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Renishaw half year management report

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article image Chairman and Chief Executive of Renishaw, Sir David McMurtry

Chairman and Chief Executive of Renishaw, Sir David McMurtry recently presented the first half year results for the company.

Revenue for the six months ended 31st December 2012 was £174.2m, up 18% on the £147.1m for the corresponding period last year.

Good growth has been observed in the Far East where revenue increased by 59% over the comparable period, from £49.5m to £78.6m. In other major regions, revenue in the Americas was down 1%, from £36.5m to £36.1m and in Europe was down 7%, from £47.1m to £44.0m. The UK, a smaller segment in absolute amount, grew 16%, from £8.7m to £10.0m.

Revenue from Renishaw’s metrology business for the first six months was £162.5m, compared with £135.9m last year, an increase of 20%. With the exception of more recent acquisitions, Measurement Devices Limited (MDL) and the Renishaw additive manufacturing products division, all traditional metrology product lines reported revenue growth, primarily driven by their machine tool product line and good growth in encoder products.

New product releases during the period included the Resolute UHV ultra-high vacuum compatible readhead, RESOLUTE true-absolute linear and rotary encoders with new compatibility for Siemens DRIVE-CLiQ interface, RTS radio tool setting probe and the Equator 300 extended height comparator for accommodating large fixtures and automation systems.

Revenue from the healthcare business for the first six months increased by 4% from £11.2m last year to £11.7m. There was an operating loss of £4.0m, compared with a loss of £6.0m for the comparable period last year.

Highlights from the Renishaw half year report:

  • Group headcount at the end of December 2012 was 3,065, an increase of 161 since the start of the financial year
  • Capital expenditure on property, plant and equipment for the six months was £12.1m, of which £3.2m was spent on property and £8.9m on plant, equipment and vehicles
  • Construction of new premises for MDL in York has been completed
  • Expansion of facilities in Ireland is expected to be completed by the end of the current financial year
  • Net cash balances at 31st December 2012 were £12.6m, compared with £15.5m at December 2011 and £21.1m at 30th June 2012
  • David Snowden and Terry Garthwaite each completed nine years on the Board and did not seek re-election at the Group’s AGM in October 2012
  • Carol Chesney, chartered accountant and company secretary at the manufacturing group Halma plc, joined the Board on 19th October 2012 as non-executive director and chair of the Audit committee
  • Dr David Grant was appointed the chair of the Remuneration committee in place of David Snowden
  • Renishaw's assembly facility at Woodchester in Gloucestershire won at the UK’s Best Electronics & Electrical Plant Factory Awards 2012
  • Interim dividend of 11.33 pence net per share (compared with 10.3 pence last year) will be paid to shareholders
The complete report is available on the Renishaw website.

Renishaw Oceania  represents the Renishaw Group in Australia.

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