The Renishaw Board has approved an interim dividend of 16.8 pence net per share (FY2023: 16.8p), which will be paid on 9 April 2024 to shareholders on the register on 8 March 2024.
Other financial highlights include:
Revenue 5% lower at £330.5m:
- Manufacturing technologies revenue lower by 6%, with solid growth in Industrial Metrology offset by continued weak demand for position encoders for semiconductor manufacturing equipment.
- Analytical instruments and medical devices revenue up 16%, with strong growth in Spectroscopy products.
- Group revenue lower by 2% at constant currency; APAC +6%, EMEA -6% and Americas -13%.
- Q2 similar to Q1 this year and Q2 FY2023; stable order book.
Adjusted profit before tax of £56.5m (H1 FY2023 £73.5m):
- Represents 17% of revenue (21% last year).
- 3% reduction in gross margin before engineering costs: targeted price rises, offset by adverse currency impact on revenue, employee pay inflation, and lower production overhead absorption due to planned inventory reductions.
- Cost control in engineering, distribution and administration limiting year-on-year increases to 3%.
Statutory profit before tax of £56.5m (H1 FY2023: £77.8m).
Strong balance sheet with cash and cash equivalents and bank deposit balances of £178.3m, compared with £206.4m at 30 June 2023, with the £43.2m final dividend for FY2023 paid in H1.
- Targeted reductions in inventory contribute to cash flow from operating activities increasing to 55.6m (H1 FY2023: £21.6m).
