Renishaw plc
13 February 2025
Interim report for the six months ended 31 December 2024 (H1 FY2025)
Steady progress in H1 with demand picking up at the start of H2
| 6 months to31 December2024 | 6 months to31 December2023 | Change (%) | |
| Revenue (£m) | 341.4 | 330.5 | +3 |
| Profit before tax* (£m) | 57.5 | 56.5 | +2 |
| Operating profit* (£m) | 51.6 | 47.2 | +9 |
| Earnings per share* (pence) | 63.2 | 62.1 | +2 |
| Dividend per share (pence) | 16.8 | 16.8 | – |
| Adjusted* cash flow from operating activities (£m) | 51.5 | 22.9 | +125 |
Performance highlights
1. H1 FY2025 revenue 3% higher at £341.4m (H1 FY2024: £330.5m):
· 2% revenue growth at constant exchange rates*, excluding impact of forward contracts;
· Growth in Americas and EMEA, lower revenue in APAC;
· Manufacturing technologies up 4% at £322.6m, with growth from Position Measurement and Additive Manufacturing products, weaker demand from machine builders for Industrial Metrology products; and
· Analytical instruments and medical devices 3% lower at £18.8m, with growth in Neurological products offset by lower Spectroscopy sales.
2. Profit before tax 2% higher at £57.5m (H1 FY2024: £56.5m):
· Gross margin excluding engineering costs improved by 1.0% to 61.5%;
· Operating profit up 9% at £51.6m at actual exchange rates, down 5% at constant currency; and
· Profit before tax in Q2 was lower than Q1 due to less favourable currency contracts, adverse product mix, and one-off supply chain costs.
3. Adjusted* cash flow conversion from operating activities above target at 100%, reflecting strong operating cash flows and planned lower capital expenditure:
· Strong balance sheet, with cash and cash equivalents and bank deposit balances of £233.2m (30 June 2024: £217.8m).
4. Continued progress on our strategic priorities, with new product launches in H1 that strengthen our position in established and emerging markets.
5. Interim dividend of 16.8 pence per share.
6. Outlook:
· Order intake recently improved, steady revenue growth expected to continue in H2;
· FY2025 revenue range: £695m to £735m; and
· FY2025 adjusted profit before tax: £105m to £135m.
* For this period and the comparable period there is no difference between ‘Statutory’ and ‘Adjusted’ for some of our alternative performance measures, being Adjusted profit before tax, Adjusted earnings per share and Adjusted operating profit. Note 12, Alternative performance measures, defines how other alternative measures are calculated.
Will Lee, Chief Executive, commented:
“We have continued to make steady progress in mixed trading conditions and our order intake has recently improved, particularly from the semiconductor manufacturing and consumer electronics sectors. Supported by our strategic progress, we expect to achieve steady revenue growth this year. Our markets present significant structural growth opportunities, and we are confident that the investment that we are currently making in productivity improvements will drive our operating margins towards our 20% target in the medium term.”