decrease/(increase) in trade and other receivables 1,777 5,375 (11,301)
(Decrease)/increase in trade and other payables (24,411) (1,075) 12,288
(Decrease)/increase in provisions (732) 83 (2,015)
(40,638) (17,949) (49,947)
---------------------------------------------------- ------------- ------------- ------------
Defined benefit pension scheme contributions (2,260) (4,431) (8,866)
Income taxes paid (16,858) (10,366) (23,410)
Cash flows from operating activities 21,556 66,791 121,473
---------------------------------------------------- ------------- ------------- ------------
Investing activities
Purchase of property, plant and equipment,
and investment properties (20,229) (12,199) (30,960)
Sale of property, plant and equipment 2,636 363 687
Development costs capitalised (4,201) (4,820) (7,966)
Purchase of other intangibles (609) (784) (929)
(Increase)/decrease in bank deposits (55,541) (40,000) 20,000
Interest received 2,575 261 834
Dividend received from associates and joint
ventures 924 - 525
Proceeds from sale of shares in associate - - 582
Payments from pension scheme cash escrow
account - - 10,578
Cash flows from investing activities (74,445) (57,179) (6,649)
---------------------------------------------------- ------------- ------------- ------------
Financing activities
Repayment of borrowings (494) (471) (974)
Interest paid (274) (324) (591)
Repayment of principal of lease liabilities (2,100) (1,741) (4,081)
Own shares purchased (2,212) (750) (750)
Dividends paid (41,190) (37,845) (49,494)
Cash flows from financing activities (46,270) (41,131) (55,890)
---------------------------------------------------- ------------- ------------- ------------
Net (decrease)/increase in cash and cash
equivalents (99,159) (31,519) 58,934
Cash and cash equivalents at the beginning
of the period 153,162 95,008 95,008
Effect of exchange rate fluctuations on
cash held 1,954 (1,451) (780)
---------------------------------------------------- ------------- ------------- ------------
Cash and cash equivalents at the end of
the period 55,957 62,038 153,162
---------------------------------------------------- ------------- ------------- ------------
Notes
1. Basis of preparation
The Interim report, which includes the condensed consolidated financial statements for the six months ended 31 December 2022, was approved by the Directors on 2 February 2023.
The condensed consolidated financial statements for the six months ended 31 December 2022 were prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' (IAS 34) as issued by the International Accounting Standards Board and as adopted by the UK. These apply the same accounting policies, presentation and methods of calculation as were applied in the preparation of the Group's consolidated financial statements for the year ended 30 June 2022, except for income taxes which are accrued using the forecast tax rate for the financial year, and except for the adoption of new accounting standards.
The condensed consolidated financial statements included in this Report have not been audited and do not constitute the Group's statutory accounts as defined in section 434 of the Companies Act 2006. The information relating to the year ended 30 June 2022 is an extract from the Group's published Annual Report for that year, which has been delivered to the Registrar of Companies, and on which the auditor's report was unqualified and did not contain any emphasis of matter or statements under section 498(2) or 498(3) of the Companies Act 2006.
Going concern
The Directors have prepared the unaudited interim financial information on a going concern basis. In considering the going concern basis, the Directors have considered the previously mentioned principal risks and uncertainties, as well as the Group's current trading performance and updated cashflow forecasts. The Directors have also considered the financial resources available to the Group, with net current assets of GBP460.6m at 31 December 2022 (compared to GBP457.8m at 30 June 2022), including GBP211.5m net cash and bank deposits at 31 December 2022.
We have updated our reverse stress testing to identify what would need to happen in the period to 31 January 2024 to result in the Group having negative bank deposit and cash balances. We found that this would occur if revenue fell to GBP24m, for each of the 12 months to January 2024. The GBP24m per month is before consideration of longer-term mitigating actions such as reducing labour costs and reducing capital expenditure, and is considerably lower than forecast. This assessment reflects the conclusion that the overall impact and likelihood of our principal risks is not considered to have changed significantly during the period.
Having made appropriate enquiries, the Directors are satisfied that, at the time of approving the unaudited condensed consolidated financial statements, it is appropriate to continue to adopt a going concern basis of accounting.
2. Segmental information
The Group manages its business in two segments, comprising Manufacturing technologies and Analytical instruments and medical devices. Within the operating segments, there are multiple product offerings with similar economic characteristics, similar production processes and similar customer bases. The results of these segments are regularly reviewed by the Board to allocate resources and to assess their performance. More details of the Group's products and services are given in the Strategic Report of the 2022 Annual Report.
In normal trading conditions, whilst future revenue is difficult to predict given that the Group's outstanding order book is typically less than three months' worth of revenue value, larger consumer electronics orders in the APAC region within the manufacturing technologies segment typically fall in the first or last quarter of the financial year. In addition, the Group typically experiences lower demand in August and December, and so revenue and operating profits are typically lower in the first half of the year. This information is provided to allow for a better understanding of the results, and management do not believe that the business is 'highly seasonal' in accordance with IAS 34.
Analytical
Manufacturing instruments
technologies and medical Total
6 months to 31 December 2022 devices
GBP'000 GBP'000 GBP'000
Revenue 330,916 16,763 347,679
Depreciation, amortisation and impairment 12,841 982 13,823
Operating profit before gains from
fair value of financial instruments 72,957 133 73,090
Share of profits from associates and
joint ventures - - 1,803
Net financial income - - 4,713
Losses from the fair value of financial
instruments - - (1,792)
Profit before tax - - 77,814
------------------------------------------- ---------------- ------------- ---------
6 months to 31 December 2021
Revenue 308,707 16,469 325,176
Depreciation, amortisation and impairment 15,508 837 16,345
Operating profit before gains from
fair value of financial instruments 80,938 1,555 82,493
Share of profits from associates and
joint ventures 1,515 - 1,515
Net financial expense - - (213)
Losses from the fair value of financial
instruments - - (2,313)
Profit before tax - - 81,482
------------------------------------------- ---------------- ------------- ---------
Year ended 30 June 2022
Revenue 634,588 36,488 671,076
Depreciation, amortisation and impairment 36,552 2,570 39,122
Operating profit before losses from
fair value of financial instruments 162,549 2,809 165,358
Share of profits from associates and
joint ventures 4,342 - 4,342
Net financial expense - - (2,006)
UK defined benefit pension scheme
past service cost - - (11,695)
Losses from the fair value of financial
instruments - - (10,413)
Profit before tax - - 145,586
------------------------------------------- ---------------- ------------- ---------
There is no allocation of assets and liabilities to operating segments. Depreciation is included within certain other overhead expenditure which is allocated to segments on the basis of the level of activity.
The following table shows the disaggregation of Group revenue by category:
6 months to 6 months to Year ended
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
Goods, capital equipment
and installation 318,959 299,077 615,641
Aftermarket services 28,720 26,099 55,435
Total Group revenue 347,679 325,176 671,076
-------------------------- ------------- ------------- -----------
Aftermarket services include repairs, maintenance and servicing, programming, training, extended warranties, and software licences and maintenance.
The following table shows the analysis of revenue by geographical market:
6 months to 6 months to Year ended
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
APAC 161,726 160,562 317,023
-------------------------- ------------- ------------- -----------
UK (country of domicile) 18,942 15,485 31,536
EMEA, excluding UK 83,497 80,007 174,290
-------------------------- ------------- ------------- -----------
EMEA 102,439 95,492 205,826
Americas 83,514 69,122 148,227
Total Group revenue 347,679 325,176 671,076
-------------------------- ------------- ------------- -----------
Revenue in the above table has been allocated to regions based on the geographical location of the customer. Countries with individually material revenue figures in the context of the Group were:
6 months to 6 months to Year ended
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
China 81,112 80,700 152,772
USA 73,157 60,324 128,531
Japan 34,678 32,066 69,829
Germany 30,089 27,600 58,636
There was no revenue from transactions with a single external customer amounting to 10% or more of the Group's total revenue.
3. Cost of sales
6 months 6 months Year ended
to to 30 June
31 December 31 December 2022
2022 2021 GBP'000
GBP'000 GBP'000
Production costs 126,333 115,477 234,919
-------------------------------------- ------------- ------------- -----------
Research and development expenditure 36,202 27,944 59,415
Other engineering expenditure 14,114 12,644 26,356
-------------------------------------- ------------- ------------- -----------
Gross engineering expenditure 50,316 40,588 85,771
-------------------------------------- ------------- ------------- -----------
Development expenditure capitalised
(net of amortisation) (1,674) (785) (3,268)
Development expenditure impaired - 185 -
Research and development tax
credit (2,533) (2,172) (3,895)
-------------------------------------- ------------- ------------- -----------
Total engineering costs 46,109 37,816 78,608
Total cost of sales 172,442 153,293 313,527
-------------------------------------- ------------- ------------- -----------
4. Financial income and expenses
6 months 6 months Year ended
to to 30 June
31 December 31 December 2022
2022 2021 GBP'000
GBP'000 GBP'000
Financial income
------------------------------------------ ------------- ------------- -----------
Fair value gains from one-month forward
currency contracts 59 - 98
Interest on pension schemes' assets 844 - -
Currency gains 1,525 184 -
Bank interest receivable 2,575 261 834
------------------------------------------ ------------- ------------- -----------
Total financial income 5,003 445 932
------------------------------------------ ------------- ------------- -----------
Financial expenses
------------------------------------------ ------------- ------------- -----------
Interest on pension schemes' liabilities 16 156 306
Currency losses - - 1,414
Fair value losses from one-month forward - 178 -
currency contracts
Realised currency reserve losses from
discontinuation of foreign operation - - 575
Lease interest 171 236 481
Interest payable on borrowings 52 30 52
Other interest payable 51 58 110
Total financial expenses 290 658 2,938
------------------------------------------ ------------- ------------- -----------
Currency gains and losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. Certain intragroup balances are classified as 'net investments in foreign operations', such that revaluations from currency movements on designated balances accumulate in the Currency translation reserve in Equity. Rolling one-month forward currency contracts are used to offset currency movements on remaining intragroup balances, with fair value gains and losses being recognised in financial income or expenses.
5. Taxation
The income tax expense in the Consolidated income statement has been estimated at a rate of 17.7% (H1 FY2022: 15.9%), based on management's best estimate of the full year effective tax rates by geographical unit applied to half-year profits. This is comparable with the 17.3% achieved in FY2022, and includes an increase in the UK effective tax rate for the year to 20.5% from 19%, which is largely offset by a forecast increase in the patent box benefit.
6. Earnings per share
The earnings per share for the six months ended 31 December 2022 is calculated on earnings of GBP64,068,000 (December 2021: GBP68,533,000 ) and on 72,719,565 shares (December 2021: 72,774,147 shares), being the number of shares in issue during the period. This excludes 68,978 shares (December 2021: 14,396 shares) held by the Renishaw Employee Benefit Trust.
7. Dividends
6 months 6 months Year ended
to to 30 June
Dividends paid during the period 31 December 31 December 2022
were: 2022 2021 GBP'000
GBP'000 GBP'000
FY2022 final dividend paid of
56.6p per share (2021: 52.0p) 41,190 37,850 37,850
Interim dividend paid of 16.0p
per share (2022: 14.0p) - - 11,644
Total dividends paid during the
period 41,190 37,850 49,494
------------------------------------ ------------- ------------- -----------
All shareholders on the register on 10 March 2023 will be paid an interim dividend of 16.8p net per share on 11 April 2023, resulting in a dividend payable of GBP12,228,475.
8. Property, plant and equipment
Freehold Assets
land and Plant Motor in the
buildings and vehicles course Total
equipment of construction
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 July 2022 217,820 263,557 7,520 7,481 496,378
Additions 1,080 1,078 710 17,363 20,231
Transfers 44 886 - (930) -
Disposals (73) (4,508) (863) - (5,444)
Currency adjustment 2,066 868 37 - 2,971
At 31 December 2022 220,937 261,881 7,404 23,914 514,136
----------------------- ----------- ------------ ----------- ----------------- --------
Depreciation
At 1 July 2022 43,816 202,214 6,495 - 252,525
Charge for the period 1,955 6,539 140 - 8,634
Released on disposals - (1,848) (658) - (2,506)
Currency adjustment 278 527 38 - 843
At 31 December 2022 46,049 207,432 6,015 - 259,496
----------------------- ----------- ------------ ----------- ----------------- --------
Net book value
At 31 December 2022 174,888 54,449 1,389 23,914 254,640
----------------------- ----------- ------------ ----------- ----------------- --------
At 30 June 2022 174,004 61,343 1,025 7,481 243,853
----------------------- ----------- ------------ ----------- ----------------- --------
Additions to assets in the course of construction of GBP17,363,000 (December 2021: GBP5,927,000 ) comprise GBP8,474,000 (December 2021: GBP1,095,000) for freehold land and buildings and GBP8,889,000 (December 2021: GBP4,832,000) for plant and equipment. At the end of the period, assets in the course of construction, not yet transferred, of GBP23,914,000 (December 2021: GBP11,602,000) comprise GBP9,707,000 (December 2021: GBP4,308,000) for freehold land and buildings and GBP14,207,000 (December 2021: GBP7,294,000) for plant and equipment.
9. Intangible assets
Other Internally Software
Goodwill intangible generated licences
assets development and intellectual
costs property Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 July 2022 20,475 4,629 168,212 22,379 215,695
Additions - 255 4,201 354 4,810
Disposals - - - (76) (76)
Currency adjustment 201 10 - 43 254
At 31 December 2022 20,676 4,894 172,413 22,700 220,683
----------------------- ----------- ------------ ------------- ------------------ --------
Amortisation
At 1 July 2022 9,028 2,240 139,460 20,749 171,477
Charge for the period - 92 2,527 489 3,108
Released on disposals - - - (44) (44)
Currency adjustment - (10) - 35 25
At 31 December 2022 9,028 2,322 141,987 21,229 174,566
----------------------- ----------- ------------ ------------- ------------------ --------
Net book value
At 31 December 2022 11,648 2,572 30,426 1,471 46,117
----------------------- ----------- ------------ ------------- ------------------ --------
At 30 June 2022 11,447 2,389 28,752 1,630 44,218
----------------------- ----------- ------------ ------------- ------------------ --------
As detailed in the 2022 Annual Report, the key assumption in determining the value-in-use of intangible assets are sales forecasts. Latest sales forecasts, and other factors which may impact the business plans, for relevant cash generating units have been reviewed for indicators of impairment at 31 December 2022. This includes a revision to our discount rate from 9.0% to 10.4% based on prevailing market assumptions at 31 December 2022. As a result, no impairments have been recognised in the six months to 31 December 2022 (December 2021: GBP185,000).
10. Financial instruments
There is no significant difference between the fair value of financial assets and financial liabilities and their book value in the Consolidated balance sheet. All financial assets and liabilities are held at amortised cost, apart from the forward exchange contracts which are held at fair value, with changes going through the Consolidated income statement unless subject to hedge accounting. The fair values of the forward exchange contracts have been calculated by a third-party expert, discounting estimated future cash flows on the basis of market expectations of future exchange rates, representing level 2 in the IFRS 13 fair value hierarchy. There were no transfers between levels during any period disclosed.
Credit risk
The Group carries a credit risk relating to non-payment of trade receivables by its customers and establishes an allowance for impairment in respect of trade receivables where recoverability is considered doubtful. In the six months to 31 December 2022, the Group has not experienced a deterioration in debtor repayments nor in the assumptions used in calculating allowances for expected credit losses. At 31 December 2022, total expected credit losses amounted to GBP2,441,000, being 1.9% of gross trade receivables, compared with GBP2,540,000 at 30 June 2022, being 2.0% of gross trade receivables.
Liquidity risk
The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, and the Group continues to use monthly cash flow forecasts on a rolling 12-month basis to monitor cash requirements. Net cash and bank deposits at 31 December 2022 totalled GBP211,498,000, compared with GBP253,162,000 at 30 June 2022. This reduction included a dividend payment of GBP41,193,000 and cash generation from operating activies of GBP21,556,000 during the period. In consideration of this, the Group remains in a strong liquidity position.
Market risk
At 31 December 2022 the total nominal value of USD, EUR and JPY forward contracts held for cash flow hedging purposes was GBP525,603,000 (December 2021: GBP516,547,000). At 31 December 2022 the remaining nominal value of USD, EUR and JPY forward contracts ineffective for cash flow hedging and yet to mature amounted to GBP21,950,000 (December 2021: GBP109,199,000), with no additional forward contracts becoming ineffective for hedge accounting purposes in the six months to 31 December 2022. A decrease of 10% in the highly probable revenue forecasts of Renishaw plc and Renishaw UK Sales Limited, being the hedged item, would result in an additional GBP5.8m of forward contracts becoming ineffective at 31 December 2022. On an ongoing basis, a 10% depreciation of GBP against USD, EUR and JPY would result in a GBP2,439,000 gain being recognised in the Consolidated Income Statement, while a 10% appreciation would result in a GBP1,995,000 loss. Fair value gains and losses relating to this have been excluded from adjusted profit measures, see note 12 for further detail.
11. Employee benefits
The net surplus of the Group's defined benefit pension schemes, on an IAS 19 basis, has increased from a GBP42,245,000 net asset at 30 June 2022 to a GBP61,460,000 net asset at 31 December 2022. This mostly relates to a reduction in liabilities resulting from a 1.05% increase in the UK scheme discount rate. Changes to other key assumptions from 30 June 2022 to 31 December 2022 have not had a material effect on these financial statements. During the first half of this financial year, there has also been a change in the UK scheme asset portfolio, to increase the proportion of assets held as gilts and therefore increase the correlation with future liability exposure.
12. Alternative performance measures
In accordance with Renishaw's Alternative Performance Measures (APMs) policy and ESMA Guidelines on Alternative Performance Measures (2015), APMs are defined as - Revenue at constant exchange rates, Adjusted profit before tax, Adjusted earnings per share and Adjusted operating profit.
Revenue at constant exchange rates is defined as revenue recalculated using the same rates as were applicable to the previous year and excluding forward contract gains and losses.
Revenue at constant exchange rates 6 months 6 months
to 31 December to 31
2022 December
2021
GBP'000 GBP'000
Statutory revenue as reported 347,679 325,176
Adjustment for forward contract losses 7,045 391
Adjustment to restate at previous year (26,239) -
exchange rates
Revenue at constant exchange rates 328,485 325,567
------------------------------------------ ---------------- ----------
Year-on-year revenue growth at constant 1% -
exchange rates
------------------------------------------ ---------------- ----------
Adjusted profit before tax, Adjusted earnings per share and Adjusted operating profit are defined as the profit before tax, earnings per share and operating profit after excluding costs relating to business restructuring, third-party costs relating to the formal sales process ('FSP'), and gains and losses in fair value from forward currency contracts which did not qualify for hedge accounting and which have yet to mature.
From FY2017, the gains and losses from the fair value of financial instruments not effective for cash flow hedging have been excluded from statutory profit before tax, statutory earnings per share and statutory operating profit in arriving at Adjusted profit before tax, Adjusted earnings per share and Adjusted operating profit, to reflect the Board's intent that the instruments would provide effective hedges. This is classified as 'Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i)' in the following reconciliations. The amounts shown as reported in revenue represent the amount by which revenue would change had all the derivatives qualified as eligible for hedge accounting. Gains and losses which recycle through the Consolidated income statement as a result of contracts deemed ineffective during FY2020 are also excluded from adjusted profit measures, on the basis that all forward contracts are still expected to be effective hedges for Group revenue, while the potentially high volatility in fair value gains and losses relating to these contracts will otherwise cause confusion for users of the financial statements wishing to understand the underlying trading performance of the Group. This is classified as 'Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii)' in the following reconciliations.
The Board considers these alternative performance measures to be more relevant and reliable in evaluating the Group's performance.
Adjusted profit before tax 6 months 6 months Year ended
to 31 December to 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
Statutory profit before tax 77,814 81,482 145,586
Revised estimate of FY2020 restructuring
provisions - - (1,688)
Third-party FSP costs - (200) (200)
UK defined benefit pension scheme past service
cost - - 11,695
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue - 2,621 2,621
- reported in (gains)/losses from the fair
value of financial instruments - derivatives - (1,138) (1,138)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (ii)
- reported in revenue (6,142) (1,998) (4,685)
- reported in (gains)/losses from the fair
value of financial instruments - derivatives 1,792 3,451 11,551
Adjusted profit before tax 73,464 84,218 163,742
---------------------------------------------------- ---------------- ---------------- -----------
Adjusted earnings per share 6 months 6 months Year ended
to 31 to 31 30 June
December December 2022
2022 2021
pence pence pence
Statutory earnings per share 88.1 94.2 165.4
Revised estimate of FY2020 restructuring
provisions - - (0.3)
Third-party FSP costs - (0.2) (1.9)
UK defined benefit pension scheme past service
cost - - 13.0
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue - 2.9 2.9
- reported in (gains)/losses from the fair
value of financial instruments - derivatives - (1.3) (1.3)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (ii)
- reported in revenue (6.7) (2.2) (5.2)
- reported in (gains)/losses from the fair
value of financial instruments - derivatives 2.0 3.8 12.9
Adjusted earnings per share 83.4 97.2 185.5
---------------------------------------------------- ---------- ---------- -----------
Adjusted operating profit 6 months 6 months Year ended
to 31 December to 30 June
2022 31 December 2022
2021
GBP'000 GBP'000 GBP'000
Statutory operating profit 71,298 80,180 143,250
Revised estimate of FY2020 restructuring
provisions - - (1,688)
Third-party FSP costs - (200) (200)
UK defined benefit pension scheme past service
cost - - 11,695
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue - 2,621 2,621
- reported in (gains)/losses from the fair
value of financial instruments - derivatives - (1,138) (1,138)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (ii)
- reported in revenue (6,142) (1,998) (4,685) - reported in (gains)/losses from the fair value of financial instruments - derivatives 1,792 3,451 11,551 Adjusted operating profit 66,948 82,916 161,406 ---------------------------------------------------- ---------------- ------------- -----------
Adjustments to segmental operating profit:
Manufacturing technologies 6 months 6 months Year ended
to 31 December to 30 June
2022 31 December 2022
2021
GBP'000 GBP'000 GBP'000
Operating profit before gain/loss from fair
value of financial instruments and UK defined
benefit pension scheme past service cost 72,957 80,938 162,549
Revised estimate of 2020 restructuring provisions - - (1,688)
Third-party FSP costs - (196) (197)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue - 2,572 2,576
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (ii)
- reported in revenue (6,131) (1,960) (4,605)
Adjusted manufacturing technologies operating
profit 66,826 81,354 158,635
---------------------------------------------------- ---------------- ------------- -----------
Analytical instruments and medical devices 6 months 6 months Year ended
to 31 to 31 30 June
December December 2022
2022 2021
GBP'000 GBP'000 GBP'000
Operating profit before loss from fair value
of financial instruments and UK defined
benefit pension scheme past service cost 133 1,555 2,809
Third-party FSP costs - (4) (3)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue - 49 45
Fair value gains on financial instruments
not eligible for hedge accounting (ii)
- reported in revenue (11) (38) (80)
Adjusted analytical instruments and medical
devices operating profit 122 1,562 2,771
---------------------------------------------------- ---------- ---------- -----------
13. Related party transactions and events subsequent to the end of the reporting period
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Full details of the Group's other related party relationships, transactions and balances are given in the Group's Annual Report for the year ended 30 June 2022.
No related party transactions have taken place in the first six months of the financial year, or events subsequent to the end of the reporting period, that have materially affected the financial position or the performance of the Group during that period.
14. Responsibility statement
The condensed set of financial statements is the responsibility of, and has been approved by, the Directors. We confirm that to the best of our knowledge:
- As required by DTR 4.2 of the Disclosure Rules and Transparency Rules, the condensed set of financial statements, which has been prepared in accordance with the applicable set of accounting standards, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation as a whole. The Interim report has been prepared in accordance with IAS 34, 'Interim Financial Reporting', as issued by the International Accounting Standards Board and as adopted by the UK.
- The Interim report includes a fair review of the information required by:
(a) DTR 4.2.7 of the Disclosure Rules and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8 of the Disclosure Rules and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report that could do so.
On behalf of the Board
Allen Roberts FCA
Group Finance Director
2 February 2023
Financial calendar
2023 interim dividend record 10 March 2023 date 2023 interim dividend payment 11 April 2023 date Investor day 8 June 2023
Registered office:
Renishaw plc
New Mills
Wotton-under-Edge
Gloucestershire
GL12 8JR
UK
Registered number: 01106260 Telephone: +44 1453 524524 Email: uk@renishaw.com Website: www.renishaw.com
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