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
rates1
|
£171.3m
|
£165.0m
|
+4%
|
|
|
|
|
Adjusted profit before tax2
|
£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 currency1. 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
tax2 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.