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

Revenue from continuing operations for the first quarter of the current financial year was £142.3m, a growth of 26% over the £112.8m 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 £137.1m compared to £108.9m last year, with an underlying growth at constant exchange rates of 20%. Revenue in our healthcare business was £5.2m compared with £4.0m 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 £35.8m compared with £15.1m last year.

Financial position 

The Group balance sheet remains strong with net cash balances of £82.6m as at 30th September 2017 (30th June 2017: £64.8m), including an escrow account of £12.9m (30th June 2017: £12.9m) 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