Renishaw PLC Trading Statement (8774Y)
14 May 2019 - 4:00PM
UK Regulatory
TIDMRSW
RNS Number : 8774Y
Renishaw PLC
14 May 2019
Renishaw plc
Trading update
14 May 2019
Renishaw plc, the global high-precision metrology and healthcare
technology group, publishes this trading update for the nine months
ended 31 March 2019. It contains unaudited information that covers
the first three quarters of the financial year and the period
since. As previously announced, the Company is hosting its annual
investor day today.
Trading activity
Continuing operations 9 months to 9 months to Change
31 March 2019 31 March 2018
Metrology GBP404.5m GBP406.6m -0.5%
---------------- ---------------- -------
Healthcare GBP26.6m GBP23.3m 14.2%
---------------- ---------------- -------
Total Revenue GBP431.1m GBP429.9m 0.3%
---------------- ---------------- -------
Adjusted* Profit
before tax GBP79.6m GBP97.6m -18.4%
---------------- ---------------- -------
Statutory Profit
before tax GBP84.8m GBP104.4m -18.8%
---------------- ---------------- -------
Revenue from continuing operations for the first three quarters
of the current financial year was GBP431.1m, an increase of 0.3%
compared with GBP429.9m for the corresponding period last year.
Metrology revenue for the nine months to 31 March 2019 amounted
to GBP404.5m compared with GBP406.6m for the same period last year.
Revenue in our healthcare business has grown to GBP26.6m compared
to GBP23.3m for the same period last year, an increase of
14.2%.
Adjusted profit before tax from continuing operations for the
first three quarters amounted to GBP79.6m compared with an adjusted
profit before tax of GBP97.6m for the corresponding period last
year. Statutory profit before tax amounted to GBP84.8m (2018:
GBP104.4m).
Financial position
The Group balance sheet remains strong with net cash balances of
GBP120.5m as at 31 March 2019 (30 June 2018: GBP103.8m).
Outlook
Based on recent order trends and customer feedback, we now
expect full year revenue to be in the range of GBP580m to GBP600m.
Adjusted profit before tax is now expected to be in the range of
GBP105m to GBP120m and statutory profit before tax in the range of
GBP111m to GBP126m. We continue to focus on increasing productivity
and on-going investment in the business for the long term.
Notwithstanding the current economic uncertainties, the Board
remains confident in the future prospects of the Group.
The preliminary full year results for the year ending 30 June
2019 will be released on 1 August 2019.
Sir David McMurtry Will Lee
CBE, RDI, FRS, FREng, CEng, FIMechE Chief Executive
Executive Chairman
14 May 2019
Renishaw plc
Registered office New Mills, Wotton-under-Edge, Gloucestershire,
GL12 8JR
Registered number 01106260
LEI number 21380048ADXM6Z67CT18
Telephone number 01453 524524
Website www.renishaw.com
* Adjusted profit before tax
The adjustment to statutory profit relates to the accounting
treatment of certain forward currency contracts used as hedging
instruments which do not qualify for hedge accounting as they do
not meet the hedge effectiveness criteria set out in the
International Accounting Standard IAS39 'Financial Instruments:
Recognition and Measurement'. The Board deems that the adjusted
profit before tax better reflects the underlying performance of the
Group. The following table reconciles statutory profit before tax
to adjusted profit before tax:
GBP'm 9 months 9 months
to 31 to 31
March March
2019 2018
Adjusted profit before tax from continuing operations 79.6 97.6
Fair value gains/losses on financial instruments
not eligible for hedge accounting
* reported in revenue 4.8 2.6
* reported in losses from the fair value of financial
instruments 0.4 4.2
Statutory profit before tax from continuing operations 84.8 104.4
========= =========
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END
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