Renishaw PLC Trading update (2022U)
October 20 2017 - 5:02AM
UK Regulatory
TIDMRSW
RNS Number : 2022U
Renishaw PLC
20 October 2017
Renishaw plc
Trading update
20th October 2017
Ahead of the AGM being held at noon today, we are providing a
short trading update as follows:
Renishaw plc, the global high-precision metrology and healthcare
manufacturer, publishes this trading update for the three months
ended 30th September 2017. It contains unaudited information that
covers the first quarter and the period since.
Trading activity
Continuing operations First quarter First quarter Change
2018 2017
----------------------- --------------- --------------- -------
Metrology GBP137.1m GBP108.9m +26%
----------------------- --------------- --------------- -------
Healthcare GBP5.2m GBP4.0m +30%
----------------------- --------------- --------------- -------
Total Revenue GBP142.3m GBP112.8m +26%
----------------------- --------------- --------------- -------
Adjusted* Profit
before tax GBP35.8m GBP15.1m +137%
----------------------- --------------- --------------- -------
Statutory Profit GBP36.9m GBP10.7m
before tax
----------------------- --------------- --------------- -------
Revenue from continuing operations for the first quarter of the
current financial year was GBP142.3m, a growth of 26% over the
GBP112.8m for the corresponding period last year. Revenue benefited
due to a number of large orders from Far East customers in the
consumer electronics markets. We experienced underlying growth at
constant exchange rates of 20% with growth in all regions.
In our metrology business revenue amounted to GBP137.1m compared
to GBP108.9m last year, with an underlying growth at constant
exchange rates of 20%. Revenue in our healthcare business was
GBP5.2m compared with GBP4.0m last year, a growth of 29% at
constant exchange rates.
Restated and adjusted* profit before tax from continuing
operations for the first quarter amounted to GBP35.8m compared with
GBP15.1m last year.
Financial position
The Group balance sheet remains strong with net cash balances of
GBP82.6m as at 30th September 2017 (30th June 2017: GBP64.8m),
including an escrow account of GBP12.9m (30th June 2017: GBP12.9m)
which provides additional security for the UK defined benefit
pension scheme.
Outlook
The Board remains confident in the future prospects of the Group
and of achieving good growth in both revenue and profit in this
financial year.
The results for the half year ending 31(st) December 2017 will
be released on 25th January 2018.
Sir David McMurtry
CBE, RDI, FRS, FREng, CEng, FIMechE
Chairman and Chief Executive
20th October 2017
Renishaw plc
Registered office New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR
Registered number 1106260
LEI number 21380048ADXM6Z67CT18
Telephone number 01453 524524
Website www.renishaw.com
* Adjusted profit before tax and prior year restatements
In the trading update issued on 13(th) October 2016, the profit
before tax for the first quarter of the financial year 2016 was
reported as GBP14.1m. The results of Renishaw Diagnostics Limited
and the spatial measurement business have now been excluded as
these businesses have been reclassified as discontinued activities,
giving rise to an increase in profit before tax of GBP1.0m.
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 IAS39 'Financial Instruments:
Recognition and Measurement'. 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 Q1 2018 Q1
2017
Profit before tax as reported Oct 2016 14.1
Restatement for discontinued operations 1.0
Restated adjusted profit before tax
from continuing operations 35.8 15.1
Fair value gains/losses on financial
instruments not eligible for hedge accounting
* reported in revenue 0.1 2.1
* reported in losses from the fair value of financial
instruments 1.0 (6.5)
Restated statutory profit before tax
from continuing operations 36.9 10.7
======== ==========
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTGCBDGBUDBGRG
(END) Dow Jones Newswires
October 20, 2017 06:02 ET (10:02 GMT)
Renishaw (LSE:RSW)
Historical Stock Chart
From Apr 2024 to May 2024
Renishaw (LSE:RSW)
Historical Stock Chart
From May 2023 to May 2024