Renishaw plc
2 February 2023
Interim report 2023 – for the six months ended 31 December 2022
Highlights
Good revenue growth from strategic priorities offsets weaker demand, as expected, from the semiconductor and electronics sectors. Continued investment for longer-term growth.
| 6 months to31 December2022 | 6 months to31 December2021 | Change % | |
| Revenue (£m) | 347.7 | 325.2 | +7 |
| Adjusted1 profit before tax (£m) | 73.5 | 84.2 | -13 |
| Adjusted1 earnings per share (pence) | 83.4 | 97.2 | -14 |
| Dividend per share (pence) | 16.8 | 16.0 | +5 |
| Statutory profit before tax (£m) | 77.8 | 81.5 | -5 |
| Statutory earnings per share (pence) | 88.1 | 94.2 | -6 |
· Revenue of £347.7m (H1 FY2022 £325.2m):
• Record revenue for a half year, 7% above last year (1% growth at constant exchange rates)
• Strong growth in sales of multi-laser additive manufacturing (AM) systems, 5-axis co-ordinate measuring machine (CMM) inspection systems and laser encoders
• Weaker demand, as expected, for optical encoders from semiconductor and consumer electronics sectors, including customers reducing stock levels due to improved supply chain lead times
· Adjusted 1 profit before tax of £73.5m (H1 FY2022 £84.2m):
• Representing 21% of revenue (26% last year)
• Stable gross margin before engineering costs
• Targeted investments in headcount and pay for long-term growth
· Statutory profit before tax of £77.8m (H1 FY2022: £81.5m ).
· Strong balance sheet with net cash and bank deposit balances of £211.5m, compared with £253.2m at 30 June 2022, with the £41.2m final dividend for FY2022 paid in H1.
· Interim dividend of 16.8p per share.
William Lee, Chief Executive, commented:
“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. We continue to invest in our people, product development and infrastructure to deliver sustainable, long-term growth.”
1 Note 12, ‘Alternative performance measures’, defines how adjusted profit before tax and adjusted earnings per share are calculated.