According to Sir David McMurtry, Chairman of the Renishaw Group, revenue for the six months ended 31st December 2011 was a record £147.1m, up 11% on the £132.2m for the corresponding period last year.
The Chairman’s statement, extracted from the Interim Report 2012 issued to the London Stock Exchange mentions that geographically, revenue in Europe increased strongly by 25% over the comparable period and the Americas also showed strong growth of 23%.
While Japan had a 12% growth, the rest of the Far East including China showed a fall of 17% principally due to an industry and worldwide slowdown in the micro-electronics and opto-electronics markets.
The Group’s profit before tax was £31.2m, 11% below the £35.2m reported last year reflecting the impact of continued investment in staff and infrastructure to support growth.
Positives include a favourable outlook for continuing global investment for production systems in automotive, civil aviation, agriculture and energy (including oil, gas and renewables) as well as an anticipated recovery in the key electronics industry.
These structural growth trends will result in increasing demand for Renishaw’s systems and products. The restructured healthcare business is also expected to improve performance going forward.
Key highlights of the report:
- Record first half year revenue of £147.1m, up 11% from £132.2m last year
- Profit before tax is £31.2m, 11% below the £35.2m reported last year
- Earnings per share is 34.7p, compared with 39.0p last year
- Increased investment in research and development to support growth
- Growth in marketing and distribution infrastructure including a new subsidiary in Mexico, plus expanded premises in Canada, Italy, Germany, Brazil, China and USA
- Further investment in manufacturing capacity including refurbishment of 62,500 square feet at Miskin
- Continuing strong balance sheet with net cash balances of £26.6m (including pension fund escrow account of £11.1m)
- Headcount rises to 2,701 at 31st December 2011, 421 higher than a year ago
- Interim dividend of 10.3p, same as last year