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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3,580.00 | 3,500.00 | 3,565.00 | 0.00 | 08:05:47 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electrical Machy, Equip, Nec | 688.57M | 116.1M | 1.5966 | 22.42 | 2.6B |
TIDMRSW
RNS Number : 2423E
Renishaw PLC
27 October 2022
Renishaw plc
Trading update
27 October 2022
Renishaw plc, the global provider of manufacturing technologies, analytical instruments and medical devices, publishes this trading update for the three months ended 30 September 2022. 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 2022 2021(a) Manufacturing technologies GBP172.8m GBP152.3m +13% --------------- --------------- ------- Analytical instruments and medical devices GBP7.1m GBP5.5m +29% --------------- --------------- ------- Total revenue GBP179.9m GBP157.8m +14% --------------- --------------- ------- Adjusted(b) profit before tax GBP40.0m GBP41.7m -4% --------------- --------------- ------- Statutory profit before tax GBP38.6m GBP39.3m -2% --------------- --------------- -------
Overall Group performance was in line with our expectations for the first quarter of the year.
Revenue was GBP179.9m, compared to GBP157.8m for the corresponding period last year, with revenue growth in all regions. This includes a GBP4.0m currency benefit at constant exchange rates, net of hedging.
In our Manufacturing technologies business, revenue amounted to GBP172.8m, compared to GBP152.3m last year, with strong growth in our core industrial markets. In our Analytical instruments and medical devices business, revenue was GBP7.1m, compared with GBP5.5m last year.
Adjusted profit before tax for the first quarter amounted to GBP40.0m (FY2022: GBP41.7m) and is comparable with our profitability in the final quarter of the previous financial year. The current year includes a net GBP1.0m gain relating to currency. Statutory profit before tax amounted to GBP38.6m (FY2022: GBP39.3m).
Financial position
The Group balance sheet remains strong with net cash and bank deposit balances of GBP258.6m at 30 September 2022 (30 June 2022: GBP253.2m).
Outlook
We have made a positive start to the current year and our order book remains strong. We have, as recently reported, seen a weakening in order intake from the semiconductor and electronics sectors, and general market sentiment is becoming more cautious. In light of this, we are managing costs carefully and focusing on productivity.
Overall, we're confident in our strategy and the investments we're making in people and infrastructure to deliver sustainable, long-term growth, and we look forward to the year ahead.
The results for the half year ending 31 December 2022 will be released on 2 February 2023.
Will Lee Allen Roberts Chief Executive Group Finance Director 27 October 2022 Renishaw plc Registered office New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR Registered number 01106260 Telephone number +44 (0) 1453 524524 Website www.renishaw.com
(a) Results relating to sales of additive manufacturing machines to medical and dental customers are no longer recognised in the Analytical instruments and medical devices operating segment. Comparative figures have been reclassified accordingly, with GBP3.8m reclassified from Analytical instruments and medical devices to Manufacturing technologies in the 3 months to 30 September 2021.
(b) 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 2022 2021 GBP'000 GBP'000 Statutory profit before tax 38.6 39.3 Fair value (gains)/losses on financial instruments not eligible for hedge accounting - reported in revenue (3.7) 1.3 - reported in (gains)/losses from the fair value of financial instruments 5.1 1.1 Adjusted profit before tax 40.0 41.7 ---------------------------------------------------- ----------------- -----------------
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October 27, 2022 02:00 ET (06:00 GMT)
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