Renishaw PLC Trading Statement (7785X)
28 Abril 2023 - 03:00AM
UK Regulatory (RNS & others)
TIDMRSW
RNS Number : 7785X
Renishaw PLC
28 April 2023
Renishaw plc
Trading update
28 April 2023
Revenue growth achieved despite lower demand from the
semiconductor and electronics sectors.
Renishaw plc, the global provider of manufacturing technologies,
analytical instruments and medical devices, publishes this trading
update for the nine months ended 31 March 2023. It contains
unaudited information that covers the first nine months of the
financial year and the period since.
Trading activity
9 months 9 months Change
to 31 March to 31 March
2023 2022
Manufacturing technologies GBP496.7m GBP467.4m 6%
-------------- -------------- -------
Analytical instruments and
medical devices GBP25.3m GBP25.0m 1%
-------------- -------------- -------
Total Revenue GBP522.0m GBP492.4m 6%
-------------- -------------- -------
Adjusted* Profit before
tax GBP111.8m GBP124.0m -10%
-------------- -------------- -------
Statutory Profit before tax GBP117.3m GBP120.2m -2%
-------------- -------------- -------
Revenue for the nine months to 31 March 2023 was GBP522.0m, an
increase of 6% compared to GBP492.4m for the corresponding period
last year.
In our Manufacturing technologies business, revenue for the
first nine months was GBP496.7m, compared with GBP467.4m last year.
Strong systems sales have contributed to growth in our industrial
metrology and additive manufacturing business. Our position
measurement business has continued to see subdued demand from the
semiconductor and electronics sectors in the third quarter,
resulting in lower revenue this year compared to last year. Revenue
from our Analytical instruments and medical devices business for
the first nine months was GBP25.3m compared with GBP25.0m last
year.
Adjusted profit before tax for the nine months to 31 March 2023
amounted to GBP111.8m compared with GBP124.0m last year and the
statutory profit before tax amounted to GBP117.3m (FY2022:
GBP120.2m). As previously reported, we have invested in increased
customer facing activities this year and operating cost increases
also reflect pay reviews undertaken in the last two years.
Financial position
The Group balance sheet remains strong with cash and cash
equivalents and bank deposits amounting to GBP227.8m (31 December
2022: GBP211.5m).
Outlook
We expect current market conditions to continue during the
remainder of this financial year. We continue to invest in
innovative new products and manufacturing capacity to support our
growth objectives, whilst managing costs carefully and focusing on
productivity. We anticipate that revenue for the full year will be
between GBP680m and GBP700m, and adjusted profit before tax will be
between GBP135m and GBP150m.
The preliminary results for the year ending 30 June 2023 will be
released on 14 September.
Will Lee Allen Roberts
Chief Executive Group Finance Director
28 April 2023
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'; and
- third-party costs in the previous year relating to the formal
sale process ('FSP') concluded in July 2021.
The Board views the adjusted profit before tax as a useful
measure to analyse the underlying performance of the Group. The
following table reconciles statutory profit before tax to adjusted
profit before tax:
9 months 9 months
to 31 March to 31 March
2023 2022
GBP'm GBP'm
Statutory profit before tax 117.3 120.2
Third-party FSP costs - (0.2)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting
- reported in revenue (6.9) (0.1)
- reported in (gains)/losses from the fair value
of financial instruments 1.4 4.1
Adjusted profit before tax 111.8 124.0
---------------------------------------------------- ------------- -------------
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END
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April 28, 2023 02:00 ET (06:00 GMT)
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