Renishaw plc have declared an Interim dividend of 16.8p per share

DividendMax Ltd.

Renishaw plc have declared an Interim dividend of 16.8p per share

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).

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