Renishaw lifts half-year payout by 5% despite fall in profit

(Alliance News) - Renishaw PLC on Thursday reported a rise in interim revenue but suffered a fall ...

Alliance News 2 February, 2023 | 10:14AM
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(Alliance News) - Renishaw PLC on Thursday reported a rise in interim revenue but suffered a fall in profit.

Reinshaw is a Gloucestershire, England-based provider of manufacturing technologies, analytical instruments and medical devices.

For the six months that ended on December 31, revenue was GBP347.7 million, up 7% from GBP325.2 million a year earlier. The company noted strong growth in sales of "multi-laser additive manufacturing systems, 5-axis co-ordinate measuring machine inspection systems and laser encoders".

Pretax profit, however, was down 4.5% to GBP77.8 million from GBP81.5 million, as operating profit decreased to GBP71.3 million from GBP80.2 million a year earlier.

Adjusted pretax profit fell by 13% to GBP73.5 million from GBP84.2 million the year before.

Chief Executive Officer William Lee said: "I am pleased to report record revenue in a period of expected lower demand from the semiconductor and electronics sectors. We have made good progress in our strategy; gaining market share, introducing new products into close-adjacent markets and taking advantage of long-term growth opportunities in additive manufacturing, shop-floor measurement, materials research and semiconductor manufacturing."

Renishaw declared an interim dividend of 16.8 pence per share, up 5.0% from 16.0p a year prior.

Looking ahead, Renishaw said it has a strong order book, expecting annual revenue to be in the range of GBP690 million to GBP730 million. Adjusted profit before tax the financial year ending June 30 is expected to be in the range of GBP140 million to GBP165 million. For financial 2022, revenue was GBP671.1 million and adjusted pretax profit was GBP163.7 million.

Shares were down 0.8% at 3.840.00 pence each on Thursday morning in London.

By Xindi Wei, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Renishaw PLC 4,085.00 GBX 1.74 -

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