Renishaw plc
Trading update
26 March 2021
Renishaw plc, the global high-precision metrology and healthcare technology group, today publishes this trading update for the financial year ending 30 June 2021, which contains unaudited information.
We continue to see good momentum in our business, with particularly strong demand in the semiconductor capital equipment and consumer electronics markets. With a record order book, we currently anticipate that revenue for the full year will be between £540m and £570m, and adjusted profit before tax will be between £105m and £125m.
A trading update is planned for 28 April 2021 which will include the third quarter results.
The above statement constitutes a profit forecast for the purposes of Rule 28 of the Takeover Code (“Profit Forecast”) and the requirements of Rule 28.1(c)(i) of the Takeover Code apply to this statement.
Renishaw Directors' confirmation and basis of preparation
Renishaw plc's Directors have considered the Profit Forecast and confirm that it has been properly compiled on the basis of the assumptions stated below and that the basis of accounting used is consistent with the accounting policies of Renishaw plc, which are in accordance with IFRS and are those that are expected to be applied in preparing the annual report for the financial year ending 30 June 2021. The Profit Forecast is based on the unaudited interim results for the six months ended 31 December 2020, the latest unaudited management accounts and an unaudited forecast for the period ending 30 June 2021. The Profit Forecast does not take into account the potential external costs in relation to the Formal Sale Process announced on 2 March 2021.
In preparing the Profit Forecast the following principal assumptions were made:
· Any changes or proposed changes in relevant legislation, government, governmental policy or other regulatory requirements will not materially affect the results of the Company;
· There will be no material adverse change in economic conditions in the markets in which the Company operates, or any unusual trading patterns over the remaining period of the financial year ending 30 June 2021; and
· There will be no serious interruptions in business arising from circumstances outside the Company's control which would adversely affect the Company, its customers or suppliers.