Coronavirus Update

Renishaw Plc - Final Results June 2020

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Renishaw plc 

13 August 2020

Preliminary announcement of unaudited results for the year ended 30 June 2020

Summary

  • Revenue was £510.2m, 11% lower than 2019 revenue of £574.0m.
  • Revenue was lower in all regions, with the challenging global macroeconomic conditions throughout the year and the COVID-19 pandemic impacting most product lines.
  • Metrology revenue was lower by 11% at £475.2m, largely as a result of trade tensions between the USA and China, weaker demand in the machine tool sector and the impact of the pandemic. However, we experienced good growth in our position encoder product line due to a recovery in the semiconductor market.
  • Healthcare revenue decreased by 15% to £35.0m, with COVID-19 causing delays in orders, shipments, installations and postponements of elective surgery.
  • Adjusted* profit before tax of £48.6m (2019: £103.9m), a reduction of 53%.
  • Statutory profit was £3.2m compared with £109.9m last year.
  • Actions taken in the year to protect the long-term health of the business by preserving cash, improving productivity and reducing the Group's cost base, including:

Reductions in direct manufacturing staff in the UK, Ireland and India;

Restructure of our additive manufacturing business;

Business resizing that led to a global headcount reduction;

Targeted reductions in other operating costs; and

Cancellation of the interim dividend and decision not to declare a final dividend.

  • Strong balance sheet, with net cash and bank deposits of £120.4m at 30 June 2020, compared with £106.8m at 30 June 2019.
  • Since January 2020 we have implemented a wide range of measures to protect against the spread of COVID-19 at our sites around the world and continue to monitor the impact of the pandemic.

"It has been a particularly challenging year for the Group and we are extremely proud of the commitment our employees have shown during these exceptional times.  Looking ahead, there are many exciting opportunities to grow our business, due to our new product pipeline, excellent manufacturing and commercial operations, and highly skilled people." Sir David McMurtry, Executive Chairman