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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 | 0.25% | 4,055.00 | 4,050.00 | 4,065.00 | 4,095.00 | 4,040.00 | 4,050.00 | 13,848 | 14:01:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electrical Machy, Equip, Nec | 688.57M | 116.1M | 1.5966 | 25.46 | 2.96B |
TIDMRSW
RNS Number : 8419C
Renishaw PLC
22 October 2020
Renishaw plc
Trading update
22 October 2020
Renishaw plc, the global high-precision metrology and healthcare technology group, publishes this trading update for the three months ended 30 September 2020. It contains unaudited information that covers the first quarter of the financial year and the period since.
Trading activity
3 months to 3 months to Change 30 September 30 September 2020 2019 Metrology GBP110.2m GBP119.7m -8% --------------- --------------- ------- Healthcare GBP5.7m GBP4.9m +16% --------------- --------------- ------- Total Revenue GBP116.9m GBP124.6m -6% --------------- --------------- ------- Adjusted* Profit before tax GBP18.3m GBP4.3m +326% --------------- --------------- ------- Statutory Profit before tax GBP28.2m GBP5.1m +453% --------------- --------------- -------
Group revenue for the first quarter of the current financial year was GBP116.9m, compared to GBP124.6m for the corresponding period last year.
In our metrology business revenue amounted to GBP110.2m compared to GBP119.7m last year. Geographically, we have experienced revenue growth in our APAC region where we have seen increased demand for our optical and laser encoder product lines due to a recovery in the semiconductor market. Revenue in our EMEA and Americas regions has reduced due to the ongoing uncertainty caused by the pandemic and weaker demand, particularly in the aerospace and automotive sectors.
In our healthcare business revenue was GBP5.7m compared with GBP4.9m last year, with increased demand for both our spectroscopy and neurological product lines.
Adjusted profit before tax for the first quarter amounted to GBP18.3m compared with GBP4.3m last year and the statutory profit before tax amounted to GBP28.2m (2019: GBP5.1m). A reconciliation of statutory to adjusted profit before tax is included at the foot of this update.
Adjusted profit before tax has benefitted from a number of actions taken last year to reduce the Group's operating cost base and also included global job retention grant income totalling GBP2.3m (2020: GBPnil).
Financial position
The Group balance sheet remains strong with net cash and bank deposit balances of GBP152.6m as at 30 September 2020 (30 June 2020: GBP120.4m).
Outlook
The Group is in a strong financial position and we continue to invest in the development of new products and applications, along with targeted investment in production, and sales and marketing facilities around the world. Given the continuing uncertain macroeconomic backdrop, including the pandemic, we continue to expect challenging market conditions, particularly in the aerospace and automotive sectors.
Your Directors remain confident in the prospects of the Group due to the high quality of our people, our innovative product pipeline, extensive global sales and marketing presence and relevance to high-value manufacturing.
The results for the half year ending 31 December 2020 will be released on 4 February 2021.
Sir David McMurtry Will Lee Executive Chairman Chief Executive 22 October 2020 Renishaw plc Registered office New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR Registered number 01106260 LEI number 21380048ADXM6Z67CT18 Telephone number +44 (0) 1453 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 3 months 3 months to 30 September to 30 September 2020 2019 GBP'000 GBP'000 Statutory profit before tax 28.2 5.1 Fair value (gains)/losses on financial instruments not eligible for hedge accounting - reported in revenue (0.2) (1.2) - reported in (gains)/losses from the fair value of financial instruments (9.7) 0.4 Adjusted profit before tax 18.3 4.3 ---------------------------------------------------- ----------------- -----------------
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October 22, 2020 02:00 ET (06:00 GMT)
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