Renishaw plc
30th January 2013
Interim report 2013
Highlights
• Revenue up 18% from £147.1m to £174.2m
• Adjusted profit before tax up 39% from £31.2m to £43.3m
• Interim dividend per share increased 10% from 10.30p to 11.33p
Chairman's statement
I am pleased to report the first half year results, a record for both revenue and profit before tax.
Revenue for the six months ended 31st December 2012 was £174.2m, up 18% on the £147.1m for the corresponding period last year. Whilst revenue in the first quarter was up 36%, from £70.5m to £95.9m, helped by a more than doubling of revenue to the Far East, specifically China, growth in the second quarter was, as expected, lower with revenue growing 2%, from £76.6m to £78.3m.
Geographically, we saw good growth in the Far East where revenue increased by 59% over the comparable period, from £49.5m to £78.6m. In our 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.
The Group's adjusted profit before tax for the second quarter, excluding an exceptional gain of £2.9m (referred to below), was £15.0m compared to £17.5m in the previous year, resulting in an adjusted profit before tax for the first half of £43.3m, 39% above the £31.2m reported last year; the statutory profit before tax was £46.2m. Adjusted earnings per share were 47.9p, compared with 34.7p last year, an increase of 38%. Statutory earnings per share were 51.9p.
