Renishaw PLC Trading Statement (7378P)
October 21 2021 - 2:00AM
UK Regulatory
TIDMRSW
RNS Number : 7378P
Renishaw PLC
21 October 2021
Renishaw plc
Trading update
21 October 2021
Renishaw plc, the global provider of manufacturing technologies,
analytical instruments and medical devices, publishes this trading
update for the three months ended 30 September 2021. It contains
unaudited information that covers the first quarter of the
financial year and the period since.
Trading activity
3 months 3 months to Change
to 30 September 30 September
2021 2020
Manufacturing technologies GBP148.5m GBP111.2m +34%
------------------ --------------- -------
Analytical instruments and
medical devices GBP9.3m GBP5.7m +63%
------------------ --------------- -------
Total Revenue GBP157.8m GBP116.9m +35%
------------------ --------------- -------
Adjusted* Profit before tax GBP41.7m GBP18.3m
------------------ --------------- -------
Statutory Profit before tax GBP39.3m GBP28.2m
------------------ --------------- -------
Group revenue for the first quarter of the current financial
year was GBP157.8m, compared to GBP116.9m for the corresponding
period last year. We have experienced strong revenue growth in all
our regions following an improvement to global macroeconomic
conditions over the last year.
In our Manufacturing technologies business (formerly Metrology)
revenue amounted to GBP148.5m, compared to GBP111.2m last year,
with the strong growth driven largely by demand from the
semiconductor and electronics markets. In our Analytical
instruments and medical devices business (formerly Healthcare)
revenue was GBP9.3m, compared with GBP5.7m last year.
Adjusted* profit before tax for the first quarter amounted to
GBP41.7m compared with GBP18.3m last year and the statutory profit
before tax amounted to GBP39.3m (2020: GBP28.2m).
Financial position
The Group balance sheet remains strong with net cash and bank
deposit balances of GBP234.8m at 30 September 2021 (30 June 2021:
GBP215.0m).
Outlook
The 2022 financial year has started with a strong first quarter
and we currently have a record order book. We expect demand from
the semiconductor and electronics sectors to remain strong and that
there will continue to be a recovery in the machine tool and
co-ordinate measuring machine markets. In our Analytical
instruments and medical devices markets, we have seen confidence
return and capital expenditure projects released.
The Board continues to be confident in our long-term prospects,
due to our strong financial position, 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 2021 are
expected to be released on 3 February 2022.
Will Lee Allen Roberts
Chief Executive Group Finance Director
21 October 2021
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
* 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
2021 2020
GBP'000 GBP'000
Statutory profit before tax 39.3 28.2
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting
- reported in revenue 1.3 (0.2)
- reported in (gains)/losses from the fair value
of financial instruments 1.1 (9.7)
Adjusted profit before tax 41.7 18.3
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