TIDMRSW
RNS Number : 3556B
Renishaw PLC
30 January 2020
Renishaw plc
30 January 2020
Interim report 2020 - for the six months ended 31 December
2019
Highlights
6 months to 6 months Year ended
31 December to 30 June
2019 31 December 2019
2018
Revenue (GBPm) 259.4 296.7 574.0
Adjusted(1) profit
before tax (GBPm) 14.3 59.6 103.9
Adjusted(1) earnings
per share (pence) 15.1 69.3 119.9
Dividend per share
(pence) (2) 14.0 14.0 60.0
Statutory profit before
tax (GBPm) 9.9 61.6 109.9
Statutory earnings
per share (pence) 10.2 71.5 126.7
(1) Note 11, 'Alternative performance measures', defines how
adjusted profit before tax and earnings per share are
calculated.
(2) All directors have waived their rights to the interim
dividend - see note 7 for further details.
Chairman's and Chief Executive's statement
We report our Group results for the six months to 31 December
2019.
Highlights
-- First half year revenue of GBP259.4m, compared with previous year of GBP296.7m.
-- First half year adjusted(1) profit before tax of GBP14.3m,
compared with adjusted previous year of GBP59.6m.
-- First half year statutory profit before tax of GBP9.9m, compared with GBP61.6m last year.
-- Cash balances of GBP71.3m, compared with GBP106.8m at 30 June 2019.
Trading results
First half First half Change % Constant
2020 2019 fx change
%
Group revenue GBP259.4m GBP296.7m -13 -14
------------ ------------ --------- -----------
Comprising:
------------ ------------ --------- -----------
APAC GBP106.8m GBP131.2m -19 -20
------------ ------------ --------- -----------
Americas GBP63.6m GBP65.4m -3 -9
------------ ------------ --------- -----------
EMEA GBP89.0m GBP100.1m -11 -12
------------ ------------ --------- -----------
Revenue for the six months ended 31 December 2019 was GBP259.4m,
compared with GBP296.7m for the corresponding period last year,
with all regions experiencing a reduction in revenue.
It has been a challenging trading period for the Group due to
the global macroeconomic environment, including the ongoing
uncertainty caused by the trade tensions between the USA and China
and weaker demand in the machine tool sector. The first half of
2019 also benefitted from a number of large orders from end-user
manufacturers of consumer electronic products in the APAC region
which have not been repeated this year. There are however some
positive indications of recovery in the semiconductor market which
has benefitted our encoder lines.
Adjusted profit before tax for the first half year was GBP14.3m
compared with GBP59.6m last year, primarily due to the reduced
revenue. Last year's first half benefitted from a GBP5.3m currency
gain, primarily in respect of intra-group balances, compared with a
loss of GBP2.0m in the first half of this year. This year also
includes a GBP2.7m gain arising from the fair value adjustment of a
convertible loan option in an associate company and a GBP2.0m
charge from the impairment of intangible assets.
Statutory profit before tax for the first half year was GBP9.9m,
compared with GBP61.6m last year, which includes a GBP2.2m charge
for restructuring costs and a GBP2.1m loss from the fair value of
derivatives not included in adjusted profit before tax.
Adjusted earnings per share were 15.1p, compared with 69.3p last
year. Statutory earnings per share were 10.2p, compared with 71.5p
last year.
Metrology
Revenue in our metrology business for the first six months was
GBP241.5m, compared with GBP277.7m last year. Adjusted operating
profit was GBP17.4m, compared with GBP52.2m for the comparable
period last year. Despite subdued demand conditions overall, we
have seen growth in our optical and laser encoder product lines due
to a recovery in the semiconductor market.
Healthcare
Revenue from our healthcare business for the first six months
was GBP17.8m, compared with GBP19.0m last year, but we did see
growth in our neurological product line due to increased demand for
our neurosurgical robot. The business recorded an adjusted
operating loss of GBP1.5m in the first half of this year compared
to break even in the corresponding period last year.
Operating costs
As previously communicated, due to the challenging trading
conditions faced, we are taking a number of actions to improve
productivity and to reduce the Group's cost base. These include the
non-replacement of staff who have left the business, reductions in
direct manufacturing staff in the UK, Ireland and India, and the
planned closure of the Staffordshire site in February 2020 with
activities consolidated in Gloucestershire and South Wales. We have
also commenced a proposed UK compulsory redundancy programme that
could lead to a headcount reduction of around 200 people
(approximately 6% of total UK employees). We have reviewed all
other areas of operating costs and reduced expenditure where
appropriate.
Total Group headcount at the end of December 2019 was 4,871, a
net reduction of 170 since June 2019.
The Group remains committed to our long-term strategy of
delivering growth through the development and introduction of
innovative and patented products and during the first six months of
this year we incurred net engineering expenditure of GBP46.1m
compared with GBP47.7m last year.
The directors thank employees for their valued support and
contribution during this challenging period.
Capital Expenditure
Capital expenditure for the first six months was GBP28.4m.
Expenditure on property totalled GBP20.8m for the period, including
the extension to our Innovation Centre in Wotton-under-Edge,
Gloucestershire which is nearing completion; acquisition of
property in Pune, India to provide capacity for future growth;
refurbishment of the building purchased in Nagoya, Japan last year;
and the construction of our new facility in Michigan, USA.
Expenditure on plant and equipment for the period was GBP7.6m.
With the building projects listed nearing completion, capital
expenditure in the second half of this year is planned to reduce
significantly.
Working capital
Net cash balances at 31 December 2019 were GBP71.3m, compared
with GBP100.5m at 31 December 2018 and GBP106.8m at 30 June
2019.
Inventory balances at 31 December 2019 were GBP117.8m, a
decrease of GBP11.2m since 30 June 2019, primarily
reflecting the reduction in trading activity.
Dividend
The Board has approved an interim dividend of 14.0 pence net per
share (2019: 14.0 pence) which will be paid on 6 April 2020 to
shareholders on the register on 6 March 2020. All directors have
waived their rights to the interim dividend which results in the
cost of the dividend being GBP4.8m compared to GBP10.2m last
year.
Outlook
The Board believes that the structural demand drivers in our
end-markets remain intact. The Group is in a strong financial
position and we remain confident in the Group's long-term prospects
due to the high quality of our people, our innovative product
pipeline, extensive global sales and marketing presence and
relevance to high-value manufacturing.
As indicated in our trading statement in October 2019, trading
conditions are expected to remain challenging through the remainder
of this financial year driven by the global macroeconomic
environment. At this stage, we expect full year revenue to be in
the range of GBP530m to GBP560m. Adjusted profit before tax is
expected to be in the range of GBP50m to GBP70m, with profits in
the second half of the year expected to benefit from an increase in
revenue, reduced operating costs and a favourable currency impact
from forward contracts compared to the first half year. Statutory
profit before tax is expected to be in the range of GBP38m to
GBP58m.
Investor Day
An Investor Day is being held on 12 May 2020 at our
Gloucestershire headquarters and registration details will be
published in due course.
Sir David McMurtry Will Lee
Executive Chairman Chief Executive
30 January 2020
(1) Note 11, 'Alternative performance measures', defines how
adjusted profit before tax, operating profit and earnings per share
are calculated.
Consolidated income statement
Unaudited
Audited
6 months 6 months Year ended
to to 30 June
31 December 31 December 2019
Continuing operations Notes 2019 2018 GBP'000
GBP'000 GBP'000
Revenue 3 259,380 296,670 573,959
Cost of sales (144,504) (148,521) (289,832)
Gross profit 114,876 148,149 284,127
Distribution costs (65,580) (63,766) (126,822)
Administrative expenses (31,933) (29,002) (58,593)
Gains/(losses) from the fair value
of financial instruments - derivatives 10 (8,570) (1,230) 1,081
Gains from the fair value of financial
assets 12 2,700 - -
Operating profit 11,493 54,151 99,793
Financial income 4 1,083 5,713 7,238
Financial expenses 4 (3,590) (454) (902)
Share of profits from associates and
joint ventures 947 2,185 3,815
Profit before tax 9,933 61,595 109,944
Income tax expense 5 (2,538) (9,572) (17,712)
Profit for the period 7,395 52,023 92,232
----------------------------------------- -------- -------------- -------------- ------------
Profit attributable to:
Equity shareholders of the parent
company 7,395 52,023 92,232
Non-controlling interest - - -
----------------------------------------- -------- -------------- -------------- ------------
Profit for the period 7,395 52,023 92,232
----------------------------------------- -------- -------------- -------------- ------------
pence pence Pence
Dividend per share arising in respect
of the period 7 14.0 14.0 60.0
----------------------------------------- -------- -------------- -------------- ------------
Earnings per share (basic and diluted) 6 10.2 71.5 126.7
----------------------------------------- -------- -------------- -------------- ------------
Consolidated statement of comprehensive income and expense
Unaudited
Audited
6 months 6 months Year ended
to to 30 June
31 December 31 December 2019
2019 2018 GBP'000
GBP'000 GBP'000
Profit for the period 7,395 52,023 92,232
----------------------------------------------- -------------- -------------- -------------
Other items recognised directly in equity:
Items that will not be reclassified to
the Consolidated income statement:
Remeasurement of defined benefit pension
scheme liabilities 2,417 13,254 10,273
Deferred tax on remeasurement of defined
benefit pension scheme liabilities (319) (2,230) (1,534)
Total for items that will not be reclassified 2,098 11,024 8,739
----------------------------------------------- -------------- -------------- -------------
Items that may be reclassified to the
Consolidated income statement:
Exchange differences in translation of
overseas operations (9,154) 1,934 2,045
Exchange differences in translation of
overseas joint venture (524) (121) 72
Current tax on translation of net investments
in foreign operations 763 - (205)
Effective portion of changes in fair
value of cash flow hedges, net of recycling 47,910 (23,686) (27,573)
Deferred tax on effective portion of
changes in fair value of cash flow hedges (8,479) 4,058 4,561
Total for items that may be reclassified 30,516 (17,815) (21,100)
----------------------------------------------- -------------- -------------- -------------
Total other comprehensive income and
expense, net of tax 32,614 (6,791) (12,361)
----------------------------------------------- -------------- -------------- -------------
Total comprehensive income and expense
for the period 40,009 45,232 79,871
----------------------------------------------- -------------- -------------- -------------
Attributable to:
Equity shareholders of the parent company 40,009 45,232 79,871
Non-controlling interest - - -
Total comprehensive income and expense
for the period 40,009 45,232 79,871
----------------------------------------------- -------------- -------------- -------------
Consolidated balance sheet
Unaudited
Audited
At 31 December At 31 December At 30
2019 2018 June
Notes GBP'000 GBP'000 2019
GBP'000
Assets
Property, plant and equipment 8 272,255 239,984 263,477
Intangible assets 9 58,626 56,342 59,056
Right of use assets 2 12,950 - -
Investments in associates and joint
ventures 13,006 11,514 13,095
Long-term loans to associates and
joint ventures 519 3,322 750
Deferred tax assets 21,157 29,073 29,855
Derivatives 10 13,187 2,066 1,311
----------------------------------------- -------- ----------------- ----------------- ---------
Total non-current assets 391,700 342,301 367,544
----------------------------------------- -------- ----------------- ----------------- ---------
Current assets
Inventories 117,794 122,476 129,026
Trade receivables 101,508 127,811 123,151
Contract assets 99 477 352
Short-term loans to associates
and joint ventures 12 10,203 - 6,644
Current tax 7,550 3,124 4,553
Other receivables 20,337 24,426 24,461
Derivatives 10 4,965 3,092 2,778
Pension scheme cash escrow account 10,490 10,451 10,490
Cash and cash equivalents 71,307 100,504 106,826
Total current assets 344,253 392,361 408,281
----------------------------------------- -------- ----------------- ----------------- ---------
Current liabilities
Trade payables 15,141 23,698 21,513
Contract liabilities 6,723 4,952 5,631
Lease liabilities 2 4,463 - -
Current tax 4,506 7,131 4,538
Provisions 2,473 2,952 2,846
Derivatives 10 5,975 30,222 18,920
Borrowings 1,073 - 1,043
Other payables 27,849 29,282 41,065
----------------------------------------- -------- ----------------- ----------------- ---------
Total current liabilities 68,203 98,237 95,556
----------------------------------------- -------- ----------------- ----------------- ---------
Net current assets 276,050 294,124 312,725
----------------------------------------- -------- ----------------- ----------------- ---------
Non-current liabilities
Borrowings 9,628 - 9,356
Lease liabilities 2 8,469 - -
Employee benefits 42,831 52,566 51,870
Deferred tax liabilities 539 188 539
Derivatives 10 16,391 24,928 35,227
Total non-current liabilities 77,858 77,682 96,992
----------------------------------------- -------- ----------------- ----------------- ---------
Total assets less total liabilities 589,892 558,743 583,277
----------------------------------------- -------- ----------------- ----------------- ---------
Equity
Share capital 14,558 14,558 14,558
Share premium 42 42 42
Own shares held (404) (404) (404)
Currency translation reserve 5,661 14,478 14,577
Cash flow hedging reserve (2,970) (39,017) (42,401)
Retained earnings 573,798 570,051 597,784
Other reserve (216) (388) (302)
----------------------------------------- -------- ----------------- ----------------- ---------
Equity attributable to the shareholders
of the parent company 590,469 559,320 583,854
Non-controlling interest (577) (577) (577)
----------------------------------------- -------- ----------------- ----------------- ---------
Total equity 589,892 558,743 583,277
----------------------------------------- -------- ----------------- ----------------- ---------
Consolidated statement of changes in equity
Unaudited
Own Currency Cash Non-
Share Share shares translation flow Retained Other controlling
capital premium held reserve hedging earnings reserve interest Total
GBP'000 GBP'000 GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
Balance at 1
July 2018 14,558 42 - 12,665 (19,389) 540,487 (460) (577) 547,326
Profit for the
period - - - - - 52,023 - - 52,023
Other
comprehensive
income
and expense
(net of tax)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Remeasurement
of defined
benefit
pension
liabilities - - - - - 11,024 - - 11,024
Foreign
exchange
translation
differences - - - 1,934 - - - - 1,934
Relating to
associates
and joint
ventures - - - (121) - - - - (121)
Changes in
fair value
of cash flow
hedges - - - - (19,628) - - - (19,628)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Total other
comprehensive
income and
expense - - - 1,813 (19,628) 11,024 - - (6,791)
Total
comprehensive
income
and expense - - - 1,813 (19,628) 63,047 - - 45,232
Transactions
with owners
recorded in
equity
Share-based
payments
charge - - - - - - 72 - 72
Purchase of
own shares - - (404) - - - - - (404)
Dividends paid - - - - - (33,483) - - (33,483)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Balance at 31
December
2018 14,558 42 (404) 14,478 (39,017) 570,051 (388) (577) 558,743
Profit for the
period - - - - - 40,209 - - 40,209
Other
comprehensive
income
and expense
(net of tax)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Remeasurement
of defined
benefit
pension
liabilities - - - - - (2,287) - - (2,287)
Foreign
exchange
translation
differences - - - (94) - - - - (94)
Relating to
associates
and joint
ventures - - - 193 - - - - 193
Changes in
fair value
of cash flow
hedges - - - - (3,384) - - - (3,384)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Total other
comprehensive
income and
expense - - - 99 (3,384) (2,287) - - (5,572)
Total
comprehensive
income
and expense - - - 99 (3,384) 37,922 - - 34,637
Transactions
with owners
recorded in
equity
Share-based
payments
charge - - - - - - 86 - 86
Purchase of - - - - - - - - -
own shares
Dividends paid - - - - - (10,189) - - (10,189)
Balance at 30
June 2019 14,558 42 (404) 14,577 (42,401) 597,784 (302) (577) 583,277
Profit for the
period - - - - - 7,395 - - 7,395
Other
comprehensive
income
and expense
(net of tax)
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Remeasurement
of defined
benefit
pension
liabilities - - - - - 2,097 - - 2,097
Foreign
exchange
translation
differences - - - (8,392) - - - - (8,392)
Relating to
associates
and joint
ventures - - - (524) - - - - (524)
Changes in
fair value
of cash flow
hedges - - - - 39,431 - - - 39,431
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Total other
comprehensive
income and
expense - - - (8,916) 39,431 2,097 - - 32,612
Total
comprehensive
income
and expense - - - (8,916) 39,431 9,492 - - 40,007
Transactions
with owners
recorded in
equity
Share-based
payments
charge - - - - - - 86 - 86
Purchase of - - - - - - - - -
own shares
Dividends paid - - - - - (33,478) - - (33,478)
Balance at 31
December
2019 14,558 42 (404) 5,661 (2,970) 573,798 (216) (577) 589,892
--------------- --------- --------- -------- ------------ --------- ---------- --------- ------------ ---------
Consolidated statement of cash flow
Unaudited
Audited
6 months 6 months Year ended
to to 30 June
31 December 31 December 2019
2019 2018 GBP'000
GBP'000 GBP'000
Cash flows from operating activities
Profit for the period 7,395 52,023 92,232
---------------------------------------------------- -------------- -------------- ------------
Adjustments for:
Amortisation of development costs 8,118 7,027 15,144
Amortisation of other intangibles 606 908 1,518
Amortisation of right of use assets 2,207 - -
Impairment of goodwill and other intangibles 1,973 - -
Impairment of property, plant and equipment - - 1,155
Depreciation 12,373 11,436 22,597
(Profit)/loss on sale of property, plant
and equipment (46) 79 148
Profit on sale of other intangibles - (455) (455)
Remeasurement of defined benefit pension
scheme liabilities from GMP equalisation - 751 751
(Gains)/losses from the fair value of financial
instruments - derivatives 2,120 (1,970) (6,081)
Gains from the fair value of financial assets (2,700) - -
Share of profits from associates and joint
ventures (947) (2,185) (3,815)
Financial income (1,083) (5,713) (7,238)
Financial expenses 3,590 454 902
Share based payment expense 86 72 158
Tax expense 2,538 9,572 17,712
---------------------------------------------------- -------------- -------------- ------------
28,835 19,976 42,496
---------------------------------------------------- -------------- -------------- ------------
Decrease/(increase) in inventories 11,232 (11,913) (18,463)
Decrease/(increase) in trade and other receivables 18,709 26,404 30,028
(Decrease)/increase in trade and other payables (14,795) (15,980) (7,183)
(Decrease)/increase in provisions (676) (501) (607)
14,470 (1,990) 3,775
---------------------------------------------------- -------------- -------------- ------------
Defined benefit pension contributions (7,081) (2,747) (6,831)
Income taxes paid (4,708) (13,618) (25,183)
Cash flows from operating activities 38,911 53,644 106,489
---------------------------------------------------- -------------- -------------- ------------
Investing activities
Purchase of property, plant and equipment (28,398) (19,643) (56,792)
Development costs capitalised (7,948) (8,200) (18,091)
Purchase of other intangibles (2,864) (2,620) (4,161)
Sale of other intangibles - 2,001 2,000
Sale of property, plant and equipment 990 3,241 4,713
Interest received 575 446 1,222
Dividends received from associates and joint
ventures 512 614 614
Payments (to)/from pension scheme escrow
account - (38) (77)
---------------------------------------------------- -------------- -------------- ------------
Cash flows from investing activities (37,133) (24,199) (70,572)
---------------------------------------------------- -------------- -------------- ------------
Financing activities
Interest paid (99) (16) (57)
Increase in borrowings 1,169 - 10,486
Repayment of borrowings (425) - (87)
Repayment of lease liabilities (2,480) - -
Dividends paid (33,478) (33,483) (43,672)
Purchase of own shares - (404) (404)
---------------------------------------------------- -------------- -------------- ------------
Cash flows from financing activities (35,313) (33,903) (33,734)
---------------------------------------------------- -------------- -------------- ------------
Net (decrease)/increase in cash and cash
equivalents (33,535) (4,458) 2,183
Cash and cash equivalents at the beginning
of the period 106,826 103,847 103,847
Effect of exchange rate fluctuations on
cash held (1,984) 1,115 796
---------------------------------------------------- -------------- -------------- ------------
Cash and cash equivalents at the end of
the period 71,307 100,504 106,826
---------------------------------------------------- -------------- -------------- ------------
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 EU.
-- 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
Allen Roberts FCA
Group Finance Director
30 January 2020
Notes
1. Basis of preparation
The Interim Report, which includes the condensed consolidated
financial statements for the six months ended 31 December 2019, was
approved by the Directors on 30 January 2020.
The condensed consolidated financial statements for the six
months ended 31 December 2019 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 European Union, and 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 2019, except for income taxes which are
accrued using the forecast tax rate for the financial year, and
except for the adoption of new accounting standards as set out in
note 2.
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 2019 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.
The Group has considerable financial resources at its disposal,
and having considered the current financial projections, the
Directors believe that the Group is well placed to manage its
business risks successfully. Having made appropriate enquiries, the
Directors are satisfied that, at the time of approving the
unaudited condensed consolidated financial statements, it is
appropriate to continue to adopt a going concern basis of
accounting.
Given the nature of some forward-looking information included in
this report, which the Directors have given in good faith, this
information should be treated with due caution.
2. New accounting standards and policies
IFRS 16 'Leases'
Summary
IFRS 16 'Leases' replaces IAS 17 and related standards, and
provides an accounting model under which substantially all leases
are recognised on the balance sheet of the lessee. A 'right of use'
asset is recognised, being the right to use the underlying asset of
the lease, and a lease liability is also recognised on the balance
sheet, being the obligation to make payments in respect of the use
of the underlying asset.
The Group adopted IFRS 16 on 1 July 2019 using the modified
retrospective transition approach (and has therefore not restated
comparatives for the prior period) with the principal change being
that leases previously classified as operating leases under IAS 17
were brought on to the balance sheet at 1 July 2019. The impact of
IFRS 16 is disclosed later in this note.
In adopting IFRS 16 the Group took advantage of the following
practical expedients permitted by the standard:
- The right of use assets were measured at an amount based on
the lease liability at adoption, and initial direct costs incurred
when obtaining leases were excluded from this measurement
- Reliance was placed on previous assessments of whether leases
are onerous (the assessment of which determined that the impact of
onerous leases was trivial)
- Operating leases with a remaining lease term of less than 12
months at 1 July 2019 were accounted for as 'short-term leases'
Impact - at transition and subsequently
As IFRS 16 no longer distinguishes between operating leases and
finance leases, operating lease commitments disclosed at 30 June
2019 were replaced with a lease liability and recognised at 1 July
2019, as follows:
GBP'000
Operating lease commitments as disclosed
at 30 June 2019 16,390
Less: effect of discounting (149)
Less: recognition differences and
assumptions (1,994)
------------------------------------------ --------
Total lease liability recognised at
1 July 2019 14,247
The weighted average incremental borrowing rate applied to the
Group's lease liabilities recognised in the consolidated balance
sheet at 1 July 2019 was 2.4%.
The impact on the primary statements of adopting IFRS 16 at 1
July 2019 is summarised below:
Impact on the Consolidated balance sheet
At 1 July 2019 At 31 December
GBP'000 2019
GBP'000
Right of use assets 14,550 12,950
Deferred tax assets - 56
-------------------------- --------------- ---------------
Non-current assets 14,550 13,006
-------------------------- --------------- ---------------
Lease liabilities 4,799 4,463
Other payables 303 291
-------------------------- --------------- ---------------
Current liabilities 5,102 4,754
-------------------------- --------------- ---------------
Lease liabilities 9,448 8,469
Deferred tax liabilities - -
-------------------------- --------------- ---------------
Non-current liabilities 9,448 8,469
-------------------------- --------------- ---------------
Total assets less
total liabilities - (217)
-------------------------- --------------- ---------------
Currency translation
reserve - 12
Retained earnings - (229)
Total equity - (217)
-------------------------- --------------- ---------------
Right of use assets at 1 July 2019 consisted of GBP11,377,000
relating to property leases occupied for trading purposes,
GBP3,013,000 relating to vehicle leases and a small amount relating
to machinery leases.
Impact on the Consolidated income statement
The impact on the Consolidated income statement for the six
months ended 31 December 2019 is to increase operating profit by
GBP272,000 and increase finance costs by GBP557,000, therefore
reducing profit before tax by GBP285,000. The aggregate of
depreciation and interest expense will generally result in higher
expenses in the earlier periods of leases than would have been the
case under IAS 17.
Impact on the Consolidated cash flow statement
There is no change to net cash flow from the adoption of IFRS
16. Under IAS 17 operating lease payments were treated as operating
cash outflows, however under IFRS 16 payments made at lease
inception and subsequently (both principal and interest) are
classified as financing outflows. The Group therefore shows both
higher cash inflows from operating activities and higher cash
outflows from financing activities under IFRS 16.
Accounting policy
As a lessee
At the lease commencement date the Group recognises a right of
use asset for the leased item and a lease liability for any lease
payments due.
Right of use assets are initially measured at cost, being the
present value of the lease liability plus any initial costs
incurred in entering the lease and less any lease incentives
received. Right of use assets are subsequently depreciated on a
straight-line basis from the commencement date to the earlier of i)
the end of the useful life of the asset, or ii) the end of the
lease term.
Lease liabilities are initially measured at the present value of
the lease payments that are not paid at the commencement date,
discounted using the incremental borrowing rate of the applicable
entity. The lease liability is subsequently measured at amortised
cost using the effective interest method and is remeasured if there
is a change in future lease payments arising from a change in an
index or rate (such as an inflation-linked increase), of if there
is a change in the Group's assessment of whether it will exercise
an extension or termination option. When this happens there is also
a corresponding adjustment to the right-of-use asset.
Where the Group enters into leases with a lease term of 12
months or less, these are treated as 'short term' leases and are
recognised on a straight-line basis as an expense in the Income
Statement. The same treatment applies to low-value assets, which
are typically IT equipment and office equipment.
As a lessor
The Group acts as a lessor for Renishaw-manufactured plant and
equipment and determines at inception whether the lease is a
finance or an operating lease.
Where the Group transfers the risks and rewards of ownership of
lease assets to a third party, the Group recognises a receivable in
the amount of the net investment in the lease, within Trade
receivables. The lease receivable is subsequently reduced by the
principal received, while an interest component is recognised as
financial income in the Consolidated income statement.
Where the Group retains the risks and rewards of ownership of
lease assets, it continues to recognise the leased asset in
Property, plant and equipment. Income from operating leases is
recognised on a straight-line basis over the lease term and
recognised as Revenue rather than Other revenue as such income is
not material.
3. Segmental information
The Group manages its business in two segments, comprising
metrology and healthcare products. The results of these are
regularly reviewed by the Board to allocate resources to segments
and to assess their performance. Within the operating segment of
metrology, there are multiple product offerings with similar
economic characteristics, and where the nature of the products and
production processes and their customer bases are similar. More
details of the Group's products and services are given in the
Strategic report of the 2019 Annual report.
Whilst future revenue is difficult to predict given that the
Group's outstanding order book is typically around one month's
worth of revenue value, larger consumer electronics orders in the
APAC region within the 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.
6 months to 31 December 2019 Metrology Healthcare Total
GBP'000 GBP'000 GBP'000
Revenue 241,545 17,835 259,380
Depreciation and amortisation 21,954 1,116 23,070
Operating profit before losses from fair
value of financial instruments - derivatives 21,350 (1,286) 20,064
Share of profits from associates and joint
ventures 947 - 947
Net financial gain/(expense) - - (2,508)
Losses from the fair value of financial
instruments - derivatives - - (8,570)
Profit before tax - - 9,933
----------------------------------------------- ---------- ----------- --------
6 months to 31 December 2018
Revenue 277,717 18,953 296,670
Depreciation and amortisation 18,468 903 19,371
Operating profit before losses from fair
value of financial instruments 55,171 211 55,382
Share of profits from associates and joint
ventures 2,185 - 2,185
Net financial gain/(expense) - - 5,259
Losses from the fair value of financial
instruments - derivatives - - (1,230)
Profit before tax - - 61,596
----------------------------------------------- ---------- ----------- --------
Year ended 30 June 2019
Revenue 532,940 41,019 573,959
Depreciation and amortisation 37,714 2,700 40,414
Operating profit before gains from fair
value of financial instruments - derivatives 95,345 3,367 98,712
Share of profits from associates and joint
ventures 3,815 - 3,815
Net financial expense - - 6,336
Gains from the fair value of financial
instruments - derivatives - - 1,081
Profit before tax - - 109,944
----------------------------------------------- ---------- ----------- --------
There is no allocation of assets and liabilities to operating
segments. Depreciation is included within certain other overhead
expenditure which is 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
2019 2018 2019
GBP'000 GBP'000 GBP'000
Goods, capital equipment
and installation 232,145 269,569 519,782
Aftermarket services 27,235 27,101 54,177
Total group revenue 259,380 296,670 573,959
-------------------------- ------------- ------------- -----------
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
2019 2018 2019
GBP'000 GBP'000 GBP'000
APAC 106,801 131,181 240,115
EMEA 88,998 100,078 201,255
Americas 63,581 65,411 132,589
Total Group revenue 259,380 296,670 573,959
--------------------- ------------- ------------- -----------
Revenue in the above table has been allocated to regions based
on the geographical location of the customer. Countries with
individually material revenue figures in the context of the Group
were:
6 months to 6 months to Year ended
31 December 31 December 30 June
2019 2018 2019
GBP'000 GBP'000 GBP'000
China 43,259 65,246 111,002
USA 52,698 54,961 113,235
Japan 30,635 33,212 63,650
Germany 27,178 31,477 60,916
There was no revenue from transactions with a single external
customer amounting to 10% or more of the Group's total revenue
for the period.
4. Financial income and expenses
6 months 6 months Year ended
to to 30 June
31 December 31 December 2019
2019 2018 GBP'000
GBP'000 GBP'000
Financial income
------------------------------------------ ------------- ------------- -----------
Currency gains - 5,267 5,940
Fair value gains from 1 month
forward currency contracts 508 - 76
Interest receivable 575 446 1,222
------------------------------------------ ------------- ------------- -----------
Total financial income 1,083 5,713 7,238
------------------------------------------ ------------- ------------- -----------
Financial expenses
------------------------------------------ ------------- ------------- -----------
Interest on pension schemes' liabilities 459 438 845
IFRS 16 lease interest 557 - -
Currency losses 2,476 - -
Bank interest payable 98 16 57
Total financial expenses 3,590 454 902
------------------------------------------ ------------- ------------- -----------
Currency gains relates to revaluations of foreign currency
denominated balances using latest reporting currency exchange
rates. The gain recognised in the six months to 31 December 2018
largely related to a depreciation of sterling relative to the
dollar affecting dollar denominated intra-group balances in the
Company (Renishaw plc).
Certain long-term intra-group receivable balances for which
settlement is neither planned nor likely to occur were reclassified
as net investments in foreign operations on 3 December 2018, such
that revaluations from future currency movements on designated
balances will accumulate in the Currency translation reserve in
Equity. Additionally, from 1 January 2019, a policy of entering
into rolling one month forward currency contracts began, with fair
value gains and losses being recognised in financial income, to
partially offset currency movements on remaining intra-group
balances. After these mitigating activities, currency losses in the
six months to 31 Decemebr 2019 amounted to GBP2,476,000.
5. Taxation
The income tax expense in the Consolidated income statement has
been estimated at a rate of 17.4% (December 2018: 15.5%) before a
deferred tax asset impairment of GBP809,000, based on management's
best estimate of the full year effective tax rates by geographical
unit applied to half year profits. The impairment arises from
uncertainty over the recoverability of a portion of previously
recognised losses against future taxable profits in our US
business. The effective tax rate including the impairment for the 6
months to 31 December 2019 is 25.6%.
Deferred tax assets and liabilities have been calculated based
on the rate expected to be applicable when the relevant items are
expected to reverse.
6. Earnings per share
The earnings per share for the six months ended 31 December 2019
is calculated on earnings of GBP7,395,000 (December 2018:
GBP52,023,000) and on 72,778,904 shares (December 2018: 72,778,904
shares), being the number of shares in issue during the period.
This excludes 9,639 shares held by the Renishaw Employee Benefit
Trust (EBT), which were purchased on 10 December 2018.
7. Dividends
Dividends paid during the period 6 months to 6 months Year ended
were: 31 December to 30 June
2019 31 December 2019
GBP'000 2018 GBP'000
GBP'000
2019 final dividend of 46.0p
per share (2018: 46.0p) 33,478 33,483 33,483
2019 interim dividend of 14.0p - - 10,189
Total dividends paid during the
period 33,478 33,483 43,672
----------------------------------- ------------- ------------- -----------
All Directors have waived their right to the interim dividend.
All other shareholders on the register on 6 March 2020 will be paid
an interim dividend of 14.0p net per share on 6 April 2020,
resulting in a dividend payable of GBP4,782,067.
8. Property, plant and equipment
Freehold Plant and Motor Assets Total
land and equipment vehicles in the GBP'000
buildings GBP'000 GBP'000 course
GBP'000 of construction
GBP'000
Cost
At 1 July 2019 197,474 245,027 9,555 8,758 460,814
Additions 12,349 5,145 276 10,628 28,398
Transfers 34 1,077 - (1,111) -
Disposals - (3,099) (687) - (3,786)
Currency adjustment (5,077) (3,929) (242) - (9,248)
At 31 December 2019 204,780 244,221 8,902 18,275 476,178
----------------------- ----------- ------------ ----------- ----------------- ----------
Depreciation
At 1 July 2019 31,893 158,567 6,877 - 197,337
Charge for the period 1,671 10,106 596 - 12,373
Released on disposals - (2,189) (653) - (2,842)
Currency adjustment (882) (1,892) (171) - (2,945)
At 31st December 2019 32,682 164,592 6,649 - 203,923
----------------------- ----------- ------------ ----------- ----------------- ----------
Net book value
At 31 December 2019 172,098 79,629 2,253 18,275 272,255
----------------------- ----------- ------------ ----------- ----------------- ----------
At 30 June 2019 165,581 86,460 2,678 8,758 263,477
----------------------- ----------- ------------ ----------- ----------------- ----------
Additions to assets in the course of construction of
GBP10,628,000 (December 2018: GBP5,528,000) comprise GBP8,412,000
(December 2018: GBP2,445,000) for freehold land and buildings and
GBP2,216,000 (December 2018: GBP3,083,000) for plant and
equipment.
At the end of the period, assets in the course of construction,
not yet transferred, of GBP18,275,000 (December 2018: GBP5,958,000)
comprise GBP14,269,000 (December 2018: GBP2,361,000) for freehold
land and buildings and GBP4,006,000 (December 2018: GBP3,597,000)
for plant and equipment.
9. Intangible assets
Goodwill Other intangible Internally Software Total
on consolidation assets generated licences
development and intellectual
costs property
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 July 2019 20,227 13,823 150,042 20,827 204,919
Additions - 1,900 7,948 964 10,812
Currency adjustment (510) (7) - (55) (572)
At 31 December 2019 19,717 15,716 157,990 21,736 215,159
----------------------- ------------------- ----------------- ------------- ------------------ --------
Amortisation
At 1 July 2019 8,220 11,260 108,954 17,429 145,863
Charge for the period - 28 8,118 578 8,724
Impairment 403 1,571 - - 1,974
Currency adjustment - 7 - (35) (28)
At 31 December 2019 8,623 12,866 117,072 17,972 156,533
----------------------- ------------------- ----------------- ------------- ------------------ --------
Net book value
At 31 December 2019 11,094 2,850 40,918 3,764 58,626
----------------------- ------------------- ----------------- ------------- ------------------ --------
At 30 June 2019 12,007 2,563 41,088 3,398 59,056
----------------------- ------------------- ----------------- ------------- ------------------ --------
Impairments of GBP1,973,000 at 31 December 2019 have been
recognised in Administrative expenses in the Consolidated income
statement due to the uncertain future cash flows relating to these
assets.
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 and a convertible loan option, 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.
At 31 December 2019 the total nominal value of USD contracts
held for cash flow hedging purposes was $870,000,000, or
GBP636,232,521. On the basis of a highly probable sales forecast
according to IFRS 9 'Financial Instruments' of Renishaw plc (the
Company) and Renishaw UK Sales Limited, a partial prospective
discontinuation of contracts with nominal value of $133,130,000, or
GBP96,802,000 (15.2% of total USD contracts) was necessitated. The
fair value loss on such contracts at 31 December 2019 recognised in
'Gains/(losses) from the fair value of financial instruments -
derivatives' was GBP3,030,000. Additionally, GBP3,317,000 of
realised losses was accounted for in 'Gains/(losses) from the fair
value of financial instruments - derivatives' relating to
ineffective portions of contracts which matured in the six months
to 31 December 2019. The remaining loss amount of GBP2,223,000
relates to fair value movements on option contracts, which are
ineffective for cash flow hedging purposes.
On an ongoing basis as a consequence of the above, a 10%
depreciation of the GBP:USD exchange rate would result in a
GBP9,680,173 loss being recognised in the Consolidated Income
Statement, while a 10% appreciation would result in a GBP8,800,157
gain.
Fair value gains and losses relating to this have been excluded
from adjusted profit measures, see note 11 for further detail.
11. Alternative performance measures
Alternative performance measures are - Revenue at constant
exchange rates, Adjusted profit before tax, Adjusted earnings per
share and Adjusted operating profit.
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 6 months
to 31 December to 31
2019 December
2018
GBP'000 GBP'000
Statutory revenue as reported 259,380 296,670
Adjustment for forward contract losses 7,324 10,265
Adjustment to restate at previous year (3,081) -
exchange rates
Revenue at constant exchange rates 263,623 306,935
------------------------------------------ ---------------- ----------
Year on year revenue growth at constant
exchange rates -14%
------------------------------------------ ---------------- ----------
Adjusted profit before tax, Adjusted earnings per share and
Adjusted operating profit - These measures are defined as the
profit before tax, earnings per share and operating profit after
excluding gains and losses in fair value from forward currency
contracts which did not qualify for hedge accounting and which have
yet to mature, and costs relating to business restructuring.
The gains and losses from fair value of financial instruments
not effective for cash flow hedging have been excluded from
statutory profit before tax, statutory earnings per share and
statutory operating profit in arriving at adjusted profit before
tax, adjusted earnings per share and adjusted operating profit to
reflect the Board's intent that the instruments would provide
effective hedges. This is classified as 'Fair value (gains)/losses
on financial instruments not eligible for hedge accounting (i)' in
the following reconciliations.
This includes gains or losses from fair value movements on
derivatives deemed partially ineffective 31 December 2019. Such
contracts are still expected to achieve management's hedging intent
for the consolidated Group, despite failing certain elements of
IFRS 9 hedge effectiveness criteria. This is classified as 'Fair
value (gains)/losses on financial instruments not eligible for
hedge accounting (ii)' in the following reconciliations.
Restructuring costs accounted for in Cost of sales, Distribution
costs and Administrative expenses relating to the planned closure
of the Staffordshire site and reductions in direct manufacturing
staff in the UK have also been excluded from these alternative
performance measures.
The Board considers these alternative performance measures to be
more relevant and reliable in evaluating the Group's
performance.
Adjusted profit before tax 6 months 6 months Year ended
to 31 to 31 30 June
December December 2019
2019 2018
GBP'000 GBP'000 GBP'000
Statutory profit before tax 9,933 61,596 109,944
Restructuring costs reported in Cost of 2,249 - -
sales, Distribution costs and Administrative
expenses
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue (3,133) (3,200) (5,001)
- reported in (gains)/losses from the fair
value of financial instruments - derivatives 2,223 1,230 (1,081)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (ii)
- reported in (gains)/losses from the fair 3,030 - -
value of financial instruments - derivatives
Adjusted profit before tax 14,302 59,626 103,862
---------------------------------------------------- ---------- ---------- -----------
Adjusted earnings per share 6 months 6 months Year ended
to 31 to 31 30 June
December December 2019
2019 2018
pence pence pence
Statutory earnings per share 10.2 71.5 126.7
Restructuring costs reported in Cost of 2.5 - -
sales, Distribution costs and Administrative
expenses
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue (3.5) (3.6) (5.6)
- reported in (gains)/losses from the fair
value of financial instruments - derivatives 2.5 1.4 (1.2)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (ii)
- reported in (gains)/losses from the fair 3.4 - -
value of financial instruments - derivatives
Adjusted earnings per share 15.1 69.3 119.9
---------------------------------------------------- ---------- ---------- -----------
Adjusted operating profit 6 months 6 months Year ended
to 31 to 31 30 June
December December 2019
2019 2018
GBP'000 GBP'000 GBP'000
Statutory operating profit 11,493 54,151 99,793
Restructuring costs reported in Cost of
sales, Distribution costs and Administrative
expenses 2,249
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue (3,133) (3,200) (5,001)
- reported in (gains)/losses from the fair
value of financial instruments - derivatives 2,223 1,230 (1,081)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (ii)
- reported in (gains)/losses from the fair 3,030 - -
value of financial instruments - derivatives
Adjusted operating profit 15,862 52,181 93,711
---------------------------------------------------- ---------- ---------- -----------
Adjustments to segmental operating profit:
Metrology 6 months 6 months Year ended
to 31 to 31 30 June
December December 2019
2019 2018
GBP'000 GBP'000 GBP'000
Operating profit before gain/loss from fair
value of financial instruments - derivatives 21,350 55,171 95,345
Restructuring costs reported in Cost of
sales, Distribution costs and Administrative
expenses 2,249
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue (2,919) (2,998) (4,745)
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (ii)
- reported in revenue (3,318) - -
Adjusted metrology operating profit 17,362 52,173 90,600
---------------------------------------------------- ---------- ---------- -----------
Healthcare 6 months 6 months Year ended
to 31 to 31 30 June
December December 2019
2019 2018
GBP'000 GBP'000 GBP'000
Operating loss before gain/loss from fair
value of financial instruments - derivatives (1,286) 211 3,367
Fair value (gains)/losses on financial instruments
not eligible for hedge accounting (i)
- reported in revenue (214) (202) (256)
Adjusted healthcare operating profit (1,500) 9 3,111
---------------------------------------------------- ---------- ---------- -----------
12. Related party transactions and post balance sheet events
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 2019.
No related party transactions have taken place in the first six
months of the financial year that have materially affected the
financial position or the performance of the Group during that
period.
On 6 January 2020 a third party acquired shares in our associate
company, HiETA Technologies Limited. As part of the transaction,
Renishaw plc converted a loan to share capital in HiETA, disposed
of a proportion of our shareholding and the remaining shareholding
was diluted following a share issue to the third party. Following
the transaction, Renishaw plc has a 33.33% shareholding in the
company. Given the high level of confidence at 31 December 2019
that the transaction would complete in January, a fair value gain
of GBP2,700,000 has been recognised in the Consolidated income
statement and the Consolidated balance sheet in respect of the
convertible loan option. The fair value adjustment reflects a
valuation for the company based on the cash consideration paid by
the third party for it's shareholding.
13. Principal risks and uncertainties
A number of potential risks and uncertainties exist which could
have an impact on the Group's performance. The Group has processes
in place for identifying, evaluating and managing principal risks.
These risks, together with a description of our approach to
mitigating them, are set out on pages 40 to 42 of the Annual report
2019, which is available on the Group's website at
www.renishaw.com.
We continue to monitor the current economic uncertainties,
particularly those arising from trading conditions between the US
and China. If prolonged, this could continue to have an adverse
impact on group revenue as a result of reduced demand for products
manufactured by our customers, particularly in China.
Following the referendum in June 2016 and the subsequent
triggering of Article 50 in March 2017, the UK is scheduled to
leave the European Union on 31 January 2020 ("Brexit"). The
decision has led to a higher level of uncertainty surrounding
trading conditions, particularly between the UK and the EU. In the
year ended 30 June 2019, 25% of group revenue resulted from trading
with the EU.
Renishaw has a Brexit steering group which assesses and monitors
the potential impact on the Group and which manages the
implementation of mitigation plans.
With a strong direct presence in the EU, the Board believes that
Renishaw is well placed to respond to changes to future trading
arrangements between the EU and the UK. The establishment of a
distribution warehouse in Ireland is complete which, if required,
will significantly reduce the number of direct shipments from the
UK to the EU post Brexit. Inventory holdings of certain components
and finished goods have been increased at our various sites within
the EU and UK to mitigate the risk of delays in customs and border
clearances.
Other than set out above, the Directors do not consider that the
principal risks and uncertainties have changed since the
publication of the Annual report 2019 and confirm that they remain
relevant for the second half of the financial year.
Financial calendar
2020 interim dividend record date 6 March 2020
2020 interim dividend payment date 6 April 2020
Investor day 12 May 2020
Announcement of 2020 full year results 3 August 2020
Publication of 2020 Annual report Late August 2020
Annual general meeting 22 October 2020
2020 final dividend record date (provisional) 25 September 2020
2020 final dividend payment date (provisional) 29 October 2020
Registered office:
Renishaw plc
New Mills
Wotton-under-Edge
Gloucestershire
GL12 8JR
UK
Registered number: 01106260
LEI number: 21380048ADXM6Z67CT18
Telephone: +44 1453 524524
Email: uk@renishaw.com
Website: www.renishaw.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR PPUWCGUPUGRB
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