REG - Renishaw PLC - Trading Statement

RenishawAnnouncement

24/10/2024 07:00

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RNS Number : 3723J  Renishaw PLC  24 October 2024

Renishaw plc
Trading update
24 October 2024

 

 

Solid revenue and profit growth in mixed trading conditions

Renishaw plc, the global provider of manufacturing technologies, analytical
instruments and medical devices, publishes this trading update for the three
months ended 30 September 2024. It contains unaudited information that covers
the first quarter of the financial year.

 

 

Trading activity

 

                                              3 months to 30 September 2024  3 months to 30 September 2023  Change

 Manufacturing technologies                   £167.5m                        £156.8m                        +7%
 Analytical instruments and medical devices   £6.4m                          £7.7m                          -16%
 Total revenue                                £173.9m                        £164.5m                        +6%
 Total revenue at constant exchange rates(1)  £171.3m                        £165.0m                        +4%

 Adjusted profit before tax(2)                £34.0m                         £28.0m                         +22%
 Statutory profit before tax                  £34.0m                         £28.0m                         +22%

 

 

Revenue was £173.9m, representing a 6% increase compared to the corresponding
period last year at actual exchange rates, and a 4% increase at constant
currency(1). The Americas and EMEA regions saw increased demand compared to Q1
FY2024, whilst APAC was lower compared to a strong period last year, which was
boosted by orders from the consumer electronics sector.

 

In our Manufacturing technologies business, revenue in the period was 7%
higher than the prior year at £167.5m.  Sales of position encoders to the
semiconductor manufacturing sector saw strong growth compared to a subdued
prior year comparator. Our Additive Manufacturing products also grew strongly,
reflecting the good order book carried into FY2025.  Meanwhile, demand for
Industrial Metrology products was lower than last year, primarily due to the
strong prior period sales to consumer electronics manufacturers in APAC.

 

Revenue for our Analytical instruments and medical devices business was
£6.4m, a decrease of 16% compared with £7.7m last year, primarily from
phasing for our Spectroscopy products.

 

Adjusted and Statutory profit before tax(2) for the first quarter of FY2025
both amounted to £34.0m (FY2024: £28.0m).

 

 

Financial position

 

The Group's balance sheet remains strong with net cash and cash equivalents
and bank deposit balances of £276.1m on 30 September 2024 (30 June 2024:
£217.8m).

 

 

Outlook

 

The first quarter of FY2025 has seen solid revenue and profit growth in mixed
trading conditions, with subdued demand in some markets, offset by good growth
elsewhere.  Whilst Q1 sales of our encoder products to the semiconductor
manufacturing sector have been stronger than last year, we remain cautious
about demand from this market in the remainder of FY2025.

 

We continue to pursue a range of growth opportunities and anticipate solid
overall revenue growth this year in line with the Board's expectations.
Alongside this we also remain focused on the careful management of costs and
delivery of productivity improvements, which together will help drive progress
towards our margin objectives.

The results for the half year ending 31 December 2024 will be released on 13
February 2025.

 

 Will Lee           Allen Roberts
 Chief Executive    Group Finance Director

 24 October 2024

 Renishaw plc
 Registered office  New Mills, Wotton-under-Edge, Gloucestershire, GL12 8JR
 Registered number  01106260
 Telephone number   +44 (0) 1453 524524
 Website            www.renishaw.com

 

 

 

Notes

 

1.     Revenue at constant exchange rates is defined as revenue
recalculated using the same rates that were applicable to the previous year
and excluding forward contract gains and losses.

2.     There are no adjustments made between statutory and adjusted profit
before tax.

 

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