REG - Renishaw PLC - Half-year Financial Report
11/02/2026 07:00
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RNS Number : 4943S Renishaw PLC 11 February 2026
Renishaw plc
11 February 2026
HALF YEAR RESULTS FY2026
Renishaw, a world leader in measuring and manufacturing systems, today
announces its interim results for the six months ended 31 December 2025 (H1
FY2026).
Strong H1 performance and a growing order book
Will Lee, Chief Executive Officer, commented:
"We have made strong progress in the first half, with a notable pick-up in
revenue and order intake in Q2 and improving profitability. It is pleasing to
see revenue growth in all three business segments, with significant progress
in our emerging product lines. Our markets present significant structural
growth opportunities, and we are excited about the prospects for the
innovative products that we have recently launched. We enter H2 with momentum
and we expect to achieve strong revenue and profit growth in the remainder of
the year."
Performance highlights
Adjusted* (see note 12) Statutory
H1 H1 Growth Constant FX growth H1 H1 Growth
FY2026 FY2025 FY2026 FY2025
Revenue (£m) 365.6 341.4 7.1% 11.5% 365.6 341.4 7.1%
Operating profit (£m) 57.5 51.6 11.4% 49.6% 40.1 51.6 (22.3%)
Operating profit margin (%) 15.7% 15.1% 0.6%pt 11.0% 15.1% (4.1%pt)
Profit before tax (£m) 64.1 57.5 11.5% 46.0 57.5 (20.0%)
Earnings per share (pence) 68.8 63.2 8.9% 49.9 63.2 (21.0%)
Dividend per share (pence) 16.8 16.8 -
Return on invested capital (%) 13.2% 12.6% 0.6%pt
Adjusted cash flow conversion from operating activities (%) 68% 100% (32%pt) Note:
%pt = percentage points
( )
· Strong revenue growth: 7.1% at actual exchange rates, 11.5% at
constant currency*.
· Record Q2 revenue, 14.1% higher than Q1, with further
strengthening of the order book.
· Revenue growth in all segments, with strong growth in the
Americas and APAC regions.
· Strong growth in defence and semiconductor sectors.
· Emerging product lines continue to gain traction, notably
co-ordinate measuring machine and gauging systems, additive manufacturing (AM)
systems, and enclosed optical encoders.
· 1.4% of H1 growth is attributable to higher pricing to wholly
offset tariff duties in the USA.
· Average through-cycle revenue growth rising to 7.8% (5-year CAGR
since H1 FY2021).
· Adjusted operating profit margin* rose 0.6%pt to 15.7%.
· 4.4%pt of organic margin improvement from fixed cost reduction,
productivity initiatives and operational leverage, offset by (3.8%pt) of
headwinds from currency and tariffs.
· Adjusted profit before tax* growth: 11.5%.
· Statutory profit before tax was 20.0% lower, including £18.0m of
redundancy and impairment costs relating to previously announced restructuring
activities, and other one-off costs.
· Adjusted cash flow conversion from operating activities*: 68% (H1
FY2025: 100%), with lower capital expenditure offset by higher working capital
to support record Q2 sales and a growing order book.
· Strong balance sheet with cash and deposit balances of £240.9m
(FY2025: £273.6m), reflecting full-year dividend, working capital investment
and restructuring outflows.
· Return on invested capital* increased by 0.6%pt to 13.2%.
· Interim dividend maintained at 16.8 pence per share
* Refer to note 12, which defines how alternative performance measures are
calculated.
Outlook for FY2026
We expect the market backdrop in the remainder of FY2026 to continue to be
mixed, with ongoing strong demand across specific sectors and product lines
offsetting more subdued conditions in general industrial markets. We built
strong momentum through the first half of FY2026, with positive contributions
from our emerging products, delivering growth in each segment and a
significant further growth of our order book. Whilst we are mindful of ongoing
economic and geopolitical uncertainties, our positive momentum has continued
in the early part of Q3, and we are confident of achieving strong growth for
the year as a whole.
Our second half is normally stronger than H1 and that pattern is likely to
continue this year. We currently expect to deliver FY2026 full-year
performance in the following ranges:
· Revenue:
£740m to £780m
· Adjusted profit before tax*: £132m to
£157m
About Renishaw
We are a world leading supplier of measuring and manufacturing systems. Our
products give high accuracy and precision, gathering data to provide customers
and end users with traceability and confidence in what they're making. This
technology also helps our customers to innovate their products and processes.
We are a global business, with customer-facing locations across our three
sales regions; the Americas, EMEA, and APAC. Most of our R&D work takes
place in the UK, with our largest manufacturing sites located in the UK,
Ireland and India. Further information can be found at www.renishaw.com.
(http://www.renishaw.com)
Results webcast
Will Lee, Chief Executive Officer, and Marc Saunders, Director of Group
Strategic Development, will host a results presentation and Q&A session at
08:30 GMT today, which will be broadcast live via a webcast. Details of how to
register for this webcast are available at:
https://stream.brrmedia.co.uk/broadcast/6968c43021449c0013b7966c
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fstream.brrmedia.co.uk%2Fbroadcast%2F6968c43021449c0013b7966c&data=05%7C02%7Cchris.pockett%40renishaw.com%7C4963100b7e374eb72f1008de5fe9bbf6%7Cbe3b1b3bae03462ebf694110e380dc7b%7C0%7C0%7C639053654669589638%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C4000%7C%7C%7C&sdata=7JnUFg9Yn1wkWS5XtnQYKPBuIdBnl%2Bqocpd43W8O3qg%3D&reserved=0)
A recording of the presentation and Q&A session will be made available by
12 February 2026 at: www.renishaw.com/investors
(https://www.renishaw.com/en/investors--22615) .
Enquiries: communications@renishaw.com (mailto:communications@renishaw.com)
Group operating performance review
Strong first half performance, carrying momentum into H2
We delivered strong revenue and profit growth combined with a substantially
higher order intake in the first half of the 2026 financial year. Following
steady sales in Q1, demand picked up notably in Q2, resulting in record
quarterly revenue and a further significant strengthening of our order book.
Against a backdrop of mixed market conditions and continuing uncertainty in
the economic and geopolitical environment, we have achieved record revenue for
a H1 period, and we enter H2 with momentum.
This performance has been underpinned by strong execution of our growth
strategy, which targets high single-digit average through-cycle organic
revenue growth. We pursue leading positions in a broad and expanding range of
high-growth markets for our portfolio of sensor and software-enabled systems
products. Our attractive markets are supported by four structural growth
drivers: increasing precision of manufacturing processes, rising industrial
automation to tackle skills shortages, electrification and digitalisation of
industries, and decarbonisation of manufacturing. We aim to out-perform these
markets by growing our established businesses, increasing the value of the
technology we sell, and diversifying into close-adjacent markets. Our
innovative technologies, global sales organisation and customer focus enables
us to access diverse growth opportunities, benefitting from strong demand
uplift in the semiconductor, defence and electrification sectors.
We have seen building momentum in demand for our established position encoder
products in the first half of FY2026, as we see rising demand from existing
accounts and as we continue to win new customers. A substantial proportion of
our growth in this period has come from our emerging metrology and additive
manufacturing systems and software, where we are gaining market share with
innovative solutions. We are also seeing pleasing growth in some of our
emerging sensor product lines, such as our enclosed optical and inductive
position encoders, that allow us to address new markets.
Record H1 revenue
Segmental revenue (£m) Q1 Q2 H1 H1 Growth Constant
FY2026 FY2026 FY2026 FY2025 FX growth
Industrial Metrology 102.0 110.1 212.1 203.3 4.3% 8.8%
Position Measurement 52.1 58.4 110.5 102.9 7.4% 11.9%
Specialised Technologies 16.7 26.3 43.0 35.2 22.2% 25.9%
Group 170.8 194.8 365.6 341.4 7.1% 11.5%
Revenue increased by 7.1% to £365.6m (H1 FY2025: £341.4m) and was a record
for the H1 period. Sales in Q2 were also a record for any quarter at £194.8m,
14.1% stronger than Q1. Growth was broadly based, with all three reporting
segments delivering growth, and Specialised Technologies performing
particularly strongly.
Regional revenue (£m) Q1 Q2 H1 H1 Growth Constant
FY2026 FY2026 FY2026 FY2025 FX growth
APAC 84.4 93.6 178.0 161.4 10.3% 16.9%
EMEA 42.6 54.4 97.0 102.3 (5.2%) (5.5%)
Americas 43.8 46.8 90.6 77.7 16.6% 22.9%
Group 170.8 194.8 365.6 341.4 7.1% 11.5%
Regionally, the picture was more mixed, with strong growth in the Americas and
APAC regions, whilst revenue in EMEA was below the prior year. Growth in the
Americas was driven by strong demand for high-value capital equipment sales,
including 5-axis co-ordinate measuring machines (CMMs) and additive
manufacturing machines, whilst also benefitting from c. £5m (6%) in
surcharges and price rises to offset new tariff duties. In APAC, we have seen
rising demand for position encoders from semiconductor and electronics
manufacturing equipment builders, as well as strong demand for Equator™ shop
floor gauging systems from consumer electronics subcontract manufacturers.
Market demand in EMEA has been softer than the other regions, but the order
intake improved notably in Q2. H1 revenues in EMEA were impacted adversely by
the transition to a new sales ERP system in some territories in September
2025, and whilst this resulted in some disruption to customer deliveries,
activity levels increased substantially in Q2.
H1 revenue growth at constant currency for the Group was 11.5%, 4.4%pt higher
than growth at actual exchange rates. This difference is partly a result of a
stronger GBP against the USD, but mostly due to an £8.0m reduction in forward
currency contract income compared to H1 FY2025. The prior period included
significant gains from contracts that were struck at favourable rates
following volatility in currency markets arising from the September 2022 UK
'mini Budget'.
Operating profit and costs
Adjusted operating profit for the period was £57.5m, 11.4% above the prior
year. This amounts to 15.7% of revenue, a 0.6%pt improvement from 15.1% last
year, and against our target of 20.0%. Adjusted operating profit at constant
exchange rates* was 49.6% higher than the previous year.
Adjusted operating profit margin bridge
We have faced a total of 3.8%pt of margin headwinds from external factors. An
£8.0m deficit in forward currency contract income combined with a £5.2m
profit impact from adverse exchange rate movements to create a substantial
3.6%pt currency headwind. New US tariff costs of c. £5m were wholly offset by
surcharges and pricing, with no impact on operating profit, but a small
reduction in profit margin.
We achieved 4.4%pt of organic margin growth from a combination of fixed cost
reduction, productivity initiatives and operating leverage.
Our operating cost reduction programme and restructuring of our neurological
business have yielded a combined 2.4%pt of margin improvement in H1. Group
headcount has reduced from 5,347 on 30 June to 4,975 on 31 December, resulting
in c. £9m of cost savings during H1 FY2026, with ongoing annualised savings
expected to be c. £23m p.a. as planned. This will be partially offset by the
impact of our January 2026 pay review, which will result in c. £5m of higher
pay in H2.
We have also benefited from 2.0%pt of operating leverage arising from our
strong constant currency revenue growth in the period. This has generated
higher gross profit, more than offsetting inflationary pressures affecting our
operating costs such as higher pay, health insurance costs and employment
taxes.
Gross margins excluding engineering costs were 58.8% compared to 61.5% in the
prior year. This primarily reflects the impact of currency on our revenues,
the impact of tariffs on both our revenues and our costs, as well as differing
growth rates within our product portfolio and between regions.
We remain committed to our long-term strategy of developing innovative and
patented products to create strong market positions. We have made numerous
improvements to our R&D project prioritisation and delivery in recent
years, supporting an increased rate of new product introduction. During the
first six months of this financial year, our gross engineering spend,
excluding adjusting items, was 8.5% lower at £50.8m (H1 FY2025: £55.5m).
Total engineering costs included in the consolidated income statement were
12.1% of revenues.
Distribution expenses, excluding adjusting items, have increased by 6.6% to
£72.8m (H1 FY2025: £68.3m), mostly because of higher pay and benefits.
Administrative expenses, excluding adjusting items, were 2.3% higher at
£40.4m (H1 FY2025: £39.5m). These include continuing third-party support and
maintenance costs in relation to our ongoing IT transformation, which will
lead to productivity benefits in future years.
Segmental operating performance review
Segment performance summary
H1 FY2026 H1 FY2025 Change
All figures in £m at actual exchange rates Revenue Adjusted operating profit Adjusted operating Revenue Adjusted operating profit Adjusted operating profit margin Revenue Adjusted operating profit Adjusted operating profit margin
profit
margin
Industrial Metrology 212.1 32.2 15.2% 203.3 31.0 15.3% 4.3% 3.9% (0.1%pt)
Position Measurement 110.5 25.9 23.4% 102.9 28.5 27.7% 7.4% (9.1%) (4.3%pt)
Specialised Technologies 43.0 (0.6) (1.4%) 35.2 (7.9) (22.4%) 22.2% N/A 21.0%pt
Group 365.6 57.5 15.7% 341.4 51.6 15.1% 7.1% 11.4% 0.6%pt
All three reporting segments delivered revenue growth in H1, with a
particularly strong improvement in performance for Specialised Technologies
which has posted substantially reduced losses. Currency headwinds and changing
product and customer mix were key factors in lower operating profit in the
Industrial Metrology and Position Measurement segments. Refer to note 2 for
more details of segmental performance.
Industrial Metrology
Revenue for Industrial Metrology (IM) products increased by 4.3% to £212.1m
at actual exchange rates (H1 FY2025: £203.3m) and was 8.8% higher at constant
exchange rates.
Our emerging metrology systems and software product lines have delivered
strong year-on-year revenue growth in the first half as well as a growing
order book. We continue to see improving demand for 5-axis AGILITY(®) CMMs in
the Americas, whilst sales of shop floor gauging systems into the consumer
electronics sector in APAC have also increased significantly. Our new
Equator-X™ dual-method gauge and our easy-to-use MODUS™ IM Equator
software were positively received at their recent launch, and we are scaling
up our production capacity to meet initial demand.
Meanwhile, the established machine calibration product line also delivered
strong year-on-year growth in H1 against a weaker period in the previous year,
boosted by improving demand from semiconductor manufacturing equipment
builders. We introduced our new XK20 alignment laser system and accompanying
CARTO XK20 app in H1, targeted at builders of large and complex machine tools.
By contrast, sales of CMM and machine tool sensors were flat. We saw improving
demand from consumer electronics subcontract manufacturers in APAC, but this
was offset by continued weakness in EMEA, where demand from machine tool and
CMM builders supplying the automotive sector remains subdued. We continue to
innovate here, with our third-generation NC4+ Blue laser tool setter enabling
detection of minute defects in cutting tools, ensuring good surface finish and
enhancing overall part quality, with lower running costs.
Adjusted operating profit for the Industrial Metrology segment was 3.9% higher
at £32.2m in H1, resulting in an adjusted operating margin that was 0.1%pt
lower at 15.2%. Currency headwinds were largely offset by a combination of
cost reductions and positive operating leverage.
Position Measurement
Revenue for Position Measurement (PM) products increased by 7.4% to £110.5m
at actual exchange rates (H1 FY2025: £102.9m) and was up 11.9% at constant
exchange rates.
We delivered strong sales growth from our established open optical and
magnetic position encoder product lines, as well as a significant increase in
their order books. We are seeing building momentum, particularly from the
semiconductor and electronics manufacturing equipment sector, and we expect to
achieve strong revenue growth in these product lines in the remainder of the
year.
Meanwhile, sales of laser encoders, which are primarily used in semiconductor
wafer inspection applications, were lower than an abnormally strong
comparative period last year. However, the order book strengthened, and we
remain confident about the growth prospects for this product line following
the introduction of new high-performance variants at the end of FY2025.
We are also seeing high rates of growth for our emerging FORTiS™ enclosed
optical encoders as we continue to win new customers. Whilst enclosed encoders
are primarily sold to machine tool builders and demand for machine tools
remains subdued, we are finding new applications in other types of
manufacturing equipment. Following the recent launch of our ASTRiA™
inductive encoder product line, we are working closely with key prospects,
including various defence sector applications.
Adjusted operating profit for the Position Measurement segment in H1 was 9.1%
lower at £25.9m, resulting in an adjusted operating margin that was 4.3%pt
lower at 23.4%. Like the IM segment, PM faced significant currency headwinds,
which were partially offset by cost reduction activities. However, a change in
product mix versus the comparable period last year, with lower sales of laser
encoders and higher demand for magnetic encoders, drove operating margins
lower. It should be noted that the margin achieved in H1 FY2026 is higher than
the 22.5% margin achieved in FY2025 as a whole.
Specialised Technologies
Revenue for Specialised Technologies (ST) products increased by 22.2% to
£43.0m at actual exchange rates (H1 FY2025: £35.2m) and grew by 25.9% at
constant exchange rates.
Additive manufacturing (AM) products were the key driver of this performance
improvement. Sales of metal AM systems in H1 were significantly higher than
the prior year, whilst orders were stronger still, resulting in a growing
order book. Demand was particularly strong from the defence sector in both the
EMEA and the Americas regions. During H1, we introduced further productivity
enhancements to our market-leading RenAM 500 series machines, including new
software that enables printing of complex geometries with minimal supports, as
well as a long-life filter to maximise machine uptime.
Demand for spectroscopy systems was weaker in H1, with gains in the Americas
being more than offset by lower sales in APAC and EMEA. A key development in
the period was the introduction of our new Strada(®) intelligent Raman
microscope, which will start shipping to early-adopter customers in H2, and
which will form the mainstay of our spectroscopy product line in the years
ahead. The Strada microscope combines the sensitivity of research-grade Raman
microscopes with our new intuitive, user-friendly Raman Workspace software,
making advanced chemical analysis accessible to both industrial and multi-user
laboratories.
Closure of the loss-making drug delivery aspect of our neurological business
was concluded in H1, and we are now investigating opportunities to exit the
remaining neurosurgery business.
Adjusted operating profit for the Specialised Technologies segment in H1 grew
by £7.3m, resulting in a loss of £0.6m (H1 FY2025: £7.9m loss), with
adjusted operating profit margin improving by 21.0%pt to -1.4%. ST experienced
a proportionately lower currency impact than the other segments due to its
different regional sales footprint, whilst also benefitting from neurological
restructuring in addition to the companywide cost reduction programme.
However, the primary driver of the substantial improvement in operating margin
was operating leverage, especially in the AM product line.
Group performance overview
Profit and tax
Financial income less expenses for the period, excluding adjusting items, was
£5.0m compared with £4.1m last year. Whilst interest on bank deposits
reduced by £1.0m, we have experienced £0.4m of currency gains (H1 FY2025:
£1.7m loss) on intragroup financing balances and mitigating forward currency
swap contracts. The share of profits of joint ventures was £1.5m this year,
compared to £1.8m in the prior year.
The resulting adjusted profit before tax for the period was £64.1m (17.5% of
revenue) compared with £57.5m (16.8% of revenue) last financial year.
Statutory profit before tax was 20.0% lower at £46.0m (H1 FY2025: £57.5m),
including total costs of £18.0m relating to cost reduction, closure of drug
delivery business, loss of office payment, and interest payable on historical
and non-recurring tax matters, which have been excluded from adjusted profit.
The income tax expense in the consolidated income statement has been estimated
at a rate of 21.1% (H1 FY2025: 20.1%) and is based on management's best
estimate of the full year effective tax rates by geographical unit applied to
half-year profits. The effective tax rate on adjusted profit before tax in H1
was 21.8%.
Adjusted earnings per share* were 68.8p, compared with 63.2p last year.
Return on invested capital
We measure return on invested capital (ROIC) to assess our efficiency in
allocating capital to profitable investments. In H1 FY2026, ROIC increased by
0.6%pt to 13.2% (H1 FY2025: 12.6%), compared to our target of 15%. Adjusted
profit after tax before interest received over the last twelve-month period
increased to £96.4m (H1 FY2025: £89.9m), whilst average invested capital was
2.4% higher at £732.2m. See Note 12 for more details.
Cash flow
Our adjusted cash flow conversion from operating activities, which excludes
cash outflows in H1 for restructuring activities that are also excluded from
adjusted operating profit, was 68% in this period (H1 FY2025: 100%), slightly
below our target of 70%.
Net movements in working capital were adverse in H1. Our trade receivables
have fallen slightly to £126.1m, compared to £128.5m on 30 June 2025. In
response to rising order intake, we have stepped up our manufacturing output
to support planned revenue growth in H2, resulting in a £5.4m increase in
inventories to £164.9m, whilst trade and other payables have decreased by
£4.0m.
In H1, additions of property, plant and equipment (PP&E) amounted to
£17.3m (H1 FY2025: £23.4m), with the focus primarily on plant and equipment
to boost capacity and productivity, and we expect to spend a total of around
£40m on PP&E additions during FY2026 as a whole.
Cash and cash equivalents and bank deposit balances on 31 December 2025 were
£240.9m, compared with £273.6m on 30 June 2025. This reflects cash flows
from operating activities of £31.0m including £14.6m for the cash effect of
restructuring expenses and £15.2m taxes paid, less net investment in
property, plant and equipment and intangibles of £21.5m and the final
dividend payment of £44.6m in respect of FY2025.
Dividend
The Board has approved an interim dividend of 16.8p net per share (H1 FY2025:
16.8p), which will be paid on 7 April 2026 to shareholders on the register on
6 March 2026.
Principal risks and uncertainties
Whilst geopolitical uncertainty remains at heightened levels as demonstrated
by changes to trade tariffs,
the Board considers that the principal risks and uncertainties as set out on
pages 19 to 23 of the
2025 Annual Report remain valid for the second half of financial year 2026.
This determination takes
into account the mitigations undertaken by the Group in respect of the
principal risks. The principal
risks are geopolitical uncertainty, low price competition, product innovation,
industry fluctuations,
non-compliance with laws and regulations, capital products growth, cyber,
exchange rates, IT
transformation, and people.
Sustainability
We continue to make good progress towards our target of Net Zero for Scopes 1
and 2 emissions by 2028. During the period, we have started work on converting
end-of-life heating systems at our manufacturing facility in Miskin, UK, from
oil to a lower-carbon alternative. We are also focused on reducing our Scope 3
emissions. This includes working with key suppliers to reduce the carbon
impact of the materials that we use to make our products, by optimising
recycling and / or renewable energy use in their production. We are also
making improvements to the energy efficiency of our products, including
reduced consumption of compressed air in our new NC4+ Blue laser tool setter.
We also continue to see significant commercial opportunities arising from the
drive towards sustainable business practices. Our products help our customers
to meet their sustainability targets by increasing their manufacturing
efficiencies through lower energy consumption and waste, and by improving the
performance of the products they supply to their own customers.
Directors and employees
The Directors would like to thank our employees for continuing to drive us
forward towards our vision to innovate and transform the capabilities of our
customers.
Camille Deer, granddaughter of our co-founder John Deer, joined the Board as a
Non-executive Director in September 2025.
The Renishaw Board is working to appoint a Chief Financial Officer following
Allen Roberts' retirement in December 2025. Rob Macdonald, an experienced
member of the Renishaw finance team, has been appointed as Interim Group
Finance Director whilst this process proceeds.
The Renishaw Board is also working to appoint an independent Non-executive
Chair, as well as recruitment of an additional independent Non-executive
Director with experience in our markets.
Founder family shareholdings
On 25 November 2025 the families of our founders, the late Sir David McMurtry
and current Non-executive Director, John Deer, established a joint family
holding company, Deltam Holdings Limited ('Deltam'), which holds 50.25% of the
issued share capital of Renishaw. Establishing Deltam facilitates a
generational transfer of the business within the families, reaffirming their
commitment to Renishaw and their intention to be long term shareholders in the
Company.
Outlook
The Board remains confident in our growth model, built on solving customer
problems with innovative products, global service and world-class in-house
manufacturing. Whilst we operate in cyclical markets, we aim for high
single-digit average organic growth rates through the cycle, to improve our
operating profit margins to above 20%, to achieve strong returns on invested
capital, and to generate strong free cash flow.
We expect the market backdrop in the remainder of FY2026 to continue to be
mixed, with ongoing strong demand across specific sectors and product lines
offsetting more subdued conditions in general industrial markets. We built
strong momentum through the first half of FY2026, with positive contributions
from our emerging products, delivering growth in each segment and a
significant further growth of our order book. Whilst we are mindful of ongoing
economic and geopolitical uncertainties, our positive momentum has continued
in the early part of Q3, and we are confident of achieving strong growth for
the year as a whole.
Our second half is normally stronger than H1 and that pattern is likely to
continue this year. We currently expect to deliver FY2026 full-year
performance in the following ranges:
· Revenue:
£740m to £780m
· Adjusted profit before tax*: £132m to
£157m
Will Lee ( )
Chief Executive Officer
10th February 2026
Consolidated income statement
6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
(Unaudited) (Unaudited) (Audited)
Adjusted Adjusting items Statutory
Adjusted total Adjusting items Statutory total total (restated) total Adjusted Adjusting items Statutory
£'000 £'000 £'000 (restated) £'000 (restated) total £'000 total
from continuing operations Notes £'000 £'000 £'000 £'000
Revenue 2 365,616 - 365,616 341,402 - 341,402 713,044 - 713,044
Cost of sales 3 (194,887) (9,668) (204,555) (182,060) - (182,060) (379,650) (4,379) (384,029)
Gross profit 170,729 (9,668) 161,061 159,342 - 159,342 333,394 (4,379) 329,015
Distribution costs (72,795) (2,981) (75,776) (68,276) - (68,276) (144,031) - (144,031)
Administrative expenses (40,398) (4,825) (45,223) (39,506) - (39,506) (77,099) - (77,099)
Operating profit 57,536 (17,474) 40,062 51,560 - 51,560 112,264 (4,379) 107,885
Financial income 4 6,373 - 6,373 6,339 - 6,339 16,517 - 16,517
Financial expenses 4 (1,354) (575) (1,929) (2,221) - (2,221) (5,088) (4,852) (9,940)
Share of profits from joint ventures 1,526 - 1,526 1,806 - 1,806 3,538 - 3,538
Profit before tax 64,081 (18,049) 46,032 57,484 - 57,484 127,231 (9,231) 118,000
Income tax expense 5 (13,970) 4,257 (9,713) (11,555) - (11,555) (27,010) (7,233) (34,243)
Profit for the period 50,111 (13,792) 36,319 45,929 - 45,929 100,221 (16,464) 83,757
Profit attributable to:
Equity shareholders of the parent company 36,319 45,929 83,757
Non-controlling interest - - -
Profit for the period 36,319 45,929 83,757
Pence Pence Pence Pence Pence Pence Pence Pence Pence
Dividend per share arising in respect of the period 7 16.8 16.8 78.1
Earnings per share (basic and diluted) 6 68.8 (18.9) 49.9 63.2 - 63.2 137.8 (22.6) 115.2
Consolidated statement of comprehensive income and expense
6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
(Unaudited) (Unaudited) (Audited)
Adjusted Adjusting items Statutory
Adjusted total Adjusting items Statutory total total (restated) total
£'000 £'000 £'000 (restated) £'000 (restated) Adjusted Adjusting items Statutory
£'000 £'000 total £'000 total
£'000 £'000
Profit for the period 50,111 (13,792) 36,319 45,929 - 45,929 100,221 (16,464) 83,757
Other items recognised directly in equity:
Items that will not be reclassified to the Consolidated income statement:
Remeasurement of defined benefit pension scheme assets / liabilities / 1,398 - 1,398 (299) - (299) 2,777 - 2,777
reimbursement right
Deferred tax on remeasurement of defined benefit pension scheme assets / (263) - (263) 318 - 318 (374) - (374)
liabilities / reimbursement right
Total for items that will not be reclassified 1,135 - 1,135 19 - 19 2,403 - 2,403
Items that may be reclassified to the Consolidated income statement:
Exchange differences in translation of overseas operations 378 - 378 (1,864) - (1,864) (6,295) - (6,295)
Exchange differences in translation of overseas joint venture 384 - 384 (528) - (528) 169 - 169
Effective portion of changes in fair value of cash flow hedges, net of (7,586) - (7,586) (11,188) - (11,188) 5,804 - 5,804
recycling
Deferred tax on effective portion of changes in fair value of cash flow hedges 2,003 - 2,003 2,839 - 2,839 (1,451) - (1,451)
Total for items that may be reclassified (4,821) - (4,821) (10,741) - (10,741) (1,773) - (1,773)
Total other comprehensive income and expense, net of tax (3,686) - (3,686) (10,722) - (10,722) 630 - 630
Total comprehensive income and expense for the period 46,425 (13,792) 32,633 35,207 - 35,207 100,851 (16,464) 84,387
Attributable to:
Equity shareholders of the parent company 32,633 35,207 84,387
Non-controlling interest - - -
Total comprehensive income and expense for the period 32,633 35,207 84,387
'Remeasurement of defined benefit pension scheme assets / liabilities /
reimbursement right' and 'Deferred tax on remeasurement of defined benefit
pension scheme assets / liabilities / reimbursement right' have been restated
in the comparative information. See Note 1 for further details.
Consolidated balance sheet
At 31 December
At 31 December 2024 At 30 June
2025 (Unaudited) 2025
Notes (Unaudited) (Restated) (Audited)
£'000 £'000 £'000
Assets
Property, plant and equipment 8 343,155 334,997 338,287
Right-of-use assets 11,695 13,773 12,218
Investment properties 11,424 10,076 11,566
Intangible assets 9 52,963 49,224 50,550
Investments in joint ventures 28,645 26,089 27,692
Finance lease receivables 11,964 14,430 11,950
Employee benefits 11 12,105 11,410 11,443
Reimbursement right 11 14,632 12,584 12,909
Deferred tax assets 21,883 20,637 22,432
Derivatives 10 4,667 2,052 7,878
Total non-current assets 513,133 495,272 506,925
Current assets
Inventories 164,892 157,758 159,465
Trade receivables 10 126,118 112,616 128,464
Finance lease receivables 4,790 3,382 5,195
Current tax 7,647 8,123 6,453
Other receivables 45,046 43,756 40,732
Derivatives 10 10,207 5,412 14,345
Bank deposits 162,870 143,000 186,226
Cash and cash equivalents 78,011 90,161 87,420
Total current assets 599,581 564,208 628,300
Current liabilities
Trade payables 28,765 23,544 25,943
Contract liabilities 13,586 13,806 14,669
Current tax 6,984 2,662 11,303
Provisions 9,805 3,963 8,978
Derivatives 10 554 2,385 150
Lease liabilities 4,349 3,915 3,992
Amounts owed to joint ventures 13 16,087 11,570 14,530
Borrowings 682 773 764
Other payables 50,307 40,059 57,132
Total current liabilities 131,119 102,677 137,461
Net current assets 468,462 461,531 490,839
Non-current liabilities
Lease liabilities 7,946 10,313 8,769
Borrowings 1,683 2,491 2,120
Employee benefits 11 21,311 22,848 21,131
Deferred tax liabilities 36,645 30,106 38,784
Derivatives 10 827 2,520 1,096
Total non-current liabilities 68,412 68,278 71,900
Total assets less total liabilities 913,183 888,525 925,864
Equity
Share capital 14,558 14,558 14,558
Share premium 42 42 42
Own shares held (1,136) (2,367) (2,140)
Currency translation reserve (2,884) 88 (3,646)
Cash flow hedging reserve 9,681 2,562 15,264
Retained earnings 894,005 873,177 901,170
Other reserve (506) 1,042 1,193
Equity attributable to the shareholders of the parent company 913,760 889,102 926,441
Non-controlling interest (577) (577) (577)
Total equity 913,183 888,525 925,864
Reimbursement right, Employee benefits, Deferred tax assets and retained
earnings have been restated in the comparative information. See Note 1 for
further details.
Consolidated statement of changes in equity
Unaudited Cash flow
Own Currency hedging Non-
Share Share shares translation reserve Retained Other controlling
capital premium held reserve £'000 earnings reserve interest Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 July 2024 (restated) 14,558 42 (2,963) 2,480 10,911 870,434 1,380 (577) 896,265
Profit for the period - - - - - 45,929 - - 45,929
Other comprehensive income and expense (net of tax)
Remeasurement of defined benefit pension assets / liabilities / reimbursement - - - - - 19 - - 19
right
Foreign exchange translation differences - - - (1,864) - - - - (1,864)
Relating to joint ventures - - - (528) - - - - (528)
Changes in fair value of cash flow hedges - - - - (8,349) - - - (8,349)
Total other comprehensive income and expense - - - (2,392) (8,349) 19 - - (10,722)
Total comprehensive income and expense - - - (2,392) (8,349) 45,948 - - 35,207
Transactions with owners recorded in equity
Share-based payments charge - - - - - - 412 - 412
Distribution of own shares - - 750 - - - (750) - -
Own shares purchased - - (154) - - - - - (154)
Dividends paid - - - - - (43,205) - - (43,205)
Balance at 31 December 2024 (restated) 14,558 42 (2,367) 88 2,562 873,177 1,042 (577) 888,525
Profit for the period - - - - - 37,828 - - 37,828
Other comprehensive income and expense (net of tax)
Remeasurement of defined benefit pension assets / liabilities / reimbursement - - - - - 2,384 - - 2,384
right
Foreign exchange translation differences - - - (4,431) - - - - (4,431)
Relating to joint ventures - - - 697 - - - - 697
Changes in fair value of cash flow hedges - - - - 12,702 - - - 12,702
Total other comprehensive income and expense - - - (3,734) 12,702 2,384 - - 11,352
Total comprehensive income and expense - - - (3,734) 12,702 40,212 - - 49,180
Transactions with owners recorded in equity
Share-based payments charge - - - - - - 378 - 378
Distribution of own shares - - 227 - - - (227) - -
Own shares purchased - - - - - - - - -
Dividends paid - - - - - (12,219) - - (12,219)
Balance at 30 June 2025 14,558 42 (2,140) (3,646) 15,264 901,170 1,193 (577) 925,864
Profit for the period - - - - - 36,319 - - 36,319
Other comprehensive income and expense (net of tax)
Remeasurement of defined benefit pension assets / liabilities / reimbursement - - - - - 1,135 - - 1,135
right
Foreign exchange translation differences - - - 378 - - - - 378
Relating to joint ventures - - - 384 - - - - 384
Changes in fair value of cash flow hedges - - - - (5,583) - - - (5,583)
Total other comprehensive income and expense - - - 762 (5,583) 1,135 - - (3,686)
Total comprehensive income and expense - - - 762 (5,583) 37,454 - - 32,633
Transactions with owners recorded in equity
Share-based payments charge - - - - - - 287 - 287
Distribution of own shares - - 1,986 - - - (1,986) - -
Purchase of own shares - - (982) - - - - - (982)
Dividends paid - - - - - (44,619) - - (44,619)
Balance at 31 December 2025 14,558 42 (1,136) (2,884) 9,681 894,005 (506) (577) 913,183
'Remeasurement of defined benefit pension scheme assets / liabilities /
reimbursement right' have been restated in the comparative information. See
Note 1 for further information.
Consolidated statement of cash flow
6 months to 6 months to Year ended
31 December 31 December 30 June
2025 2024 2025
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Cash flows from operating activities
Profit for the period 36,319 45,929 83,757
Adjustments for:
Depreciation and impairment of property, plant and equipment, right-of-use 14,313 12,278 29,057
assets, and investment properties
Profit on sale of property, plant and equipment (59) (1,005) (1,083)
Amortisation and impairment of intangible assets 2,094 2,394 6,689
Loss on disposal of intangible asset 916 - -
Share of profits from joint ventures (1,526) (1,806) (3,538)
Defined benefit pension scheme past service and administrative costs 775 494 1,833
Financial income (6,373) (6,339) (16,517)
Financial expenses 1,929 2,221 9,940
Share-based payment expense 287 412 790
Tax expense 9,713 11,555 34,243
22,069 20,204 61,414
(Increase)/decrease in inventories (5,427) 4,170 2,463
(Increase)/decrease in trade and other receivables (158) 8,337 (11,025)
(Decrease)/increase in trade and other payables (6,143) (5,101) 16,527
Increase in provisions 252 966 1,129
(11,476) 8,372 9,094
Defined benefit pension scheme contributions (764) (79) (162)
Income taxes (paid)/received (15,178) 1,815 (6,207)
Cash flows from operating activities 30,970 76,241 147,896
Investing activities
Purchase of property, plant and equipment, and investment properties (17,305) (23,352) (46,273)
Sale of property, plant and equipment 1,023 2,814 4,887
Development costs capitalised (5,176) (4,079) (9,999)
Purchase of other intangibles (47) (226) (286)
Decrease/(increase) in bank deposits 23,356 (47,458) (90,684)
Interest received 4,988 6,091 12,216
Dividend received from joint venture 957 674 1,500
Cash flows from investing activities 7,796 (65,536) (128,639)
Financing activities
Repayment of borrowings (375) (390) (794)
Amounts received as deposit from joint venture 1,304 3,361 5,983
Interest paid (453) (491) (1,140)
Repayment of principal of lease liabilities (2,348) (2,069) (4,284)
Own shares purchased (982) (154) (154)
Dividends paid (44,619) (43,205) (55,424)
Cash flows from financing activities (47,473) (42,948) (55,813)
Net decrease in cash and cash equivalents (8,707) (32,243) (36,556)
Cash and cash equivalents at the beginning of the period 87,420 122,293 122,293
Effect of exchange rate fluctuations on cash held (702) 111 1,683
Cash and cash equivalents at the end of the period 78,011 90,161 87,420
Cash and cash equivalents and bank deposits at 31 December 2025 were £240.9m
(30 June 2025: £273.6m).
Notes
1. Basis of preparation
The Interim report, which includes the condensed consolidated financial
statements for the six months ended 31 December 2025, was approved by the
Directors on 10 February 2026.
The condensed consolidated financial statements for the six months ended 31
December 2025 were prepared in accordance with International Accounting
Standard 34 'Interim Financial Reporting' (IAS 34) as issued by the
International Accounting Standards Board and as adopted by the UK. These apply
the same accounting policies, presentation and methods of calculation as were
applied in the preparation of the Group's consolidated financial statements
for the year ended 30 June 2025, except for income taxes which are accrued
using the forecast tax rate for the financial year.
The condensed consolidated financial statements included in this Report have
not been audited and do not constitute the Group's statutory accounts as
defined in section 434 of the Companies Act 2006. The information relating to
the year ended 30 June 2025 is an extract from the Group's published Annual
Report for that year, which has been delivered to the Registrar of Companies,
and on which the auditor's report was unqualified and did not contain any
emphasis of matter or statements under section 498(2) or 498(3) of the
Companies Act 2006.
Foreign currencies
The Group's financial results are principally exposed to US dollar, Euro,
Chinese renminbi and Japanese yen exchange rates, which are detailed in the
table below:
31 December 2025 31 December 2024 30 June 2025
Closing rate Average rate Closing rate Average rate Closing rate Average rate
US dollar 1.35 1.33 1.25 1.29 1.37 1.30
Euro 1.15 1.15 1.21 1.20 1.17 1.19
Chinese renminbi 9.40 9.47 9.20 9.27 9.80 9.35
Japanese yen 211 202 197 194 198 193
Prior year restatement
As explained in the FY2025 Annual Report, an error was identified with the
Group's classification of a German pension scheme as a defined contribution
scheme, as opposed to a defined benefit scheme, following a request for
funding from the pension scheme support fund. In line with IAS 8, the Group
has restated balances at 1 July 2024 and 31 December 2024 for the purpose of
the interim report.
The impact on the financial statements at 1 July 2024 was the recognition of a
non-current liability employee benefit of £21,349,000 and a reimbursement
right asset of £12,116,000. A corresponding net deferred tax asset of
£2,677,000 has also been recognised. The net effect was a reduction in
retained earnings of £6,556,000. This balance sheet was presented in the 30
June 2025 Annual Report and is not presented in the interim report.
At 31 December 2024, the closing non-current liability employee benefit and
reimbursement right asset were £22,848,000 and £12,584,000 respectively. A
corresponding net deferred tax asset of £3,079,000 has also been recognised.
The total adjustment recognised through the Consolidated statement of
comprehensive income and expense related to the 'Remeasurement of defined
benefit pension scheme assets / liabilities / reimbursement right' and
'Deferred tax on remeasurement of defined benefit pension scheme assets /
liabilities / reimbursement right' was a loss of £1,031,000 and a gain of
£402,000 respectively.
31 December 2024 30 June 2024
Reported Adjustment Restated Reported Adjustment Restated
£'000 £'000 £'000 £'000 £'000 £'000
Assets
Reimbursement right - 12,584 12,584 - 12,116 12,116
Deferred tax asset 17,558 3,079 20,637 17,690 2,677 20,367
Non-current liabilities
Employee benefits - (22,848) (22,848) - (21,349) (21,349)
Equity
Retained earnings 880,362 (7,185) 873,177 876,990 (6,556) 870,434
Going concern
The Directors have prepared the unaudited interim financial information on a
going concern basis. In considering the going concern basis, the Directors
have considered the previously mentioned principal risks and uncertainties, as
well as the Group's current trading performance and updated cashflow
forecasts. The Directors have also considered the financial resources
available to the Group, with net current assets of £468.5m at 31 December
2025 (compared to £490.8m at 30 June 2025), including £240.9m cash and cash
equivalents and bank deposits at 31 December 2025.
We have updated our reverse stress testing to identify what would need to
happen in the period to 28 February 2027 for the Group to deplete its cash and
cash equivalents and bank deposit balances. This identified a trading level so
low (significantly below FY2025 revenue) that the Directors feel that the
events that could trigger this would be remote. The Directors also concluded
that a one-off cash outflow that would exhaust the Group's cash and cash
equivalents and bank deposit balances in the assessment period was also
remote.
Based on this assessment, the Directors have a reasonable expectation that the
Group will be able to continue in operation and meet its liabilities as they
fall due over the period to 28 February 2027.
2. Revenue disaggregation and segmental analysis
As previously announced, the Group has introduced three new reporting segments
in FY2026, which have replaced the Manufacturing technologies and Analytical
instruments and medical devices segments. The new segments group together
product lines with similar end-user markets, which more closely align
segmental performance with external market data and demand drivers. They are
also aligned to our evolving organisation structure. Our new reporting
segments are Industrial Metrology, Position Measurement and Specialised
Technologies. More details of the Group's products and services are given in
the New reporting segments for FY2026 RNS which was published on 23 September
2025.
In normal trading conditions, although future revenue is difficult to predict
given that the Group's outstanding order book is typically less than three
months' worth of revenue value, larger consumer electronics orders in the APAC
region within the Industrial Metrology segment typically fall in the first or
last quarter of the financial year. In addition, the Group typically
experiences lower demand in August and December, and so revenue and operating
profits are typically lower in the first half of the year. This information is
provided to allow for a better understanding of the results, and management do
not believe that the business is 'highly seasonal' in accordance with IAS 34.
Industrial Metrology Position Measurement Specialised Technologies Total
6 months to 31 December 2025 £'000 £'000 £'000 £'000
Revenue 212,071 110,487 43,058 365,616
Depreciation, amortisation and impairment 10,742 4,119 1,546 16,407
Statutory operating profit 21,907 21,648 (3,493) 40,062
Cost reduction programme 9,086 3,830 1,912 14,828
Loss of office payable to Executive Director 1,271 411 298 1,980
Closure of drug delivery business - - 666 666
Adjusted operating profit 32,264 25,889 (617) 57,536
Share of profits from joint ventures 243 1,283 - 1,526
Net financial income - - - 5,019
Adjusted profit before tax 64,081
6 months to 31 December 2024
Revenue 203,295 102,874 35,233 341,402
Depreciation, amortisation and impairment 9,676 2,544 2,452 14,672
Statutory operating profit 30,969 28,470 (7,879) 51,560
Share of profits from joint ventures 278 1,528 - 1,806
Net financial income/(expense) - - - 4,118
Profit before tax - - - 57,484
Year ended 30 June 2025
Revenue 430,565 207,430 75,049 713,044
Depreciation, amortisation and impairment 22,768 8,219 4,759 35,746
Statutory operating profit 74,130 46,010 (12,255) 107,885
Closure of drug delivery business - - 2,059 2,059
Closure of Edinburgh research facility 1,378 618 324 2,320
Adjusted operating profit 75,508 46,628 (9,872) 112,264
Share of profits from joint ventures 488 3,050 - 3,538
Net financial income/(expense) - - - 11,429
Adjusted profit before tax 127,231
There is no allocation of assets and liabilities to segments identified above.
Depreciation, amortisation and impairments are allocated to segments on the
basis of the level of activity.
The following table shows the disaggregation of Group revenue by category:
6 months to 6 months to Year ended
31 December 31 December 30 June
2025 2024 2025
£'000 £'000 £'000
Goods, capital equipment and installation 334,768 306,441 642,378
Aftermarket services 30,848 34,961 70,666
Total Group revenue 365,616 341,402 713,044
Aftermarket services include repairs, maintenance and servicing, programming,
training, extended warranties, and software licences and maintenance.
The following table shows the analysis of revenue by geographical market:
6 months to 6 months to Year ended
31 December 31 December 30 June
2025 2024 2025
£'000 £'000 £'000
APAC 178,022 161,366 337,721
UK (country of domicile) 14,766 18,825 34,017
EMEA, excluding UK 82,211 83,486 173,751
EMEA 96,977 102,311 207,768
Americas 90,617 77,725 167,555
Total Group revenue 365,616 341,402 713,044
Revenue in the previous table has been allocated to regions based on the
geographical location of the customer. Countries with individually significant
revenue figures in the context of the Group were:
6 months to 6 months to Year ended
31 December 31 December 30 June
2025 2024 2025
£'000 £'000 £'000
China 103,273 87,976 186,495
USA 79,510 67,345 142,860
Japan 24,623 25,036 55,682
Germany 28,186 28,175 49,273
There was no revenue from transactions with a single external customer
amounting to 10% or more of the Group's total revenue.
3. Cost of sales
6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
(Unaudited) (Unaudited) (Audited)
Adjusted total Adjusting items Statutory total Adjusted Adjusting items Statutory Adjusted Adjusting items Statutory
£'000 £'000 £'000 total £'000 total total £'000 total
£'000 £'000 £'000 £'000
Production costs 150,556 2,655 153,211 131,486 - 131,486 272,814 - 272,814
Research and development expenditure 28,194 3,382 31,576 33,781 - 33,781 68,910 - 68,910
Other engineering expenditure 22,629 2,715 25,344 21,758 - 21,758 46,770 4,379 51,149
Gross engineering expenditure 50,823 6,097 56,920 55,539 - 55,539 115,680 4,379 120,059
Development expenditure capitalised (net of amortisation) (3,292) - (3,292) (1,855) - (1,855) (5,574) - (5,574)
Development expenditure impaired - - - - - - 1,818 - 1,818
Development expenditure disposed - 916 916 - - - - - -
Research and development tax credit (3,200) - (3,200) (3,110) - (3,110) (5,088) - (5,088)
Total engineering costs 44,331 7,013 51,344 50,574 - 50,574 106,836 4,379 111,215
Total cost of sales 194,887 9,668 204,555 182,060 - 182,060 379,650 4,379 384,029
4. Financial income and expenses
6 months to 6 months to Year ended
31 December 31 December 30 June
2025 2024 2025
£'000 £'000 £'000
Financial income
Bank interest receivable 4,964 6,091 11,741
Currency gains 1,109 - -
Interest on pension schemes' assets 276 248 503
Fair value gains from one-month forward currency contracts - - 3,360
Other interest income 24 - 913
Total financial income 6,373 6,339 16,517
Financial expenses
Currency losses - 1,448 3,899
Fair value losses from one-month forward currency contracts 719 264 -
Lease interest 317 348 685
Interest on pension scheme liabilities 163 - -
Interest payable on amounts owed to joint ventures 136 74 371
Interest payable on borrowings 19 18 49
Other interest payable 575 69 4,936
Total financial expenses 1,929 2,221 9,940
Currency gains relate to revaluations of foreign currency-denominated balances
using latest reporting currency exchange rates. The gains recognised in H1
FY2026 largely related to a depreciation of Sterling relative to the US dollar
affecting US dollar-denominated intragroup balances in the Company. Rolling
one-month forward currency contracts are used to offset currency movements on
certain intragroup balances, with fair value gains and/or losses being
recognised in financial income or expenses.
Other interest payable includes liabilities recognised of £575,000 for
historical and non-recurring tax matters, see Note 5 for further details.
5. Taxation
The income tax expense in the Consolidated income statement has been estimated
at a rate of 21.1% (H1 FY2025: 20.1%), based on management's best estimate of
the full year effective tax rates by geographical unit, applied to half-year
profits. The effective tax rate on adjusted profit before tax in H1 was 21.8%.
This compares to a full year effective tax rate on adjusted profit before tax
of 21.2% in FY2025.
Uncertain tax positions
In FY2025, the Group recognised a tax liability of £9,154,000 relating to
historical and non-recurring tax matters. The tax matters relate to specific
legacy arrangements which we would not expect to recur. Applicable accounting
standards require a full provision for tax and the associated interest of
£4,852,000, however we continue to seek resolution to these matters which
would reduce these amounts. There has been no change to our conclusion at H1
FY2026 related to the historical and non-recurring tax matters. Additional
interest of £575,000 has been recognised related to the tax liability in H1
FY2026.
6. Earnings per share
The earnings per share for the six months ended 31 December 2025 is calculated
on earnings of £36,319,000 (31 December 2024: £45,929,000) and on 72,756,860
shares (31 December 2024: 72,729,059 shares), being the number of shares in
issue during the period. This excludes 31,683 shares (31 December 2024: 59,484
shares) held by the Renishaw Employee Benefit Trust.
7. Dividends
6 months to 6 months to Year ended
31 December 31 December 30 June
Dividends paid during the period were: 2025 2024 2025
£'000 £'000 £'000
FY2025 final dividend paid of 61.3p per share (FY2024: 59.4p) 44,619 43,205 43,205
FY2025 Interim dividend paid of 16.8p per share (FY2024: 16.8p) - - 12,219
Total dividends paid during the period 44,619 43,205 55,424
All shareholders on the register on 6 March 2026 will be paid an interim
dividend of 16.8p net per share on 7 April 2026, resulting in a dividend
payable of £12,223,000.
8. Property, plant and equipment
Freehold Assets in the
land and Plant and Motor course of construction
buildings equipment vehicles Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 July 2025 274,628 309,054 5,962 34,539 624,183
Additions 2,746 7,765 79 6,715 17,305
Transfers 20,030 6,485 - (26,515) -
Disposals (43) (2,471) (591) - (3,105)
Currency adjustment 367 936 59 - 1,362
At 31 December 2025 297,728 321,769 5,509 14,739 639,745
Depreciation
At 1 July 2025 53,790 227,715 4,391 - 285,896
Charge for the period 3,393 8,208 164 - 11,765
Disposals (21) (1,728) (392) - (2,141)
Currency adjustment 413 632 25 - 1,070
At 31 December 2025 57,575 234,827 4,188 - 296,590
Net book value
At 31 December 2025 240,153 86,942 1,321 14,739 343,155
At 30 June 2025 220,838 81,339 1,571 34,539 338,287
Additions to assets in the course of construction of £6,715,000 (31 December
2024: £11,385,000) comprise £3,840,000 (31 December 2024: £3,752,000) for
freehold land and buildings and £2,875,000 (31 December 2024: £7,633,000)
for plant and equipment. At the end of the period, assets in the course of
construction, not yet transferred, of £14,739,000 (31 December 2024:
£59,264,000) comprise £10,460,000 (31 December 2024: £35,969,000) for
freehold land and buildings and £4,279,000 (31 December 2024: £23,295,000)
for plant and equipment.
9. Intangible assets
Internally Software licences Intellectual property and other intangible assets
Goodwill generated
development costs
Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 July 2025 19,882 189,572 12,505 4,879 226,838
Additions - 5,176 4 43 5,223
Disposals - (5,827) - - (5,827)
Currency adjustment 174 - 34 6 214
At 31 December 2025 20,056 188,921 12,543 4,928 226,448
Amortisation
At 1 July 2025 9,028 152,407 11,956 2,897 176,288
Charge for the period - 1,884 103 107 2,094
Disposals - (4,911) - - (4,911)
Currency adjustment - - 26 (12) 14
At 31 December 2025 9,028 149,380 12,085 2,992 173,485
Net book value
At 31 December 2025 11,028 39,541 458 1,936 52,963
At 30 June 2025 10,854 37,165 549 1,982 50,550
As detailed in the 2025 Annual Report, the key assumption in determining the
value-in-use of intangible assets are sales forecasts. Latest sales forecasts
(and other factors which may impact the business plans) for relevant cash
generating units have been reviewed for indicators of impairment on 31
December 2025. This includes an assessment of our discount rate based on
prevailing market assumptions on 31 December 2025, which has increased to
11.6% based on a higher risk-free rate (31 December 2024: 10.9%). As a result
of the review, no impairments have been recognised in the six months to 31
December 2025 (31 December 2024: nil).
10. Financial instruments
There is no significant difference between the fair value of financial assets
and financial liabilities and their book value in the Consolidated balance
sheet. All financial assets and liabilities are held at amortised cost, apart
from the forward exchange contracts which are held at fair value, with changes
going through the Consolidated income statement unless subject to hedge
accounting. The fair values of the forward exchange contracts have been
calculated by a third-party expert, discounting estimated future cash flows on
the basis of market expectations of future exchange rates, representing level
2 in the IFRS 13 fair value hierarchy. There were no transfers between levels
during any period disclosed.
Credit risk
The Group carries a credit risk relating to non-payment of trade receivables
by its customers. The Group establishes an allowance for impairment in respect
of trade receivables where recoverability is considered doubtful. In the six
months to 31 December 2025, the Group has generally not experienced a
deterioration in debtor repayments nor in the assumptions used in calculating
allowances for expected credit losses. At 31 December 2025, total expected
credit losses amounted to £5,929,000, being 4.5% of gross trade receivables,
compared with £5,984,000 at 30 June 2025, being 4.4% of gross trade
receivables.
Liquidity risk
The Group's approach to managing liquidity is to ensure, as far as possible,
that we will always have sufficient liquidity to meet our liabilities when
due, without incurring unacceptable losses or risking damage to the Group's
reputation. We use monthly cash flow forecasts on a rolling 12-month basis to
monitor cash requirements. Net cash and bank deposits on 31 December 2025
totalled £240,881,000, compared with £273,646,000 at 30 June 2025. This
decrease included a dividend payment of £44,619,000 and cash generation from
operating activities of £30,970,000 during the period. In consideration of
this, the Group remains in a strong liquidity position.
Market risk
The Group continues to mitigate market risk on cash flows using USD, EUR and
JPY forward currency contracts. At 31 December 2025 the total nominal value of
USD, EUR and JPY forward contracts held for cash flow hedging purposes was
£466,120,539 (31 December 2024: £450,775,855). At 31 December 2025, there
were no forward contracts becoming ineffective for hedge accounting purposes.
A decrease of 10% in the highly probable revenue forecasts of Renishaw plc and
Renishaw UK Sales Limited, being the hedged item, would result in no forward
contracts becoming ineffective on 31 December 2025.
11. Employee benefits
The net deficit of the Group's defined benefit pension schemes, on an IAS 19
basis, has reduced from a £9,688,000 liability at 30 June 2025 to a
£9,206,000 liability at 31 December 2025. This mostly relates to a reduction
in liabilities within the Irish and German scheme due to increases in the
discount rate. In FY2024, the Trustee of the UK scheme undertook a buy-in and
insured around 99% of the UK scheme's liabilities by purchasing an insurance
policy. This contract was effective from 19 October 2023 and the value of the
contract is recognised as a UK scheme asset. The buy-in eliminates investment
return, longevity, inflation and funding risks in respect of those liabilities
covered. Changes to other key assumptions from 30 June 2025 to 31 December
2025 have not had a material effect on the schemes.
The Group has a reimbursement right in respect of its pension obligation for
the German scheme. At 31 December 2025, the value of reimbursement right has
increased to £14,632,000 (30 June 2025: £12,909,000) due to company
contributions. This asset relates to an insurance policy that reimburses the
Group for pension payments made to scheme member, but is not classified as a
'plan asset' as it is not a qualifying insurance policy.
The latest full actuarial valuation of the UK scheme was carried out as at 30
September 2024. The actuarial valuation was completed on 24 December 2025; we
will adopt the latest valuation as part of our full-year accounting at 30 June
2025.
Benefits in the UK Fund are subject to a DC underpin at the point of
retirement or transfer out. Historically, this has been allowed for in the
accounts in a consistent manner to current administrative practice and the
triennial funding valuations. During the buy-in process, it was identified
that the drafting of the DC underpin in the UK Fund Rules may require that the
DC underpin is applied in a manner which is different to the administrative
practice which has been applied. The Trustee and Company are currently seeking
legal clarification and advice on this issue, with the intention of correcting
the Rules to match administrative practice. No allowance for this matter has
been made at 31 December 2025 , as management continue to assess to be
unlikely that there will be an increase in liabilities, and due to the
uncertainty of legal treatment and therefore any potential impact on
liabilities.
In June 2023, the High Court ruled that certain historic amendments made to
the rules of the Virgin Media pension scheme were invalid without the scheme's
actuary having provided the associated Section 37 certificates. This judgment
was upheld by the Court of Appeal in July 2024, which has implications on
other schemes that were contracted-out on a salary-related basis, and made
amendments between April 1997 and April 2016. The UK scheme was contracted out
until 5 April 2007 and amendments were made during the relevant period and as
such the ruling could have implications for the UK scheme. In June 2025, the
UK Government announced it will introduce legislation to allow affected
pension schemes to retrospectively obtain written actuarial confirmation that
historic benefit changes met the necessary standards. The Company and the
Trustees have commenced a review of all amending documents between 6 April
1997 and 5 April 2016 for the scheme to determine whether proper procedures
were undertaken at the time of the amendments by the Trustees, actuaries and
administrators. The Trustee and Company continue to seek legal advice on this
matter and will act appropriately to obtain retrospective actuarial
confirmation where appropriate. At the date of approving these interim
financial statements, the possible implications, if any, for the UK scheme not
having all Section 37 certificates have not been investigated in detail.
Accordingly, no amendments for this matter have been included in the IAS 19
actuarial valuation as the impact, if any, cannot be reliably assessed.
12. Alternative performance measures
In accordance with Renishaw's Alternative Performance Measures (APMs) policy
and ESMA Guidelines on Alternative Performance Measures (2015), this section
defines non-IFRS measures that we believe give readers additional useful and
comparable views of our underlying performance. We continue to report Revenue
at constant exchange rates, Adjusted profit before tax, Adjusted earnings per
share, Adjusted operating profit (including by segment), Adjusted operating
profit at constant exchange rates, Adjusted cash flow conversion from
operating activities, and Return on invested capital as APMs.
The APMs are calculated consistently with previous years, except for Adjusted
cash flow conversion from operating activities. Adjusted cash flow from
operating activities now adjusts for the cash effect of the adjusting items.
The cash impact of adjusting items on previously reported metrics is not
material and therefore has not been restated.
Aside from Revenue at constant exchange rates, all other APMs exclude
infrequently occurring events which impact our financial statements,
recognised according to applicable IFRS, that we believe should be excluded
from these APMs to give readers additional useful and comparable views of our
underlying performance.
Revenue at constant exchange rates is defined as revenue recalculated using
the same rates as were applicable to the previous year and excluding forward
contract gains and losses.
Revenue at constant exchange rates 6 months to 31 December 2025 6 months to 31 December 2024
£'000 £'000
Statutory revenue as reported 365,616 341,402
Adjustment for forward contract gains (5,005) (12,959)
Adjustment to restate at previous year exchange rates 5,525 -
Revenue at constant exchange rates 366,136 328,443
Year-on-year revenue growth at constant exchange rates 11.5%
Adjusted profit before tax, Adjusted profit after tax, Adjusted earnings per
share and Adjusted operating profit are defined as the profit before tax,
earnings per share and operating profit after excluding:
- Cost reduction programme (a)
- Loss of office payable to Executive Director (b)
- Closure of drug delivery business (c)
- Other interest payable on historical and non-recurring tax
matters (d)
(a) Restructuring costs, where applicable during the year, are excluded from
adjusted measures on the basis that they do not frequently recur. In FY2025,
the Group initiated a cost reduction programme to achieve labour cost savings.
The cost of the voluntary and compulsory redundancies has been recognised in
FY2026 based on relevant accounting standards. The Group has recognised
redundancy payments of £14,828,000. The amounts have been recognised in Cost
of sales, Distribution expenditure and Administrative expenditure within the
Consolidated income statement respectively.
(b) There may be other items which do not frequently recur, for which it may
be appropriate to exclude from adjusted measures. The Group Finance Director
retired from the Group on the 31 December 2025. The Group recognised costs
related to the loss of office of £1,980,000 in the period, as detailed on
page 98 of the 2025 Annual Report. As the loss of office does not relate to
current year trading performance, the amounts have been excluded from adjusted
measures. The amounts have been recognised in Administrative expenses within
the Consolidated income statement.
(c) Restructuring costs, where applicable during the year, are excluded from
adjusted measures on the basis that they do not frequently recur. In FY2025,
the Group made the decision to close the drug delivery business. In FY2026,
the Group incurred further costs, following the decision to sell the drug
delivery business. The Group has recognised income of £250,000 related to the
sale, and a loss on disposal of intangible assets of £916,000. The amounts
have been recognised in Cost of sales, in Gross engineering expenditure,
within the Consolidated income statement respectively.
(d) There may be other items which do not frequently recur, for which it may
be appropriate to exclude from adjusted measures. During FY2025, the Group
recognised an interest charge of £4,852,000 and a Taxation charge of
£9,154,000 relating to historical and non-recurring tax matters. The tax
matters relate to specific legacy arrangements which we would not expect to
recur. Applicable accounting standards require a full provision for tax and
the associated interest, however, we continue to seek resolution to these
matters which would reduce these amounts. In H1 FY2026, additional interest of
£575,000 has been recognised related to the tax liability. As the historical
and non-recurring tax matters do not relate to current year trading
performance, the amounts have been excluded from adjusted measures. The amount
has been recognised in Financial expenses within the Consolidated income
statement.
Adjusted profit before tax 6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
Statutory profit before tax 46,032 57,484 118,000
Cost reduction programme 14,828 - -
Loss of office payable to Executive Director 1,980 - -
Closure of drug delivery business 666 - 2,059
Other interest payable on historical and non-recurring tax matters 575 - 4,852
Closure of Edinburgh research facility - - 2,320
Adjusted profit before tax 64,081 57,484 127,231
Adjusted earnings per share 6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
Statutory earnings per share 49.9 63.2 115.2
Cost reduction programme 15.4 - -
Loss of office payable to Executive Director 2.0 - -
Closure of drug delivery business 0.7 - 2.1
Other interest payable on historical and non-recurring tax matters 0.8 - 5.5
Closure of Edinburgh research facility - - 2.4
Prior year adjustment taxation charge on historical and non-recurring tax matters - - 12.6
Adjusted earnings per share 68.8 63.2 137.8
Adjusted operating profit 6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
Statutory operating profit 40,062 51,560 107,885
Cost reduction programme 14,828 - -
Loss of office payable to Executive Director 1,980 - -
Closure of drug delivery business 666 - 2,059
Closure of Edinburgh research facility - - 2,320
Adjusted operating profit 57,536 51,560 112,264
Adjustments to the segmental operating profit
Industrial metrology 6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
Operating profit 21,907 30,969 74,130
Cost reduction programme 9,086 - -
Loss of office payable to Executive Director 1,271 - -
Closure of drug delivery business - - -
Closure of Edinburgh research facility - - 1,378
Adjusted operating profit 32,264 30,969 75,708
Position measurement 6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
Operating profit 21,648 28,470 46,010
Cost reduction programme 3,830 - -
Loss of office payable to Executive Director 411 - -
Closure of drug delivery business - - -
Closure of Edinburgh research facility - - 618
Adjusted operating profit 25,889 29,470 46,628
Specialised technologies 6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
Operating profit (3,493) (7,879) (12,255)
Cost reduction programme 1,912 - -
Loss of office payable to Executive Director 298 - -
Closure of drug delivery business 666 - 2,059
Closure of Edinburgh research facility - - 324
Adjusted operating profit (617) (7,879) (9,872)
Operating profit at constant exchange rates is defined as Operating profit
recalculated using the same rates as applied to the previous year and
excluding forward contract gains and losses.
Operating profit at constant exchange rates 6 months to 31 December 2025 6 months to 31 December 2024
£'000 £'000
Operating profit 57,536 51,560
Adjustment for forward contract gains (5,005) (12,959)
Adjustment to restate current year at previous year exchange rates 5,222 -
Operating profit at constant exchange rates 57,753 38,601
Year-on-year Operating profit growth at constant exchange rates 49.6%
Year-on-year adjusted operating profit at constant exchange rates was a
reduction for H1 FY2025 of 4.9%.
Adjusted cash flow conversion from operating activities is calculated as
Adjusted cash flow from operating activities as a proportion of Adjusted
operating profit. This is useful for the Board to measure how efficient we are
at converting operating profit into cash. The 31 December 2025 Adjusted cash
flow from operating activities has been adjusted for the cash effect of the
adjusting items, being Cost reduction programme and Closure of drug delivery
business, as well as Income taxed paid, purchase of property, plant and
equipment and intangible assets, and proceeds from sale of property, plant and
equipment and intangible assets. The cash impact of adjusting items on the
year-end 30 June 2025 metric is not material and therefore has not been
restated.
Adjusted cash flow conversion from operating activities 6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
Statutory cash flow from operating activities 30,970 76,241 147,896
Cash effect of cost reduction programme 14,413 - -
Cash effect of closure of drug delivery business 222 - -
Income taxes paid 15,178 (1,815) 6,207
Purchase of property, plant and equipment and intangible assets (22,528) (25,746) (56,558)
Proceeds from sale of property, plant and equipment and intangible assets 1,023 2,814 4,887
Adjusted cash flow from operating activities 39,278 51,494 102,432
Adjusted cash flow conversion from operating activities 68.3% 99.9% 91.2%
Return on invested capital is the Adjusted profit after tax before bank
interest receivable as a percentage of the Average invested capital in the
preceding 12 months. This is useful for the Board to measure our efficiency in
allocating capital to profitable activities.
Adjusted profit after tax before bank interest receivable is calculated as
follows:
6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025
£'000 £'000 £'000
Statutory profit after tax 36,319 45,929 83,757
Cost reduction programme (net of tax) 11,232 - -
Loss of office payable to Executive Director (net of tax) 1,485 - -
Closure of drug delivery business (net of tax) 500 - 1,544
Other interest payable on historical and non-recurring tax matters (net of tax) 575 - 4,026
Closure of Edinburgh research facility (net of tax) - - 1,740
Prior year adjustment taxation charge on historical and non-recurring tax matters - - 9,154
Adjusted profit after tax 50,111 45,929 100,221
Bank interest receivable (net of tax) (3,723) (4,568) (8,805)
Profit after tax before bank interest received 46,388 41,361 91,416
Profit after tax before bank interest received for the 12-months to 31
December 2025 was £96.4m.
Return on invested capital (ROIC): 6 months to 31 December 2025 6 months to 31 December 2024 Year ended 30 June 2025 Year ended 30 June 2024
£'000 £'000 £'000 £'000
Total non-current assets 513,133 495,272 506,925 464,765
Total current assets 599,581 564,208 628,300 586,618
Total current liabilities (131,119) (102,677) (137,461) (100,948)
Less cash and cash equivalent (78,011) (90,161) (87,420) (122,293)
Less bank deposits (162,870) (143,000) (186,226) (95,542)
Invested capital 740,714 723,642 724,118 732,600
Average invested capital 732,178 715,314 728,359 733,715
Return on invested capital 13.2% 12.6% 12.6% 12.3%
Average invested capital in the year is the average of the invested capital at
the beginning of the reporting period and at the end of the reporting period.
The impact on the ROIC metric of the German pension scheme restatement on the
Consolidated balance sheet at 31 December 2024 and 30 June 2024 is not
material and therefore has not been restated.
13. Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
note. Full details of the Group's other related party relationships,
transactions and balances are given in the Group's Annual Report for the year
ended 30 June 2025.
On 25 November 2025 shares in the Company previously held by the families of
the Company's founders, the late Sir David McMurtry and current Non-executive
Director, John Deer, were transferred to Deltam Holdings Limited ('Deltam')
which now holds 50.25% of the issued share capital and voting rights of the
Company. Under these arrangements the Deer family representatives on the
Deltam board of directors (representing a 27.88% interest in Deltam) can
require all of the Renishaw shares held by Deltam to be voted against a
special resolution of the Company and the McMurtry family representatives on
the Deltam board of directors (representing a 72.12% interest in Deltam) can
require all of the Renishaw shares held by Deltam to be voted in favour of an
ordinary resolution of the Company. If the Deltam board of directors cannot
agree on how to vote the Renishaw shares held by Deltam, then the Deltam board
shall cast the votes as it sees fit. This may include casting some votes in
favour and some votes against the relevant resolution. Certain members of the
McMurtry and Deer families have retained personal holdings of Renishaw shares
representing, in aggregate, 2.64% of the issued shares and these shares are
not subject to the above arrangements.
Renishaw International Limited ('RIL') has a 14-day notice deposit agreement
with RLS Merilna tehnika d.o.o. ('RLS'), a joint venture of the Group.
Interest is payable by RIL to RLS at a market rate on a monthly basis. As at
31 December 2025, according to this agreement, the amount RIL had received was
EUR 18.5m (£16.1m equivalent), an increase from EUR 17.0m (£14.5m
equivalent) at 30 June 2025. The amounts are recognised as 'amounts payable to
joint venture' in the Consolidated balance sheet. The total interest payable
on amounts owed to joint ventures during the period was £136,000 (31 December
2024: £74,000).
No other related party transactions have taken place in the first six months
of FY2026, or events subsequent to the end of the reporting period, that have
materially affected the financial position or the performance of the Group
during that period.
14. Responsibility statement
The condensed set of financial statements is the responsibility of, and has
been approved by, the Directors. We confirm that to the best of our knowledge:
- As required by DTR 4.2 of the Disclosure Rules and Transparency
Rules, the condensed set of financial statements, which has been prepared in
accordance with the applicable set of accounting standards, gives a true and
fair view of the assets, liabilities, financial position and profit or loss of
the Company and the undertakings included in the consolidation as a whole. The
Interim report has been prepared in accordance with IAS 34, 'Interim Financial
Reporting', as issued by the International Accounting Standards Board and as
adopted by the UK.
- The Interim report includes a fair review of the information
required by:
(a) DTR 4.2.7 of the Disclosure Rules and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8 of the Disclosure Rules and Transparency Rules, being related
party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last Annual Report that could
do so.
On behalf of the Board
Will Lee
Chief Executive Officer
10 February
2026
Registered office: Renishaw plc, New Mills, Wotton-under-Edge,
Gloucestershire GL12 8JR, U.K.
Registered number: 01106260
Company Secretary: companysecretary@renishaw.com
Telephone: +44 1453 524524
Website: www.renishaw.com
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