Renishaw PLC Trading Statement (8419C)
22 Ottobre 2020 - 08:00AM
UK Regulatory
TIDMRSW
RNS Number : 8419C
Renishaw PLC
22 October 2020
Renishaw plc
Trading update
22 October 2020
Renishaw plc, the global high-precision metrology and healthcare
technology group, publishes this trading update for the three
months ended 30 September 2020. It contains unaudited information
that covers the first quarter of the financial year and the period
since.
Trading activity
3 months to 3 months to Change
30 September 30 September
2020 2019
Metrology GBP110.2m GBP119.7m -8%
--------------- --------------- -------
Healthcare GBP5.7m GBP4.9m +16%
--------------- --------------- -------
Total Revenue GBP116.9m GBP124.6m -6%
--------------- --------------- -------
Adjusted* Profit
before tax GBP18.3m GBP4.3m +326%
--------------- --------------- -------
Statutory Profit
before tax GBP28.2m GBP5.1m +453%
--------------- --------------- -------
Group revenue for the first quarter of the current financial
year was GBP116.9m, compared to GBP124.6m for the corresponding
period last year.
In our metrology business revenue amounted to GBP110.2m compared
to GBP119.7m last year. Geographically, we have experienced revenue
growth in our APAC region where we have seen increased demand for
our optical and laser encoder product lines due to a recovery in
the semiconductor market. Revenue in our EMEA and Americas regions
has reduced due to the ongoing uncertainty caused by the pandemic
and weaker demand, particularly in the aerospace and automotive
sectors.
In our healthcare business revenue was GBP5.7m compared with
GBP4.9m last year, with increased demand for both our spectroscopy
and neurological product lines.
Adjusted profit before tax for the first quarter amounted to
GBP18.3m compared with GBP4.3m last year and the statutory profit
before tax amounted to GBP28.2m (2019: GBP5.1m). A reconciliation
of statutory to adjusted profit before tax is included at the foot
of this update.
Adjusted profit before tax has benefitted from a number of
actions taken last year to reduce the Group's operating cost base
and also included global job retention grant income totalling
GBP2.3m (2020: GBPnil).
Financial position
The Group balance sheet remains strong with net cash and bank
deposit balances of GBP152.6m as at 30 September 2020 (30 June
2020: GBP120.4m).
Outlook
The Group is in a strong financial position and we continue to
invest in the development of new products and applications, along
with targeted investment in production, and sales and marketing
facilities around the world. Given the continuing uncertain
macroeconomic backdrop, including the pandemic, we continue to
expect challenging market conditions, particularly in the aerospace
and automotive sectors.
Your Directors remain confident in the prospects of the Group
due to the high quality of our people, our innovative product
pipeline, extensive global sales and marketing presence and
relevance to high-value manufacturing.
The results for the half year ending 31 December 2020 will be
released on 4 February 2021.
Sir David McMurtry Will Lee
Executive Chairman Chief Executive
22 October 2020
Renishaw plc
Registered office New Mills, Wotton-under-Edge, Gloucestershire,
GL12 8JR
Registered number 01106260
LEI number 21380048ADXM6Z67CT18
Telephone number +44 (0) 1453 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 IFRS 9 'Financial
Instruments'.
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 3 months 3 months
to 30 September to 30 September
2020 2019
GBP'000 GBP'000
Statutory profit before tax 28.2 5.1
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting
- reported in revenue (0.2) (1.2)
- reported in (gains)/losses from the fair value
of financial instruments (9.7) 0.4
Adjusted profit before tax 18.3 4.3
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