Renishaw Plc - Half-Year Report

Highlights

 

 

 

 

 

Continuing operations

 

6 months to

31st December

2017

Restated*

6 months to

31st December

2016

 

Year ended

30th June

2017

 

 

 

 

 

Revenue (£'000)

279,458

238,081

536,807

 

 

 

 

 

Adjusted1 profit before tax (£'000)

62,301

36,139

109,079

 

 

 

 

Adjusted1 earnings per share (pence)

72.7

41.4

132.4

 

 

 

 

Proposed dividend per share (pence)

14.0

12.5

52.0

 

 

 

 

Statutory profit before tax (£'000)

66,158

25,274

117,101

 

 

 

 

Statutory earnings per share (£'000)

77.0

29.4

141.3

 

 

Chairman's statement

 

 

I am pleased to report our group results for the six months to 31st December 2017.  Unless otherwise stated these results are based on continuing operations.

 

Highlights

 

·      First half year revenue of £279.5m, compared with restated* previous year of £238.1m.

·      Revenue growth of 17%; 20% at constant exchange rates.

·      First half year adjusted1 profit before tax of £62.3m, compared with adjusted restated previous year of £36.1m, an increase of 73%.

·      First half year statutory profit before tax of £66.2m, compared with restated £25.3m last year.

 

Trading results

 

Continuing operations

First half
2018

First half
2017

Change

Change at constant exchange rates

Group revenue

£279.5m

£238.1m

+17%

+20%

Comprising:

 

 

 

 

   Far East

£125.2m

£109.1m

+15%

+21%

   Americas

£58.8m

£48.5m

+21%

+26%

   Europe

£71.8m

£59.4m

+21%

+18%

   UK

£14.7m

£13.0m

+13%

 

   Other

£9.0m

£8.1m

+11%

 

 

Outlook

Notwithstanding current economic uncertainties, the Board remains confident in the future prospects of the Group. We continue to anticipate growth in both revenue and profit in this financial year and expect full year revenue to be in the range of £575m to £605m and adjusted profit before tax to be in the range of £127m to £147m. Statutory profit before tax is expected to be in the range of £136m to £156m.

 

Dividend

The Board has approved an interim dividend of 14.0 pence net per share which will be paid on 9th April 2018 to shareholders on the register on 9th March 2018.