Renishaw PLC Trading Statement (2423E)
27 Octubre 2022 - 01:00AM
UK Regulatory
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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