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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 | |
---|---|---|---|---|---|---|---|---|---|---|
130.00 | 3.20% | 4,195.00 | 4,175.00 | 4,185.00 | 4,200.00 | 4,095.00 | 4,115.00 | 109,990 | 16:35:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electrical Machy, Equip, Nec | 688.57M | 116.1M | 1.5966 | 26.21 | 3.04B |
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RNS Number : 8431P
Renishaw PLC
15 October 2019
Renishaw plc
Trading update
15 October 2019
Renishaw plc, the global high-precision metrology and healthcare technology group, publishes this trading update for the three months ended 30 September 2019. 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 GBP124.6m, compared to GBP154.0m for the corresponding period last year.
In our metrology business revenue amounted to GBP119.7m compared to GBP147.4m last year. The first quarter of 2019 benefitted from a number of large orders from end-user manufacturers of consumer electronic products in the APAC region which have not been repeated this year. Furthermore, we have experienced reduced demand for our products as a result of the challenging global macroeconomic environment.
Revenue in our healthcare business was GBP4.9m compared with GBP6.6m last year, due to the timing of additive manufacturing machine sales into the healthcare market.
Adjusted* profit before tax for the first quarter amounted to GBP4.3m compared with GBP32.6m last year and the statutory profit before tax amounted to GBP5.1m (2019: GBP33.5m).
Adjusted profit before tax includes restructuring provisions of GBP2m following the decision to close our additive manufacturing facility at Stone, Staffordshire and relocate the activities to our Headquarters site at Wotton-Under-Edge, Gloucestershire and our site at Miskin near Cardiff, South Wales.
Financial position
The Group balance sheet remains strong with net cash balances of GBP98.5m as at 30 September 2019 compared to GBP106.8m at 30 June 2019.
Outlook
As indicated at the time of our full year results in July, trading conditions are expected to remain challenging through the remainder of this financial year driven by the global macroeconomic environment.
The Board believes that the structural demand drivers in our end-markets remain intact. The Group is in a strong financial position and remains committed to our long-term strategy of delivering growth through the development and introduction of innovative and patented products. However, as previously indicated, we are focussed on improving productivity and we are committed to undertaking further initiatives to reduce the Group's cost base.
The results for the half year ending 31 December 2019 will be released on 30 January 2020.
This announcement contains inside information.
Sir David McMurtry William Lee CBE, RDI, FRS, FREng, CEng, Chief Executive FIMechE Executive Chairman 15 October 2019 Renishaw plc Registered office New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR Registered number 01106260 LEI number 21380048ADXM6Z67CT18 Telephone number 01453 524524 Website www.renishaw.com * Adjusted profit before tax
The adjustment to statutory profit relates to the accounting treatment of certain forward currency contracts used as hedging instruments which do not qualify for hedge accounting as they do not meet the hedge effectiveness criteria set out in the International Accounting Standard IFRS 9 'Financial Instruments'. The Board deems that the adjusted profit before tax better reflects the underlying performance of the Group. The following table reconciles statutory profit before tax to adjusted profit before tax:
GBP'm Q1 2020 Q1 2019 Adjusted profit before tax 4.3 32.6 Fair value gains/losses on financial instruments not eligible for hedge accounting * reported in revenue 1.2 1.8 * reported in (losses)/gains from the fair value of financial instruments (0.4) (0.9) Statutory profit before tax 5.1 33.5 ======== ========
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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October 15, 2019 02:00 ET (06:00 GMT)
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